Westmount Energy Share Discussion Threads

[packman8] 13/11/2017 09:42

Mick,
The stake in ECO looks like it coukd return into a profitable investment with the news released today. With the stake also in RKH, and news also expected there shortly there could be an increase in N.A.V.
Results should be released shortly, as it was a November update last year.

[happyholder123] 09/9/2017 11:42

HNR -
TWO wells successfully drilled with abundant oil and gas in samples extracted!
Fracking and FIRST OIL next month!
Don't miss this train!

[mick] 02/5/2017 10:22

Encouraging to see some press coverage and proactivity by the company in yesterday's Sunday Independent.

[panadin] 13/4/2017 10:00

The recent placing and new board appointee should kick start wte

[mick] 08/2/2017 12:21

Not sure I understand the logic of the Eco investment. If I had wanted to invest in Eco I could have done it directly myself rather than have Westmount do it on my behalf. Perhaps Westmount needs to be seen to be doing deals to maintain the listing.I still think WTE has the potential to be used as a vehicle for an for a Craven initiative.

[tomboyb] 08/2/2017 11:08

I thought John Craven would make a move on this -

ECO looks like a good investment and directors do have skin in WTE -

However it is incredibly illiquid -

[keya5000] 08/2/2017 10:49

I did but after todays RNS which appears to be that they still following the same path no longer a real interest for me going forwards.

[tomboyb] 08/2/2017 10:47

offering 5k online at 6.75p -

Not much incentive to buy -

I thought John Craven would make a move on this?

[big bull billy] 08/2/2017 09:55

eco is at 18p now

[big bull billy] 08/2/2017 09:55

Westmount Energy Limited Investment in Eco (Atlantic) Oil & Gas Ltd

08/02/2017 9:17am
UK Regulatory (RNS & others)

Westmount Energy (LSE:WTE)
Intraday Stock Chart
Today : Wednesday 8 February 2017

Click Here for more Westmount Energy Charts.
TIDMWTE

RNS Number : 3292W

Westmount Energy Limited

08 February 2017

8 February 2017

Westmount Energy Limited

("Westmount" or the "Company")

Investment in Eco (Atlantic) Oil & Gas Ltd

The Board of Westmount is pleased to announce that it has subscribed for 3,125,000 ordinary shares of no par value in Eco (Atlantic) Oil & Gas Ltd ("EOG") at a price of 16 pence per ordinary share (the "Subscription"). The Subscription will be funded by the Company's existing resources and a loan of GBP250,000 from Mr Gerard Walsh, Chairman of Westmount (the "Loan").

EOG is a Canadian oil and gas exploration company that currently holds interests in the 1,800 km(2) Orinduik offshore block in Guyana and four offshore petroleum licenses, covering more than 32,000 km(2) in the Walvis and Lüderitz Basins in Namibia. EOG is currently traded on TSX Venture Exchange and has today successfully completed a GBP5.09 million placing in connection with its admission to AIM. It is expected that Westmount will hold approximately 2.6% of EOG's issued share capital following admission of the Subscription shares.

For the 12 months ended 31 March 2016, EOG made a net loss of CAD$5,107,496 and had gross assets of CAD$7,312,774. EOG provides further disclosures on its business and financial position through its website at www.ecooilandgas.com. Following completion, Westmount's shareholding in EOG will represent approximately 63 per cent. of Westmount's gross assets as at 7 February 2017.

Loan Agreement & Related Party Transaction

To part finance the investment, the Company has entered into a loan agreement with Gerard Walsh, director of the Company, for the sum of GBP250,000. The Loan is unsecured and does not attract interest. The Loan is repayable by the Company within 60 days upon receipt of written notice from Mr Walsh.

The Loan is considered a related party transaction under the AIM Rules for Companies. The Board of Westmount, excluding Mr Walsh, having consulted with Cenkos Securities plc as the Company's Nominated Adviser, considers the terms of this transaction to be fair and reasonable in so far as the Company's shareholders are concerned.

Gerard Walsh, Chairman of Westmount, commented:

"The motive for the investment in EOG is to offer Westmount shareholders a low entry cost for exposure to the Orinduik block in the Guyana basin. The Orinduik block is operated by Tullow Oil Plc and is adjacent to the Stabroek Block operated by Exxon Mobil that contains the world-class Liza discovery, which is estimated by Exxon to have recoverable resources of approximately 1.4 billion boe, together with the recently announced Payara discovery. The Guyana basin is attracting significant industry interest and expects to see considerable exploration activity over the coming years. The EOG management team has strong expertise in global oil and gas exploration and operation of resource assets. EOG will be the only junior exploration and production company listed on AIM to operate in the Guyana basin. I am pleased to offer my continued support to the Company by providing additional cash resources to fund this investment."

For further information, please contact:

[vraic] 20/12/2016 09:09

AGM today 11 am in Jersey.
Wonder if anything is said.
Long term holder.

[liquid millionaire] 23/2/2016 16:30

Rumours of a major new COVEesk deal in the offering for WTE via John Craven & the ex Cove lads!?!?!

[liquid millionaire] 23/2/2016 16:15

The boys behind that serious multi bagger namely AIM listed [now taken over] Cove Energy are now at WTE

[flyingbull] 02/2/2016 08:56

The February oil stock challenge is still on....deadline for entries is midnight on Tuesday, i.e. tonight.

[packman8] 11/1/2016 12:30

What is their current holding in FOGL?

[liquid millionaire] 20/11/2015 08:25

Mr John Craven and Mr Dermot Corcoran

[liquid millionaire] 20/11/2015 08:05

20 November 2015
Westmount Energy Limited
("Westmount" or the "Company")
Final Results

The Company is pleased to announce it's Final Results for the year ended 30 June 2015. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders today.

Notice is hereby given that the Annual General Meeting of Westmount will be held at No 2 The Forum Grenville Street, St Helier, Jersey, JE1 4HH, Channel Islands on 11 December 2015 at 11:00 am.

CHAIRMAN'S REVIEW

The past year has been very challenging for investors in Oil & Gas assets. During the year under review your Company had a loss of £222,239, with administrative expenses reduced to £126,754. As reported at the interim stage the Board has financed the ongoing corporate overheads of the company by disposing of shares in the portfolio; 200,000 shares in Sterling Energy Plc were sold during the year and since the year end the board has had to dispose of 250,000 shares in Falklands Oil & Gas Limited ("FOGL") to finance ongoing administration costs.

Proposed Placing and Open Offer
Despite the challenging industry conditions, the Directors still believe that there will be opportunities for investment in the sector and want the Company to be able to take advantage of attractive opportunities should they arise. In an effort to put the Company on a sounder financial footing and provide funds for working capital and investment, the Board has agreed to a conditional placing and Open Offer to existing qualifying shareholders (on a 1 for 1 basis) to issue up to a total of 15,830,300 new ordinary shares at a price of 4p per share to raise up to a total of £633,212 before costs The directors will subscribe for their pro rata entitlements in the Open Offer and a total of 6,000,000 new ordinary shares ("the Subscription") has been conditionally placed with two new investors, Mr John Craven and Mr Dermot Corcoran, who are investing in a private capacity. The Board believes that the placing and Open Offer provides new capital for the Company which together with the new shareholders will further enhance the Company's growth prospects. Further details of the Subscription and Open Offer are set out in a circular sent to shareholders today.

The proposed Subscription and Open Offer, while raising a modest amount, in fact more than doubles the size of the share capital of the Company, which the Board believes is appropriate as the Company needs to increase its market capitalisation and resources if it is to be taken seriously going forward.

The Board requires shareholder approval to amend the nominal value of the Company's ordinary shares in order to complete the Subscription and Open Offer ("the Resolutions"). The Resolutions will be put to shareholders at a General Meeting of the Company convened for 11 December 2015.

The Board unanimously recommends that the all shareholders vote in favour of the Resolutions.

Portfolio
Westmount's portfolio of energy shares is mainly focused on the Falkland Islands where our largest holding, Falklands Oil & Gas Limited, is currently drilling.

In conjunction with its partners, FOGL has this year drilled two oil discoveries in the North Falkland basin. The Zebedee well was an oil and gas discovery announced on 5 April 2015 and extended the Sea Lion field. The second, Isobel Deep oil discovery announced on 28 May 2015 has opened up a new play with exploration upside and could be revisited for a further well later this year.

A consortium involving FOGL recently completed drilling the Humpback prospect in the South Falklands basin. The Humpback well was drilled to a total depth of 5,136 meters (measured depth). The well encountered non-commercial quantities of oil and gas within a number of sandstone intervals. The rig will shortly return to the North Falklands Basin to drill a second well on the Elaine/Isobel fan complex. The Elaine/Isobel fan complex, based on the operator's estimates, has multiple reservoir targets and gross mean un-risked resources of 400 million barrels of oil.

In addition, your company has a holding in Argos Resources Ltd ("Argos") which has recently completed a transaction with Noble and Edison. The transaction provides Argos with exposure to a well on the Rhea prospect on licence PL001 in the North Falklands basin which should be drilled in the fourth quarter, without any financial exposure to Argos.

I remain hopeful that with further exploration and appraisal wells to follow that the FOGL and Argos share price have potential for improvement.

New Ventures
Over the past year, the fall in the oil price together with the risk off investment environment has resulted in a difficult environment to evaluate, execute and finance merger and acquisition activity in the energy sector. As we have seen, share prices across the sector have been adversely affected, in particular companies exposed to high cost production and debt have been the hardest hit.

Given the new oil price environment, efforts are continuing to find a suitable transaction for investment and we continue to engage in discussion with a number of entities as well as brokers and our advisors. I have found that, particularly where exploration teams are concerned, that we are competing with private equity groups, which given the Company's current size and financing ability makes it challenging.

However, I remain hopeful of finding a suitable transaction and efforts will continue. The modest fundraising from the Subscription and Open Offer, the welcome addition of two experienced oil & gas executives and investors joining the share register together with the proposed amendments to the share capital should leave your Company in a stronger position and assist with the search and evaluation process.

Finally, I take the opportunity to thank all our shareholders for your patience and support.


GERARD WALSH
Chairman

[liquid millionaire] 20/11/2015 08:05

20 November 2015
Westmount Energy Limited
("Westmount" or the "Company")
Final Results

The Company is pleased to announce it's Final Results for the year ended 30 June 2015. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders today.

Notice is hereby given that the Annual General Meeting of Westmount will be held at No 2 The Forum Grenville Street, St Helier, Jersey, JE1 4HH, Channel Islands on 11 December 2015 at 11:00 am.

CHAIRMAN'S REVIEW

The past year has been very challenging for investors in Oil & Gas assets. During the year under review your Company had a loss of £222,239, with administrative expenses reduced to £126,754. As reported at the interim stage the Board has financed the ongoing corporate overheads of the company by disposing of shares in the portfolio; 200,000 shares in Sterling Energy Plc were sold during the year and since the year end the board has had to dispose of 250,000 shares in Falklands Oil & Gas Limited ("FOGL") to finance ongoing administration costs.

Proposed Placing and Open Offer
Despite the challenging industry conditions, the Directors still believe that there will be opportunities for investment in the sector and want the Company to be able to take advantage of attractive opportunities should they arise. In an effort to put the Company on a sounder financial footing and provide funds for working capital and investment, the Board has agreed to a conditional placing and Open Offer to existing qualifying shareholders (on a 1 for 1 basis) to issue up to a total of 15,830,300 new ordinary shares at a price of 4p per share to raise up to a total of £633,212 before costs The directors will subscribe for their pro rata entitlements in the Open Offer and a total of 6,000,000 new ordinary shares ("the Subscription") has been conditionally placed with two new investors, Mr John Craven and Mr Dermot Corcoran, who are investing in a private capacity. The Board believes that the placing and Open Offer provides new capital for the Company which together with the new shareholders will further enhance the Company's growth prospects. Further details of the Subscription and Open Offer are set out in a circular sent to shareholders today.

The proposed Subscription and Open Offer, while raising a modest amount, in fact more than doubles the size of the share capital of the Company, which the Board believes is appropriate as the Company needs to increase its market capitalisation and resources if it is to be taken seriously going forward.

The Board requires shareholder approval to amend the nominal value of the Company's ordinary shares in order to complete the Subscription and Open Offer ("the Resolutions"). The Resolutions will be put to shareholders at a General Meeting of the Company convened for 11 December 2015.

The Board unanimously recommends that the all shareholders vote in favour of the Resolutions.

Portfolio
Westmount's portfolio of energy shares is mainly focused on the Falkland Islands where our largest holding, Falklands Oil & Gas Limited, is currently drilling.

In conjunction with its partners, FOGL has this year drilled two oil discoveries in the North Falkland basin. The Zebedee well was an oil and gas discovery announced on 5 April 2015 and extended the Sea Lion field. The second, Isobel Deep oil discovery announced on 28 May 2015 has opened up a new play with exploration upside and could be revisited for a further well later this year.

A consortium involving FOGL recently completed drilling the Humpback prospect in the South Falklands basin. The Humpback well was drilled to a total depth of 5,136 meters (measured depth). The well encountered non-commercial quantities of oil and gas within a number of sandstone intervals. The rig will shortly return to the North Falklands Basin to drill a second well on the Elaine/Isobel fan complex. The Elaine/Isobel fan complex, based on the operator's estimates, has multiple reservoir targets and gross mean un-risked resources of 400 million barrels of oil.

In addition, your company has a holding in Argos Resources Ltd ("Argos") which has recently completed a transaction with Noble and Edison. The transaction provides Argos with exposure to a well on the Rhea prospect on licence PL001 in the North Falklands basin which should be drilled in the fourth quarter, without any financial exposure to Argos.

I remain hopeful that with further exploration and appraisal wells to follow that the FOGL and Argos share price have potential for improvement.

New Ventures
Over the past year, the fall in the oil price together with the risk off investment environment has resulted in a difficult environment to evaluate, execute and finance merger and acquisition activity in the energy sector. As we have seen, share prices across the sector have been adversely affected, in particular companies exposed to high cost production and debt have been the hardest hit.

Given the new oil price environment, efforts are continuing to find a suitable transaction for investment and we continue to engage in discussion with a number of entities as well as brokers and our advisors. I have found that, particularly where exploration teams are concerned, that we are competing with private equity groups, which given the Company's current size and financing ability makes it challenging.

However, I remain hopeful of finding a suitable transaction and efforts will continue. The modest fundraising from the Subscription and Open Offer, the welcome addition of two experienced oil & gas executives and investors joining the share register together with the proposed amendments to the share capital should leave your Company in a stronger position and assist with the search and evaluation process.

Finally, I take the opportunity to thank all our shareholders for your patience and support.


GERARD WALSH
Chairman

[liquid millionaire] 20/11/2015 08:00

Interesting developments imho at WTE

[liquid millionaire] 20/11/2015 08:00

Interesting developments imho at WTE

[cwa1] 02/4/2015 08:18

Nice t0 see the FOGL strike. Shouldn't do too much harm, by reflection, over here.

[vraic] 23/3/2015 19:00

volume today 684,000 4 trades x 171,000. normal days this share does not trade.

[vraic] 12/3/2015 18:27

Half year figs and statement { which should confirm we still hold the 1.446,600 shares in FOGL } due soon .