Westmount Energy Share Discussion Threads

[peter bonetti] 06/6/2008 14:30

Sterling Energy says plans seismic acquisition for Kurdistan by end Q3




LONDON (Thomson Financial) - Sterling Energy Plc. said it plans seismic
acquisition for Kurdistan by the end of the third-quarter and drilling is
anticipated to start in 2009.
The oil and gas exploration company said a site survey is presently underway
in Madagascar on a very large prospect and it expects drilling in 2009, Sterling
Energy said.
The company said the disposal of all of the U.S. assets, which have averaged
production of about 29 thousand cubic feet of gas equivalent per day (mmcfged)
in the year-to-date, is on track with a data room opening shortly and completion
expected in the fourth quarter.
The implementation the strategy to focus the company's resources on high
impact opportunities in Africa and the Middle East is well underway and already
delivering tangible results, Sterling Energy said.

[peter bonetti] 30/5/2008 11:10

Sterling Energy completes sale of New Mexico waterflood project stake for $5 mln




LONDON (Thomson Financial) - Sterling Energy Plc. said it has completed the
sale of a non-operated interest in a waterflood project in New Mexico for $5
million.
The AIM-listed oil & gas company -- with interests in the Gulf of Mexico,
Africa and the Middle East -- said the sale helps it focus its U.S. portfolio on
to the Gulf Coast area ahead of the previously announced plan to dispose of all
of its U.S. assets.
The disposed asset accounted for about 1 percent of current U.S. production,
the company said, adding the asset had a bank loan value of almost $0.5 million,
which will be repaid from the proceeds.

[cwa1] 14/5/2008 10:06

Who managed to get 3k there at £1.08 :>( (My money is on CWA? 8>)

Not guilty M'lud. Can't afford the significant stakeholder RNS ;-)

PS: Hope Venture AGM goes well. As you know that's one of my other big long term holdings. Looks decent value. Looking forward to your detailed report.

[whackford] 13/5/2008 16:22

Certainly seems to be more buying/selling than usual. Also one trade of 40,000. I hope WTE still continue with buybacks if they are aware that Eclipse is still heading for float.

I wonder if SEY has turned the corner?

WTE looking good value.

[mickinvest] 13/5/2008 15:17

Who managed to get 3k there at £1.08 :>( (My money is on CWA? 8>)

Tried all day yesterday and had got couple of lots of 1500 but nowt going after that, only EVO left at £1.10 and they are selling nothing at the moment with next MM's at £1.13.

Mick

I've not taken the options into account but market Cap (@£1.07)now £7.506m v £11.690m value of SEY @13.125p, DES 95.25p, £1m cash and Eclipse £1.8m.

[mickinvest] 09/5/2008 15:52

Looks to be free money at the moment, market cap now nearly £4m below the asset values at £7.26m against £11.1m, managed to sneak 3k off them yesterday at under 99p but missed the boat today with Selftrade playing up and now nothing much for sale.

Mick

[mickinvest] 07/5/2008 11:15

I was looking at the one MM on 2500 shares this morning (on the back of Sterling's rise) and wondered if they would sell 5k then tried a cheeky 10k and rather delighted they obliged :>)

Market cap at 98p = £6.874m

Value of Sterling and Des at 10.62p & 87.25p = Just over £7.7m

£10.5m when you add in Cash and Eclipse.

Mick

[whackford] 16/4/2008 11:20

CWA1 - I was assuming all portfolio turned into cash and hence no discount. Final payout to shareholders of £2?.

[cwa1] 16/4/2008 11:17

Quite so Mick. If it was possible I'd be all for it. However I suspect that they(market makers) might want a teensy discount to the market price prevailing at the time to take the lot of them. Hence the gently offloading comment. Hope they've got a few away at higher prices at least...

[whackford] 16/4/2008 10:58

Quite so Mick. I'm hoping for a rise in SEY over next 12 mos., a cash-in of all Eclipse this year. Possible cash-in of DES if price continues to rise.

There are a sizable no. of options outstanding at exercise prices around current share price

But on a 12 month view, looking good. How about a windup at £2 a share end of next year?

[mickinvest] 16/4/2008 10:51

Taken from Gulf Keystone thread and should be positive for Sterling although there seems a lot more positives in the higher oil and gas prices that they've managed to ignore for long enough!

Kurdistan: Iraqi media reports that the Iraqi government has agreed to give the Kurdish regional administration the right to sign oil development deals and to ratify the 15 E&P agreements already signed in the region. The reports refer to a new draft of the Oil and Gas Law, which parliament has still to pass. In a second concession, Prime Minister Maliki is reported to have agreed to integrate the Kurdish militias into the country's security system, adding them to the payroll of the interior and defence ministries. If confirmed, this would be positive news for companies active in the region. Companies presently under coverage with exposure to Kurdistan assets are: DNO (DNO NO; NOK 8.73; OP; NOK 16.3 target) Peter Nicol, Gulf Keystone (GKP LN; 29p; OP; 60p target) Peter Nicol, WesternZagros (WZR CN; C$2.55; OP; C$4.50 target),/i>

Shares in issue 7,015,300


Price 98.5p

Market Cap £6.91m

Cash £1m

DES 5.2m shares x 89p = 4.62m

SEY 30m x 8.35p = £2.55m

Eclipse 244,000 x £7.50 = £1.8m

Total £9.97m

[mickinvest] 16/4/2008 08:43

No such thing as gentle unloading in my book CWA, I'd flog the flippin lot of them at 92.5p and buy shares back for cancellation :>)

Mick

[cwa1] 16/4/2008 08:41

Personally, at these sort of prices, I would certainly be looking at a bit of gentle offloading :-)

[whackford] 16/4/2008 08:11

Presume WTE will be gently offloading? That would be consistent with selling at 77p (previous selling price for the 300,000). I think WTE should make clear what they intend doing.

[cwa1] 15/4/2008 13:18

DESsie up at 90p bid now. Nice stuff. Wonder if any lucky company has a holding in it? :-)

[whackford] 03/4/2008 15:53

I think this RNS is Hargreve restating on basis of reduced shares in issue (as RNS'd yesterday).

[vraic] 03/4/2008 10:21

So the company have bought a little over half {435,000} of the 744,000 authorised at the AGM and Hargreaves Hale who must believe our story just announced they have bought 62,500 since January and now hold 16.16% The free float becomes less. Where will we be by the 30 June 08. {Year End}

[deswalker] 03/4/2008 10:18

Hargreave Hale adds another 62,500 shares. Now holds 16.16%.

[cwa1] 01/4/2008 14:11

Confirmed as buyback. Can't accuse them of overpaying :-)

PRESS RELEASE

Westmount Energy Limited (the 'Company') announces that the Company today
purchased for cancellation 109,200 of its ordinary shares of 20p each at a price
of 90p per share.


Further to the FSA's Disclosure & Transparency Rules, the Company advises that
its issued share capital now comprises 7,015,300 ordinary shares of 20p each.
The voting rights of all of these shares are identical.

[whackford] 01/4/2008 11:09

109,200 sold @ 90p. Hope WTE buyback.

[whackford] 26/3/2008 16:14

I presume that since some DES sold at 77p they will want to get at least this amount for the remaining shares. That should be possible as we get nearing to drilling - hopefully by end 2009.

With a bit of luck Eclipse will be offloaded during 2008.

Clear statement of hope that SEY will pick up in next year or so.

Conclusion: I hope to see a complete liquidation by end 2009. I agree with your calcs Des but hope we see a significantly higher return than present NAV.

[deswalker] 26/3/2008 14:36

A quick NAV update ...

30mill SEY @ 7.5p = £2.250mill
5.2mill DES @ 72p = £3.744mill
244k Eclipse @ 750p = £1.830mill
NCA at 31/12/07 = £0.925mill
DES Sale Proceeds (300k @ 77.79p) = £0.233mill
Buyback outlay since 31/12/07 = £(0.076mill)

Total = £8.906mill

Shares in issue = 7.1245mill

NAV per share = 125.01p

Adjusting for Options, diluted NAV per share = 122.64p

Eclipse currently valued at £13.242 mill with WTE holding 13.82%. Total number of Eclipse shares approx equal 1.766mill.

[deswalker] 26/3/2008 11:53

A very clear statement that value realisation is intended. Also a clearer idea of the increase in value of Eclipse should follow in the next few months (notice that they are assuming this as given).

Personally I'm disappointed that they haven't sold more DES but I guess that's just my opinion and maybe they're waiting for the partner to be announced before taking a few more profits ?

There should be some solid gains here in due course. If Eclipse develops as we hope and SEY picks itself up off the floor then they might turn out to be fairly substantial. The downside looks very well protected though.

[lord multibagger] 26/3/2008 11:30

Westmount Energy Limited
26 March 2008



26 March 2008


CONTACTS:

Westmount Energy Limited Tel: [phone]
Paul Anderson,
Director

Ruegg & Co Limited Tel: [phone]
Gavin Burnell
Brett Miller




PRESS RELEASE


WESTMOUNT ENERGY LIMITED


INTERIM RESULTS FOR THE SIX MONTHS
ENDED 31 DECEMBER 2007



The Board of Westmount Energy Limited (the 'Company') today announces the
interim results of the Company for the six months ended 31 December 2007.


These results will be available to download from the Company's website
www.westmount-energy.co.uk and will be posted to shareholders today.


Note for Editors:


Westmount Energy Limited is a Jersey based AIM quoted Energy Investment Company.
Its present investments include 30,000,000 shares of AIM quoted Sterling Energy
plc, 5,200,000 shares of AIM quoted Desire Petroleum plc and 244,000 shares of
presently unquoted Eclipse Energy UK plc. The Company has no borrowings.
________________________________________________________________________________


SUMMARY AND OBJECTIVE

The condensed information contained in this unaudited half-yearly financial
report has been prepared in accordance with pronouncements on interim reporting
issued by the Accounting Standards Board (ASB). The information has been
prepared on the basis of the accounting policies set out in the company's most
recent audited annual financial statements for the year ended 30 June 2007.


CHAIRMAN'S HALF-YEAR REVIEW

I trust you will have seen the announcement earlier this month of the
resignation of our previous Chairman Alan Levison who due to other commitments
could no longer continue his role as Chairman and Director of our company. I
would like to thank Alan for his contribution to the company and wish him well
for the future.


The six months under review reflect the change of direction forecast by my
predecessor's statement issued with the Annual Report and Accounts in November
2007 wherein we indicated that we would be concentrating on managing our
investments for realisation so as to create value for our shareholders.


We thus took the opportunity in September 2007 to dispose of our holding of
3,762,268 shares in CDS Oil and Gas at 22p per share which resulted in a net
cash profit for the company after all costs of £289,071 and added £825,194 to
our Treasury Funds. This is especially welcome considering the financial
uncertainty and volatility of the current financial markets.


As we had the extra liquidity, we took advantage of the weakness of our share
price, and bought back for cancellation 315,500 ordinary shares at an average
price of 79p inclusive of all costs for £249,309. The net asset value of the
company at the time of purchase was 116p and it thus made good commercial sense
to once more initiate the Share Buy Back plan.


We have been disappointed with the share price performance of our holding in
Sterling Energy but we nevertheless believe that the next six months should see
results from the drilling programs being initiated that will further improve the
flow rate of the Chinquetti field in Mauritania and the already announced
drilling programme for the Gulf of Mexico. We would also hope to receive further
news on the exploration portfolios in the Gabon, Kurdistan and Madagascar.


Eclipse Energy has recently published a Memorandum of Information seeking
investment partners to develop its Wind Farm and Gas Fields known as the Ormonde
project offshore Barrow in Furness in the Irish Sea. The results of this are due
to be published in the next few months and at that stage we will be able to more
clearly formulate an opinion as to the increase in value of our holding, and the
plans that Eclipse Energy Board will be considering to further develop their
assets creating increased value for their shareholders.


Our last remaining holding, and indeed the very first investment made by our
late Chairman Derek Williams, Desire Petroleum Plc is at last moving towards a
drilling programme in the Falkland Island Basin and they announced in February
2008 that a Farm In agreement has been signed with a major oil company to drill
two wells. This is extremely encouraging news and has been reflected in the
increase in the Desire share price which we took advantage of and sold 300,000
ordinary shares at a price of 77.79 per share. We await further news on this
development.


It remains your Board's intention to realise value from the investment portfolio
as and when the opportunities arise, and to return capital to shareholders.


Mervyn Bradlow

Chairman

26 March 2008

[bisiboy] 14/3/2008 17:25

what about a reverse takeover of westie by eclipse and
liqidation of sterling and des, plus fundraising exercise
this could just see a massive rise on that.