Westmount Energy Share Discussion Threads

[groenstraat19] 12/12/2006 12:25

Westmount Energy Director/PDMR Shareholding
Date : 12/12/2006 @ 12:12
Source : UK Regulatory (RNS and others)
Stock : Westmount Energy Ld (WTE)
Quote : 102.5 1.5 (1.49%) @ 10:12

[cwa1] 12/12/2006 12:24

Mildly interesting...

Westmount Energy ('the Company') announces that Mr Peter Richardson, a director of the Company, today purchased 10,012 ordinary shares of 20p each in the Company at a price of 107p per share. Mr Richardson now holds 150,000 ordinary shares of the Company, being 2.02 per cent of the issued share capital of 7,425,000 ordinary 20p shares.

[groenstraat19] 05/12/2006 23:05

Westmount Energy Final Results


RNS Number:2158N
Westmount Energy Limited
05 December 2006





5 December 2006


CONTACTS:

Westmount Energy Limited Tel: [phone]
Paul Anderson, Director
Ruegg & Co Limited Tel: [phone]
Gavin Burnell
Merlin Tel: [phone]
Tom Randell Mob: [phone]



WESTMOUNT ENERGY LIMITED

PRELIMINARY RESULTS FOR YEAR ENDED 30 JUNE 2006


The Board of Westmount Energy Limited, the Jersey, Channel Islands based
independent oil and gas investment company ("the Company") today announces the
preliminary results of the Company and its subsidiary ("the Group") for the year
ended 30 June 2006. Highlights are as follows:


* Turnover from discontinued operations in the North Sea #1,118 (2005:
#137,925).

* Profit before tax of #4,759,631, profit after tax #4,292,357 (2005:
Profit before tax of #485,867, profit after tax #461,362).

* Basic earnings per share of 57.19p (2005: 6.14p).

* Diluted earnings per share of 56.20p (2005: 6.14p).

* The results for the year ended 30 June 2006 include the surplus realised
on the termination of the Group's overriding royalty interest relating to
Licence P241 North Sea amounting to #1,706,201 and the profit realised on
the disposal of 40 million of the Company's shareholding of 70 million
Ordinary Shares of Sterling Energy plc amounting to #3,189,999.


Following the approval of Shareholders at the Extraordinary General Meeting of
the Company held on 22 December 2005 Capital of the equivalent of 50p per 10p
Ordinary Share totalling approximately #7,500,000 was authorised to be returned
to shareholders. Shareholders have also received one Consolidated Ordinary Share
of 20p for every two Ordinary Shares of 10p each held. On 31 January 2006 a
total of #5,836,679 was returned to shareholders and those shareholders not
receiving full earlier payment were forwarded return of capital on 1 May 2006,
totalling #1,670,001.50.

The 10p Ordinary Shares of the Company commenced trading on AIM on 2 October
1995 at 15p. Following the Share Capital Re-organisation and the purchase of
81,680 20p Ordinary Shares by the Company, there are now 7,425,000 20p Ordinary
Shares in issue traded on AIM held by approximately 1,600 shareholders. There
are also Share Options outstanding over 750,000 20p Ordinary Shares exercisable
at a subscription price of 103.5p per share, over various periods, expiring 31
December 2012.

Commenting on the Company's outlook, Mr Derek Williams, Chairman, stated:

"The Board of Westmount continues to look forward to the growth in value of its
investments which already indicate a good profit margin over book value."

Attached: Full text of the Chairman's Review from the forthcoming Annual Report,
including the Consolidated Profit and Loss Account, Consolidated Balance Sheet
and Consolidated Cash Flow Statement.

Copies of the preliminary results will be available from the offices of Ruegg &
Co Limited, 39 Cheval Place, London SW7 1EW for a period of one month from
today's date.


CHAIRMAN'S REVIEW

The results for the year ended 30 June 2006 show profits before taxation of
#4,759,631 (#4,292,357 after taxation) compared with profits before taxation of
#485,867 (#461,362 after taxation) for the year ended 30 June 2005. Turnover for
the year ended 30 June 2006 arising from the group's discontinued operations in
the North Sea amounted to #1,118 as compared with #137,925 for the year ended 30
June 2005.

For the year ended 30 June 2006 the results include the surplus realised on the
termination of the group's overriding royalty interest relating to Licence P241
North Sea amounting to #1,706,201. Also included in the profits for the year is
the profit realised on the disposal of 40,000,000 ordinary shares of Sterling
Energy plc ("Sterling") amounting to #3,189,999.

As set out in the circular to shareholders dated 25 November 2005 following the
sale of the two investments referred to above, the company had cash funds
available of approximately #9 million and your directors were in a position to
recommend return of capital to shareholders, whilst retaining sufficient funds
for the future growth of the company. Following the Extraordinary General
Meeting of the company held on 22 December 2005 it was announced that all
enabling resolutions as set out in the circular were duly passed and accordingly
capital of the equivalent of 50p per ordinary share totalling approximately
#7,500,000 would be returned to shareholders. Shareholders would also receive
one consolidated ordinary share of 20p for every two ordinary shares of 10p each
held. On 31 January 2006 a total of #5,836,679 was returned to shareholders and
those shareholders not receiving full earlier repayment were forwarded return of
capital on 1 May 2006, totalling #1,670,001.50.

On 19 January 2006 the company announced it had provided a #500,000 convertible
loan to AIM quoted CDS Oil and Gas Group plc ("CDS") to be utilised solely
towards the funding of its exploration programme in the Chaco Basin in North
West Paraguay, South America. One of the features of the arrangements is that if
the Loan is not repaid on 29 December 2006, Westmount will apply the amount of
the Loan and accrued interest by subscribing for such number of new 1p ordinary
shares of CDS, calculated by the average price (less 5% thereof) of an ordinary
share of 1p each in CDS as traded on AIM for the previous 14 trading days.

The company's investment policy is to continue to invest, mainly in the energy
sector, selectively in companies principally at an early stage of their
development, which the directors of Westmount consider hold the possibility of
considerable capital growth of the funds invested. Your directors will also
continue its policy of divesting part or all of the funds so invested in a
company, when appropriate, to maximise the return from the investments, for the
benefit of Westmount shareholders.

Besides the recent investment in CDS, referred to above the company's other
investments include, 30,000,000 shares of AIM quoted Sterling, 5,500,000 shares
of AIM quoted Desire Petroleum plc ("Desire") and 244,000 shares of presently
unquoted Eclipse Energy Company Limited ("Eclipse"). The carrying book value of
these investments is #4,882,017. Having regard to the current middle-market
prices of the company's two AIM quoted investments, the indicated market value
shows up a surplus much in excess of the book carrying value of the investments.

Sterling is an oil and gas exploration and production company operating in the
Gulf of Mexico and Africa and recently published its interim results for the
first half of 2006. These show continued growth in its development over the
corresponding period last year. Turnover was increased 263% to #24.5 million,
net profit up 159% to #4.9 million and earnings per share up to 0.34p per share
from 0.13p per share. Sterling's strategy is to create value by achieving a
balance between production and exploration. Sterling has a growing cash position
and an active and largely carried exploration portfolio with 8 wells planned
over the next year.

Through its shareholding in Desire the company has a significant indirect
investment in the exploration of the North Falkland Basin, South Atlantic.
Following Desire's fundraising of #24.4 million last year it is ready to resume
drilling operations as soon as arrangements can be made to secure a suitable
rig.

Eclipse has developed an innovative concept for the hybrid production of
electricity from offshore gas and wind resources. The first development of
Eclipse is the Ormonde project located 10 kilometres offshore Barrow-in-Furness,
Cumbria in the East Irish Sea. Eclipse operates the undeveloped Ormonde North
and South gas fields located in Blocks 113/28a and 113/29a held under licences
P1032 and P1033. Eclipse completed a placing of new shares at a price of #7.50
each last year to raise #4,950,000 before expenses. Eclipse is currently waiting
approval from the DTI for the Ormonde project.

CDS's activities are focused on exploring several potential oil and gas plays in
the Chaco Basin in North West Paraguay. Under the terms of the joint-venture
agreement on the Gabino Mendoza block CDS had an obligation to drill a well
before the end of 2005. The well reached a planned depth of 1,635 metres and was
cased and suspended for testing and deepening at a later date. The initial
objective of the well was a potential oil-bearing zone between 705 metres and
1,600 metres. Analysis to date by CDS of the technical information derived from
the well, confirms that hydrocarbons were found within several zones, although
reservoir qualities are lower than required to flow oil unassisted. CDS believes
that the results from the well have improved the level of confidence of the gas
potential at depth on the Gabino Mendoza block and merits a deepening of the
well. The drilling of the well fulfilled CDS's work obligation on the block
although CDS has stated that at a later date it intends to drill the well to
3,250 metres to test for gas. CDS holds prospecting rights over a large area of
the under-explored Chaco Basin of North West Paraguay which is due east of, and
shares the same stratigraphy at shallower depth as, the oil and gas producing
areas in Bolivia. The two most interesting plays have yet to be drilled by CDS -
the Carboniferous oil on the Boqueron block and the deep Devonian gas on the
Gabino Mendoza block. CDS plans to bring in joint venture partners to provide
further funding, in addition to further placing of its shares (CDS reported on
17 October 2006 it had raised a further #1.8 million in cash), to spread the
risk for its shareholders.


Outlook

The Board of Westmount continues to look forward to the growth in value of its
investments which already indicate a good profit margin over book value.


DEREK G WILLIAMS
Chairman

5 December 2006

[groenstraat19] 05/12/2006 23:03

Westmount Energy Transaction in Own Shares
Date: 05/10/2006 @ 10:10
Source : UK Regulatory (RNS and others)
Stock : Westmount Energy Ld (WTE)
Quote : 95.5 3.0 (3.24%) @ 14:12

[groenstraat19] 05/12/2006 23:02

Westmount Energy FY pretax profit spikes to 4.76 mln stg after asset disposals
Date: 05/12/2006 @ 10:12
Source : AFX
Stock : Westmount Energy (WTE)
Quote : 95.5 3.0 (3.24%) @ 14:12

[groenstraat19] 05/12/2006 23:01

Westmount Energy Final Results
Date: 05/12/2006 @ 07:12
Source : UK Regulatory (RNS and others)
Stock : Westmount Energy Ld (WTE)
Quote : 95.5 3.0 (3.24%) @ 14:12

[Abuse team] 02/11/2006 12:24

Post removed by ADVFN

[whackford] 22/9/2006 17:23

Amodeo have put the brake on a sharp descent by mopping up stock. They must know something - perhaps its "in the wind".

Sit tight at this price - don't sell!

[borisbarna] 14/9/2006 16:50

Westmount Energy Holding(s) in Company
RNS Number:9466I
Westmount Energy Limited
14 September 2006


14 September 2006

PRESS RELEASE


WESTMOUNT ENERGY LIMITED

Holding in Company

Westmount Energy Limited ("the Company") received notification yesterday from
Brewin Dolphin Securities that following purchases of ordinary shares of the
Company on the 4th,11th and 12th of September 2006, its client Amodeo
Investments Limited of Seaside Plaza, 9th Floor Apartment 53, 6th Avenue Des
Ligures, MC98000, Monaco now holds a total of 820,000 Westmount Energy Limited
ordinary shares. This represents 10.92% of the issued share capital of the
Company.



Note for Editors:


Westmount Energy Limited ("Westmount") is a Jersey based AIM quoted Energy
Investment Company. Its present investments include, 30,000,000 shares of AIM
quoted Sterling Energy plc, 5,500,000 shares of AIM quoted Desire Petroleum plc,
a #500,000 convertible loan to AIM quoted CDS Oil & Gas Group plc and 244,000
shares of presently unquoted Eclipse Energy Company Limited. Westmount has no
borrowings.


Contacts:


Paul R. Anderson,
Westmount Energy Limited Tel: [phone]


Gavin J. Burnell,
Ruegg & Co. Limited Tel: [phone]



ENDS






This information is provided by RNS
The company news service from the London Stock Exchange

[papillon] 12/9/2006 08:37

Down she goes

[papillon] 06/9/2006 17:19

SEY seems determined to fall back further; I have a short term target of circa 17p. Unless WTE come up with some news re ECLIPSE I can see WTE back at a £1 short term.

[whackford] 01/9/2006 08:53

With share price of WTE at 117, Desire at 37, Sterling at 20p, CDS at zero, I reckon WTE trades at about 16-18% discount to sum of parts. This takes into account the 10% options in WTE outstanding.

So, unless there is bad news from Desire, Sterling or Wind I reckon WTE is fair value with plenty of upside in the short to medium term.

Perhaps its about time WTE made an announcement about CDS. What's happening? Is it completely defunct and a lost cause?

[papillon] 31/8/2006 18:17

p@, WTE announced on the 30/9/06 that they had sold 40m shares in SEY to gross £8m before expenses. That equates to around 20p per share. SEY share price did dip to 16p but hit a high of 32p in May. They said they would hold the remaining 30m for the forseeable future. Those 30m shares are now worth around £6m. WTE market cap is around £8m. Massive volume in SEY today; probably signifying that the bottom has been reached?

[p@] 30/8/2006 19:51

pap-don't forget WTE sold a big wedge of sey at 23p.Good deal IMO.

[whackford] 30/8/2006 09:03

papillon - I agree with your comment. Continuing silence on Eclipse after all this time is infuriating!

[papillon] 29/8/2006 15:58

SEY continues to fall. Has support in 16-18p range if it continues to fall. SEY weakness not looking good for WTE in the continuing absence of news re Eclipse.

[whackford] 14/8/2006 11:59

CWA1 - all seems quiet. Informed people waiting for the news of "wind" as per my post no. 1094?

[cwa1] 14/8/2006 10:10

Ok people. What's wrong with Westie this morning? She doesn't seem to be drifting back as usual. There seems to be no fundamental reason for any rise that I can see. What have I missed? Just oversold perhaps?

[whackford] 30/7/2006 08:40

Incoldlightofday - I think flotation of Eclipse will be delayed until all planning obstacles are removed (hopefully soon). Like you, I believe that the flotation was due at an earlier date - but these planning delays have caused the float delay.

The comment by Hatton reported in local newspaper in early June indicates the DTI decison is due about now, unless it is further delayed. But with all this talk about increasing renewable energy, now would be a good time politically to go ahead. Let's hope for good news soon. That might make a foat in 4Q 2006 possible.

[inthecoldlightofday] 29/7/2006 07:57

whackford - hopefully CDS will be saved by further funding etc....but as you say a very small part of the overall picture....unlike of course Eclipse....do you think that the delays in the planning decision from the DTI are the reason for the delayed floatation?

Apologies if that appears to be a stupid question, but my understanding was that Eclipse was supposed to float in the first quarter of 2006!

[whackford] 29/7/2006 07:51

Yes papillon, CDS shares now ("temporarily") suspended whilst financial position clarified. £500,000 amounts to about 7p per share, so not disastrous if there is a total loss - but loss of potential upside would be disappointing. However, if D Williams thinks situation is recoverable he might be able to invest a bit more on good terms.

You're right about Eclipse. The planning decision we want has long been delayed by DTI. High time we received some good news.

[papillon] 28/7/2006 21:06

CDS looks in dire straights. WTE could lose all of its £500,000 loan. Npt a shrewd investment! We should hear soon whether Eclipse has been successful in its applicatiom to build its joint wind/gas power station. Fingers crossed.

[orvis] 24/7/2006 19:42

AFX report is somewhat misleading. Gulf of Mexico gas production was actually down by 20%, although gas prices were up 12%. The 150% relates to Mauritania oil production numbers, converted to gas equivalent and added to the GOM gas ones. Also the high impact projects relate most likely to oil not gas ones. Journalists!!

[inthecoldlightofday] 24/7/2006 12:15

Sterling Energy says H1 gas production up more than 150 pct

LONDON (AFX) - Sterling Energy PLC said its performance in the first half of
2006 was "materially better" year on year, with daily production rates up more
than 150 pct to in excess of 25 mln cubic feet of gas equivalent.
In a trading statement, the company said that, in addition to its current
gas field projects, "other high-impact projects are being actively sought" to
boost its growth potential.

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