Westmount Energy Share Discussion Threads

[zingaro] 30/9/2005 11:28

RNS Today

Westmount Energy Limited raises #8 million from the sale of shares

Westmount Energy Limited ("Westmount"), the AIM quoted energy investment company, announces that it has realised #8 million before expenses from the sale of 40 million ordinary shares in Sterling Energy plc ("Sterling"). This represents a net surplus of approximately #3.2 million, after taking into account the cost of the shares in September 2003 and the expenses associated with the sale.

Commenting on the sale Derek Williams, Chairman of Westmount said "I have been very pleased with the progress of Sterling and have every confidence in its prospects and management. However, our total holding of 70 million ordinary shares acquired on the sale of our West African assets to Sterling in 2003 has become too dominant in our portfolio, being almost equivalent to our entire current market capitalisation.

Our policy has always been to invest at an early stage in a companys' development and to realise part of our financial investment when appropriate, as we have in the past. We intend to hold our remaining 30 million ordinary shares in Sterling, representing 2.15% its the issued share capital, for the foreseeable future.

With such a large cash balance, Westmount will now examine ways to return funds to shareholders, whilst retaining the flexibility to make further investments".

Further details of such arrangements will be announced in due course.

[papillon] 28/9/2005 11:45

Charts are implying a return to 80p. WTE seems to be trapped in the 80-110p band.

[papillon] 27/9/2005 10:40

Strange. SEY continues to rise yet WTE goes down. WTE is a cheap way into SEY.

[papillon] 26/9/2005 18:54

SEY up 1p today on Woodside drilling report. WTE lagging behind.....should be up 5p today. SEY to continue upwards momentum tomorrow?

[cwa1] 26/9/2005 08:47

Yes and, as yet, nobody cares :-)

[papillon] 26/9/2005 08:34

Good RNS from SEY. Good write up as well, on oilbarrel, on SEY prospects.

[papillon] 06/9/2005 14:29

Seems to have caught up with SEY. Up 3.5p

[papillon] 05/9/2005 14:12

SEY up 0.75p today. Surprisingly no movement, yet, in WTE. Should be up 4p.

[bitterlemontart] 02/9/2005 17:37

bomfin - some decent sized buying in WTE today !

[bomfin] 18/8/2005 10:39

CWA1 BLT,

The saving grace! may be, as CWA1 suggests, that they have another opportunity to put the money into. Perhaps a bigger interest explo well?

Out for the time being>

rgds bomfin

[bitterlemontart] 18/8/2005 09:20

UK smallcap opening - Westmount Energy up on royalty payment



LONDON (AFX) - Westmount Energy attracted interest, advancing 3 pence to
104-1/2 in response to news that the company will receive a net 1.2 mln stg to
settle any future royalty payments from Westmount Petroleum UK's interest in
License P241 North Sea.
Royalty payments from the license will be terminated at the end of the first
quarter.
The company added that this will be booked during the current year to June
2006.

[bitterlemontart] 18/8/2005 09:10

CWA1 - WTE might have better use of the net proceeds now....new opportunities beckoning ?

[cwa1] 18/8/2005 08:39

Bomfin

Must confess I was a bit disappointed as well. We do, however have to take cognisance that this is after costs and tax-I wonder just how much that might have been-perhaps substantial? Though anything that nets nearly 10% of the company's market valuation in cash is never to be sniffed at. Were they pushed in some way I wonder? Oh well, cash is king I suppose...

[bitterlemontart] 18/8/2005 08:20

bomfin - looks like a good deal to me !

[bitterlemontart] 18/8/2005 08:19

Westmount Energy gets 1.2 mln stg return on termination of royalty deal



LONDON (AFX) - Westmount Energy Ltd said it will receive a net 1.2 mln stg
to settle any future royalty payments from Westmount Petroleum UK Ltd's interest
in License P241 North Sea.
The company said royalty payments from the license will be terminated at the
end of the first quarter.
The company added that this will be booked during the current year to June
2006.

[bomfin] 18/8/2005 08:03

CWA1

I thought it was worth £6 million. I'm surprised. Price has ticked up and I'm out.

imho dyor

rgds bomfin

[cwa1] 18/8/2005 07:42

Any thoughts on this one Bomfin, or anyone else...

The Company's wholly owned subsidiary, Westmount Petroleum UK Limited, has
concluded an agreement with the payors of the overriding royalty relating to its
interest in Licence P241 North Sea. Future payment of royalty beyond the end of
the first quarter of 2005, based on oil won and saved from the Licence area for
the overriding royalty was terminated by the payors making an immediate payment
in full settlement of any future royalty payable.

After taking into account the costs incurred in completing the transaction and
allowing for corporation tax payable in due course, the net return to the Group
to be taken to profits in the current financial year ending 30 June 2006 amounts
to approximately #1.2 million.

[p@] 12/8/2005 19:37

Cheers BOM.GOIL sounds the business.For a good gamble Sibir might be worth a look with the Salym field
(partner Shell ,in Russia).

[bomfin] 12/8/2005 14:01

Also P@,

One for the mid/long term is Granby oil and Gas (GOIL)

Phillipine oilfield is interesting. Think Granby have about a 10% share.

For further research on the Galoc oilfield check Nido resources.

imho dyor

rgds bomfin

[bomfin] 12/8/2005 13:14

P@,
I've been tip toeing back in to WTE.

Centricas buy of assets from Kerr McGee makes the Ormond field valuation look big to me. Centrica also interested in wind farms.

They could take out both!. Produce the gas for gas supplies and run the wind farm as a separate entity. The gas alone could be worth over £60 million to Centrica!

If I were Eclipse I'd try to flog it to Centrica now!

IMHO DYOR

rgds bomfin

[p@] 12/8/2005 12:49

BOM- Have you any ideas better than BP. To put this money in?TIA.

[bomfin] 03/8/2005 16:31

Yeh,

Hard to tell what's happening. Scared of what might happen when the Aussies wake up!

If the reports are accurate looks like a coup. If HNR and ROC get slaughtered there tonight then Sey probably won't escape in the morning.

Actually hope I'm wrong because these companies deserve to make it big in Mauritania.

imho dyor

rgds bomfin

[p@] 03/8/2005 16:27

BOM-Holding up well,hope we're right!

[dogsy] 03/8/2005 16:20

HGP about to fly says the green goose!