Share Name Share Symbol Market Type Share ISIN Share Description
Westmount Energy Limited LSE:WTE London Ordinary Share GB00B0S5KR31 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 4.17% 12.50 15,457 08:07:03
Bid Price Offer Price High Price Low Price Open Price
11.00 14.00 12.50 12.00 12.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 2.01 3.83 3.3 16
Last Trade Time Trade Type Trade Size Trade Price Currency
08:06:57 O 15,457 12.90 GBX

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Westmount Energy Daily Update: Westmount Energy Limited is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker WTE. The last closing price for Westmount Energy was 12p.
Westmount Energy Limited has a 4 week average price of 12p and a 12 week average price of 7.50p.
The 1 year high share price is 22p while the 1 year low share price is currently 7.25p.
There are currently 125,761,486 shares in issue and the average daily traded volume is 21,581 shares. The market capitalisation of Westmount Energy Limited is £15,720,185.75.
robs12: Westmount holds ~ 4.8% of JHI. JHI hold a 17.5% carried interest in the Canje Block covering over 4,800 square kilometres, offshore Guyana. This block is located adjacent to and in the same geologic basin as the Stabroek Block which has delivered sixteen substantial oil discoveries since 2015, with reported discovered recoverable resources in excess of 8 billion oil-equivalent barrels to date. ExxonMobil is the operator of both blocks. "The proximity to these world-class source rocks means that reservoirs on the Canje block are in direct contact with the source, and are charged through vertical migration. Effectively, Canje’s reservoirs are filled first before hydrocarbons migrate up-dip to other blocks." (JHI website) "Canje Block is the same size and adjacent to the productive portion of the Stabroek Block operated by ExxonMobil, with recoverable reserves exceeding 4 billion barrels. Utilizing block wide 3D seismic, JHI’s technical team is working closely with ExxonMobil to select drilling locations on multiple billion-barrel prospects, each demonstrating direct hydrocarbon indicators identical to successful wells in the Stabroek Block." (JHI website) As a result of a 2018 farm-out to Total, JHI is carried for the drilling of up to four wells and is funded for the drilling of additional wells. It is anticipated that the first well on the Canje Block, Bulletwood-1, will be spudded in H2 2020, with the possibility of additional drilling by the end of the year. That's about the closest I've found to any figures - multiple billion bbl prospects, same size as Stabroek which has >4bn bbls recoverable. Though likely that JHI would sell out at some point sooner rather than later (after the 4 carried wells?), and who knows what they'd be valued at.... 4bn x 17.5% = 700mn bbls @5$ is $3.5bn. 4.8% of that (i.e to WTE) is $168m. WTE have bought their 4.8% stake in JHI for approx $5.3m (£4.3m) (if I am interpreting the slightly obscure wording "At cost, Westmount's holding in JHI equates to approximately 38.1% of the value of Westmount's gross assets as of 31st December 2019." correctly?). So it could be very, very good for the WTE share price if they strike... Then there's Kaieteur next. All assuming there's no shenanigans about the validity of the licenses by the Guyana government, though that seems unlikely given how far in Exxon are already, but you never know... GLA
mick: Taken from LSE Board today. Looks like WTE is now only a few weeks away from the spudding of Tanager-1 on the Exxon operated Kaieteur block. Well is targetting 256.2 MMB P50 recoverable with an amazing 72% COS. Looks to be bang on trend with the huge number of discoveries on the adjacent Stabroek block, the most prolific oil exploration block of recent years. Through its holdings in Cataleya and Ratio Petroleum WTE has a 1.53% interest in the licence amounting to 3.9 MMB P50 net recoverable for Tanager-1. In addition the block contains a further 1.86 billion barrels in 8 targets giving a total of 31.9 MMB P50 net to WTE on block including the tantalising Toucan prospect with 702.7 MMB P50 net recoverable at a whopping 56% COS. WTE also has a 0.84% interest in the Exxon operated Canje block, also adjacent to the prolific Stabroek block, through its holding in JHI Associates. Several targets have been identified for drilling including Bulletwood-1, Jabillo-1 and Sapote-1. I have not seen and resource figures, but imagine they will be of similar size and COS to those on Kaieteur. WTE also has a 0.12% interest in the Tullow operated Orinduik block, also adjacent to Stabroek, through its holding in ECO Atlantic. Further major exploration drilling is anticipated for 2021 targetting around a billion barrels. Prior to the virus outbreak Exxon was planning to drill a total of 6 wells on Kaieteur and Canjie over the net few months all at zero cost to WTE. Exxon is currently still going ahead with Tanager-1 which is expected to spud next month. If all seven wells (Kaieteur 3, Canje 3, Orinduik 1) are drilled as originally planned that should amounts to around 30 MMB P50 net recoverable to WTE, with further upside in additional targets. Six of the wells are Exxon operated, many have a high COS and all are on trend with the prolific Stabroek block. The current NAV of its block interests is around 10p per share, which underpins 2/3 of the current market cap of only £17M. The shares are also thinly traded so any interest in the shares will lead to a very rapid increase in share price especially with the first well coming in at 72% COS! Given all of this I expect WTE will perform extremely well indeed in the days and weeks ahead. STRONG BUY
mick: If I'm reading this correctly WTE indirectly, via its 2.4% holding in Cataleya Energy and 1% holding in Ratio Petroleum, hold a 0.85% interest in Kaieteur block. Block shares are Exxon 35%, Hess 15%, Cataleya 25% and Ratio 25% and it has been announced that the consortium will drill HY1 2020. The CPR is indicating Best Estimate Gross Unrisked Prospective Resources of 2.1 billion barrels. It is stated that the target to be drilled 'Tanager' has a Probability of Geological Success of 72% which seems extraordinarily high. Assuming Cataleya and Ratio can retain their 25% share each, Westmount's indirect interest in the block could be worth a multiple of the current share price e.g. 2.1bn x USD$5 x 0.85% = USD89m = GBP 68m = £1 per WTE share. WTE is becoming even more interesting and that is before any CPR or drilling plans for their exposure to the Canje block, via JHI, which also sits immediately alongside the Stabroek Block which already holds 5.5bn recoverable. 15/05/2019 7:02am RNS Non-Regulatory TIDMWTE Westmount Energy Limited 15 May 2019 15(th) May 2019 WESTMOUNT ENERGY LIMITED ("Westmount" or the "Company") Investments in Cataleya Energy Corporation & Ratio Petroleum - Update from Kaieteur Block Partner, Ratio Petroleum -- Ratio Petroleum publish CPR on Kaieteur carried out by Netherland, Sewell & Associates Inc. -- ExxonMobil planning to spud the first well in the Kaieteur Block on the Tanager Prospect in the first half of 2020 -- Tanager Prospect assigned a 'Best Estimate' Unrisked Gross (100%) Prospective Oil Resource of 256.2 MMBBLs with an aggregate Probability of Geologic Success (POSg) of 72%. -- Aggregate 'Best Estimate' Gross Unrisked Prospective Resources for top 9 prospects is 2.1 BnBBLs -- Ratio Petroleum and Cataleya decline option to be carried by Exxon Mobil on the first well (Tanager) Subsequent to the participation of Westmount in a non-brokered private placement by Cateleya Energy Corporation ("CEC"), announced on the 14(th) May 2019, the Board of Westmount is pleased to highlight some additional information, with respect to the Kaieteur Block offshore Guyana, published by Ratio Petroleum Energy Limited Partnership ("Ratio Petroleum") on the same date. CEC and Ratio Petroleum each holds through wholly-owned subsidiaries, respectively Cataleya Energy Limited ("CEL") and Ratio Guyana Limited ("RGL"), a 25% participating interest in the Kaieteur Block. Other partners include a subsidiary of Hess Corporation (15%) and the operator of the block, Esso Production & Exploration Guyana Limited (35%), a subsidiary of ExxonMobil. The 13,500 km(2) Kaieteur Block is located outboard of, and adjacent to, the Stabroek Block offshore Guyana which has delivered thirteen substantial oil discoveries since 2015, with reported discovered recoverable resources in excess of 5.5 billion oil-equivalent barrels to date. The Ratio Petroleum announcement provides an update with respect to drilling plans for Kaieteur, farm-in carry arrangements pursuant to a farm-in agreement ("ExxonMobil FIA") executed with ExxonMobil in 2016 and unrisked prospective resources by way of report commissioned from Netherland, Sewell & Associates Inc. ("NSAI") Previous partner announcements with respect to the ExxonMobil FIA indicate, inter alia, optional carry provisions for CEL (and RGL) with respect to the first and second wells on Kaieteur, in the event that ExxonMobil elects to drill on the block. In February 2019 ExxonMobil elected to drill on the block and both CEL and RGL retained, until the 14th May 2019, the option to be carried by ExxonMobil in the first well in return for the assignment of a 10% working interest in Kaieteur to ExxonMobil (thereby reducing both CEL's and RGL's participating interest from 25% to 15%) and the option to be carried on a second well in return for the assignment of a further 7.5% working interest each. The current Ratio Petroleum announcement indicates that ExxonMobil and partners are now planning to spud the first well in the Kaieteur Block on the Tanager Prospect in the first half of 2020 - subject to the standard permitting and regulatory approvals. The NSAI report describes the Tanager Prospect as a stacked reservoir prospect (Maastrichtian to Turonian reservoir intervals) and assigns a 'Best Estimate' Unrisked Gross (100%) Prospective Oil Resource of 256.2 MMBBLs to the prospect (Low to High Estimates 135.6 MMBBLs to 451.6 MMBBLs), with an aggregate Probability of Geologic Success (POSg) of 72%. The announcement also states that Ratio Petroleum has declined the option to be carried by ExxonMobil on the first well and will thereby retain a 25% participating interest in the Kaieteur Block. CEC has also declined the option to be carried by ExxonMobil on the first well thereby retaining its full 25% participating interest. The NSAI report provides estimates of the unrisked prospective oil resources in 9 prospects located on the 5,750 km(2) 3D seismic survey acquired in the southern part of the Kaieteur Block in 2017. This 3D survey covers circa 42% of the total area of the Kaieteur Block. 'Best Estimate' of Unrisked Gross Prospective Oil Resources for individual prospects ranges from 76.1 MMBBLs (Towa-Towa Prospect) to 702.7 MMBBLs (Toucan Prospect). Aggregate 'Best Estimate' Gross Unrisked Prospective Resources for these 9 prospects is 2.1 BnBBLs (Aggregate Low to High Estimates 694 MMBBLs to 5.85 BnBBLs) implying Net (25%) 525 MMBBLs to each of CEC and Ratio Petroleum across the area of the Kaieteur 3D seismic survey. Westmount holds approximately 2.4% of the issued share capital of CEC and approximately 1% of the issued share capital of Ratio Petroleum. For further information, please contact: Westmount Energy Limited David King, Director Tel: +44 (0) 1534 823133 Jane Vlahopoulou Cenkos Securities plc (Nomad and Broker) Tel: +44 (0) 20 7397 8900 Nicholas Wells/Harry Hargreaves (Corporate Finance)
mick: No news packmand. But the WTE investment in ECO is going very well 3.125m @ 62p = £1.9m = worth 4.1p per share to WTE. ECO actually traded at the equivalent of 70p in Toronto on Friday so I suspect the WTE investment in ECO will be worth more tomorrow. WTE's investments in Ratio Petroleum and JHI also give exposure to potentially valuable blocks (Kaieteur and Canje block's respectively) offshore Guyana. Both blocks adjoin Exxon's Stabroek block. WTE also has a small 0.5% Net Profit Interest in the soon to be drilled Colter drill in the UK. WTE's free float is only 19m shares (40% of 48m shares in issue). I reckon the current share price 10p is pretty much underpinned by the current investments plus cash. Any good news from ECO's Orinduik drilling or drilling in Kaieteur and Canje could be transformational for WTE's investments. There is always the possibility that WTE will be used as an RTO vehicle by some of its investees. With WTE's exposure to Guyana exploration and its shares so tightly held, 2019 could be a very exciting year for its shareholders
liquid millionaire: 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,, 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
loobrush: They have already announced a small profit for last 6 months and but have been frustrated in finding the right deal. As stated "In line with our stated strategy, your board continued to look for an acquisition that would create value for shareholders. A large part of the year has been taken up with a specific proposal, outside the resource sector, that the majority of your board believed could have delivered significant value to shareholders. Westmount Energy Limited remains a highly attractive, Jersey based, investment vehicle quoted on AIM. The company is well positioned to evaluate and take advantage of new investment opportunities should they hold value creating potential for shareholders. The board together with our advisors continue to seek a suitable strategic acquisition, primarily but not exclusively within the resource sector where the board has core experience". With price rising maybe they have at last found the right deal and with ex Director of Cove on board, if they have, the share price will see a big reaction
mick: Very very interesting development! Is this going to be the next Cove?? Worth recalling that Tom O Gorman took over as chairman of Lapp Plats in 2006 at 1p and Market cap of 220k. He then, along with John Craven transformed Lap Plats into Cove Energy which now has a share price of 91p and a market cap of £450m. A great opportunity to get in at the ground level on TOG's next vehicle. Lapp Plats plc 25 September 2006 Press Release £1.26million Equity Placing New Board Appointments Lapp Plats plc ("Lapp Plats" or the "Company") is pleased to announce that it has completed a fund raising of £1.26million by way of an oversubscribed conditional placing (the "Placing") of 8,366,667 new ordinary shares of Stg1p each (the "Placing Shares") at a placing price of Stg15p per Ordinary Share. The Placing is conditional only on admission of the Placing Shares to trading on the AIM Market of the London Stock Exchange and the IEX Market of the Irish Stock Exchange. Dealing in the Placing Shares is expected to commence on 28 September 2006. The proceeds of the Placing will supplement the working capital of the Company and will primarily be used for corporate development purposes. In addition, application will be made for 593,333 new ordinary shares of Stg1p each ("Share Payment") to be issued to satisfy certain professional service and consultancy liability obligations. Following the Placing and the Share Payment the issued share capital of the Company will increase to 22,268,334 ordinary shares of Stg1p each ("Enlarged Share Capital"). Allied to the Placing and the Share Payment, the Board of the Company have appointed Thomas O'Gorman as non-Executive Chairman by splitting the current role of Chairman and CEO held by Michael Nolan. Mr O'Gorman is a long time investor and financier in the natural resource sector. The Board has also appointed Paul Sweeney as a non-executive Director, Mr Sweeney has worked with two of Ireland's largest financial institutions as an investment adviser for over 17 years.
cwa1: Morning All Nice announcement from DESsie :-) Bit of work to be done there but if it all turns out well then that will amount to significant value accretion here. So with DES + SEY + their prospects + solid balance sheet it should be worth more than the current share price IMHO. Surprised there isn't more interest over here. Perhaps people will cotton on at some point.......
jacob fox: RNS Number : 4211Z Westmount Energy Limited 22 September 2009  Westmount Energy Limited ('Westmount' or the 'Company') Final Results and Notice of Annual General Meeting The Company is pleased to announce its Final Results. A copy of the results will be made available on the Company's website and will be posted to shareholders by the 25th September 2009. Notice is hereby given that the Annual General Meeting of Westmount Energy Limited will be held at Whiteley Chambers, Don Street, St. Helier, Jersey, JE4 9WG Channel Islands on Wednesday, 28 October 2009 at 11.45 am CHAIRMAN'S REVIEW The past twelve months have been a period of extreme volatility in the Financial Markets and notably in the oil industry in which our company's two remaining investments are based. The oil price has fluctuated from a high of US$147 a barrel to a low of US$32 per barrel and at the time of writing appears to have settled in the US$70 a barrel range. When I became Chairman some eighteen months ago the company had three investments quoted on the Alternative Investment Market (AIM) of the London Stock Exchange and a further investment in unquoted Eclipse Energy Plc (Eclipse). During this period we sold our holding in CDS Oil and Gas Plc for a net profit of £289,072 and in November of 2008 we accepted an offer from Vattenfall AB (publ) of £18.01 per share for our holding in Eclipse which produced a substantial profit of £3,659,440. As a result of these two transactions we were able to return to shareholders 65p per share by way of a return of capital. The payment in February this year together with the earlier payment of 50p per share in 2006 has allowed the company to repay the shareholders a total of 115p per share. When our late founding Chairman Derek Williams floated the company in 1995 the shares were placed at 15p per share. My fellow directors and I only wish Derek was alive to see his plans fulfilled. Notwithstanding the volatility in the markets I am very pleased to report that our two remaining investments in Desire Petroleum Plc and Sterling Energy Plc have performed well. 1. Desire Petroleum Plc (Desire) On 10 September 2009 Desire announced that they had exchanged letters of intent with Diamond Offshore Drilling (UK) Ltd for a rig to undertake a minimum four well drilling campaign in the North Falkland Basin. The rig is due to arrive in Falkland waters in February 2010. In addition Desire has options to drill a further four wells for itself or its partners. Exercising this option may require further fund raising in the future. Desire's share price has responded to this news and is currently trading at 90.75p per share as compared to 31 December 2008 middle market price of 26.75p per share. The company currently holds 4,100,000 shares in Desire and the market liquidity in the shares has improved considerably. In August this year the Falkland Island Council granted the necessary environmental consents for the proposed drilling programme. 2. Sterling Energy Plc (Sterling) This was the investment that gave your Board the greatest concern as the share price had weakened considerably as Sterling struggled to refinance its bank loans and there seemed to be no end to the bid negotiations announced in the third quarter of 2007. It was with a great sense of relief that in August this year it was announced that negotiation has been successfully concluded for a fund raising of approximately US$100m with a new shareholder, Waterford Finance and Investment Ltd, subscribing for US$46m of the fund raising representing a 29.9% interest in Sterling. It has been widely reported that the new shareholder has been extremely successful in the oil industry having recently accepted an offer for their holding in Emerald Energy Plc which valued that company at over £500m. Their management is very highly regarded in the City and are now strongly represented on the Board of Sterling. We were offered a participation in the remaining Institutional fund raising and your Board decided to participate. Through the good office of Graeme Thompson, Sterling's CEO, we were allocated 42,446,789 new shares at a placing price of 1.3p per share. At the time of the placing it was also announced that there would be a further opportunity for existing shareholders to subscribe for two new shares for every nine held at 1.3p per share. The actions of your Board in respect of the first subscription shall result in the company being eligible to subscribe for approximately 16 million additional new shares. The company currently holds 63,946,786 shares in Sterling and following the second subscription shall hold in the region of 80 million shares, which at their current share price of 3.80p per share represents a value of around £3m. It is worth noting that following the fund raising your company will not have a disclosable interest in Sterling and with the daily turnover being substantial, and averaging 31 million shares in the last month, it is an extremely liquid market. We are obviously very delighted with our decision to increase our exposure in Sterling and I would suggest that any shareholder wishing to view Sterling's revised situation should log on to Sterling's web site which is very explanatory. Nominated Advisors During this period we appointed Cenkos Securities Plc as our Nominated Advisors and would like to thank Ruegg & Co, our previous advisors, for their efforts over the past years. Future Prospects As stated in my previous review the interest of shareholders is of major importance to your Board. Our policy of harvesting our cash resources and only making strategic investments when the opportunity arises has been rewarded. We will continue to consider any transaction that we deem to be in the best interests of the shareholders and at the same time we will always consider our policy of returning surplus funds arising on sales of our investments to shareholders. In addition your Board will continue to maintain its emphasis on controlling our costs. We look forward to the future developments of our two remaining investments and in particular to the long awaited exploration of the Falkland Basin in the first Quarter of 2010. Finally at the time of writing this review the net asset value (NAV) of the company fully diluted for share options is 93p per share. The NAV per share is calculated prior to the subscription for approximately 16 million additional new shares in Sterling at a price of 1.3p per share. MERVYN BRADLOW Chairman 21 September 2009 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2009 (Expressed in United Kingdom Sterling) Note 2009 2008 £ £ £ £ Administrative expenses (374,827) (346,267) Operating (loss) (374,827) (346,267) Profit on disposal of investments 7 3,874,768 507,325 Impairment of investment 7 (2,125,250) - Interest receivable 49,035 45,352 1,798,553 552,677 Net profit on ordinary activities before taxation 3 1,423,726 206,410 Taxation - - Profit for the financial year 1,423,726 206,410 Basic earnings per share 6 20.34p 2.85p Diluted earnings per share 6 19.91p 2.85p There are no recognised gains or losses other than as disclosed above There were no acquisitions or discontinued operations during the current or preceding year. BALANCE SHEET AT 30 JUNE 2009 (Expressed in United Kingdom Sterling) Note 2009 2008 £ £ £ £ FIXED ASSETS Investments 7 1,830,287 4,728,998 CURRENT ASSETS Prepayments and accrued income 10,540 7,689 Cash at bank 873,656 1,118,597 884,196 1,126,286 CREDITORS: amounts falling due within one year 8 (172,377) (131,730) NET CURRENT ASSETS 711,819 994,556 TOTAL ASSETS LESS CURRENT LIABILITIES 2,542,106 5,723,554 SHARE CAPITAL AND RESERVES Share capital 9 1,396,060 1,403,060 Share premium account 10 261,682 416,317 Capital redemption reserve 10 - 251,410 Share option account 10 244,363 269,416 Profit and loss account 10 640,001 3,383,351 SHAREHOLDERS' FUNDS 11 2,542,106 5,723,554 These financial statements were approved and authorised for issue by the board of directors on 21 September 2009 and were signed on its behalf by: P J RICHARDSON Director CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 (Expressed in United Kingdom Sterling) Note 2009 2008 £ £ Net cash (outflow) from operating activities A (313,179) (315,740) Returns on investments and servicing of finance B 49,035 45,352 Capital expenditure and financial investment C 4,648,229 1,196,468 Cash inflow before financing 4,384,085 926,080 Financing D (4,629,026) (348,092) (Decrease)/increase in cash (244,941) 577,988 Reconciliation of cash flow to movement in net funds/(debt) (Decrease)/increase in cash (244,941) 577,988 Movement in net funds in the year (244,941) 577,988 Net funds brought forward 1,118,597 540,609 Net funds carried forward E 873,656 1,118,597 Represented by: Cash at bank 873,656 1,118,597 Net funds carried forward 873,656 1,118,597 A. RECONCILIATION OF NET OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2009 £ 2008 £ Administrative expenses (374,827) (346,267) Cost attributable to issue of share options 23,852 44,003 (Increase) in prepayments and accrued income (2,851) (1,865) Increase/(decrease) in creditors and accrued expenses 40,647 (11,611) Net cash outflow from operating activities (313,179) (315,740) B. RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 2009 £ 2008 £ Interest received 49,035 45,352 Net cash inflow from returns on investments and servicing of finance 49,035 45,352 C. CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT 2009 £ 2008 £ Purchase of fixed asset investments (note 7) (50,250) - Sale of fixed asset investments (note 7) 4,698,479 1,196,468 Net cash inflow from capital expenditure and financial investment 4,648,229 1,196,468 D. FINANCING 2009 2008 £ £ Purchase of ordinary shares (31,668) (348,092) Redemption of B shares (note 9) (4,597,358) - Net cash outflow from financing (4,629,026) (348,092) E. ANALYSIS OF NET FUNDS 30 June 1 July 2009 Cash flow Non cash 2008 £ £ £ £ Net funds Cash at bank 873,656 (244,941) - 1,118,597 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 1. ACCOUNTING POLICIES a) Accounting convention The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards in the United Kingdom. b) Foreign currency Transactions denominated in foreign currencies are translated to United Kingdom Sterling at the rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into United Kingdom Sterling at the rate prevailing at the balance sheet date. Exchange gains and losses are taken to administrative expenses in the profit and loss account. c) Investments Fixed asset investments are stated at cost and are subject to review for impairment. Any impairment is recognised in the profit and loss account in the year in which it occurs. Profits or losses realised on the disposal of individual fixed asset investments are calculated on an average cost basis. d) Financial instruments Financial assets and liabilities are initially recognised on the historical cost basis, which approximate to fair value. The company recognises a financial asset or financial liability in the balance sheet when it becomes a party to the contractual provisions of the instrument. Income and expenses associated with financial instruments are taken to the profit and loss account on an accruals basis. Impairment of financial assets is recognised in the profit and loss account in the year in which it occurs. e) Share options Awards of share options are recorded under Financial Reporting Standard 20: Share-based Payment. The cost of the share options are ascribed a fair value at grant date and accounted for as an administration cost of the company with an equal Share Option Reserve being created in Shareholders' Funds. The cost is recognised in the profit and loss account over the vesting period of the award. f) Capital redemption The nominal amount and the premium paid upon any redemption of shares is charged to Profit and Loss Reserves. Companies (Amendment No.9) Jersey Law 2008 became effective in January 2008 allowing companies to repurchase their capital from any existing reserves without creating a capital redemption reserve account. The company has decided to use this amendment to the law and as such it has changed its accounting treatment regarding capital redemptions such that a capital redemption reserve will no longer be used. 2. TOTAL ASSETS LESS CURRENT LIABILITIES: SEGMENTAL INFORMATION By geographical area 2009 2008 £ £ Total assets less current liabilities South Atlantic 570,287 658,998 North American and African regions 1,260,000 3,335,000 European regions - 735,000 Segment net assets 1,830,287 4,728,998 Unallocated net assets 711,819 994,556 2,542,106 5,723,554 Segmental information is reported under Statement of Accounting Practice 25: Segmental reporting. Since there is only one class of business, reporting is provided by geographical area only. 3. NET PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2009 2008 £ £ Net profit on ordinary activities before taxation is stated after charging: Directors' emoluments 114,352 173,369 Compensation for loss of office - 24,486 Auditors' remuneration 17,454 16,000 4. REMUNERATION OF DIRECTORS AND RELATED PARTIES 2009 2008 Salary/ fees Salary/ Fees £ £ Executive directors 55,000 137,821 Non-executive director 59,351 35,548 114,352 173,369 Directors' remuneration includes the cost of any share options granted to directors. In 2008, 250,000 share options were granted to directors at a weighted average fair value of 16.47p. There have been no share options granted to directors during the current year. During the year, legal and professional fees totalling £15,158 (2008: £1,641) were paid to Ogier, a firm in which M S D Yates is a partner, in respect of services charged on an arms length basis as the company's legal advisors. Company secretary fees of £42,785 (2008: £37,598) were paid to Bedell Secretaries Limited, a firm in which Mr Anderson is a senior manager. At the balance sheet date the company owed £1,250 to directors in respect of commissions on the sale of shares in Sterling Energy Plc and £2,171 to Ogier in respect of legal and professional fees. The company does not employ any staff except for its board of directors. The company does not contribute to the pensions or any other long-term incentive schemes on behalf of its directors. 5. TAXATION With effect from 1 January 2009 a new system of taxation was introduced in Jersey which is referred to as Zero Ten. Under Zero Ten rules the company is taxed at 0% based on the net profit for the year as adjusted for non-allowable expenses and capital allowances. Jersey resident shareholders are liable to Jersey income tax on distributions of trading companies paid out of profits of accounting periods ending after 1 January 2009. The company is registered as an International Services Entity under the Goods and Services Tax (Jersey) Law 2007 and a fee of £100 has been paid. As no relationship exists between the tax and the level of the company's activities, the tax has been included in the administrative expenses. 6. EARNINGS PER SHARE The calculation of basic earnings per ordinary share is based on the profit for the year after taxation of £1,423,726 (2008: £206,410). The weighted average number of shares in issue during the year was 6,983,273 (2008: 7,246,858). As explained in note 9 there are share options in issue over the company's ordinary shares. Since the exercise price of some of these options at 30 June 2009 was below the average market price of the ordinary shares during the year, they are deemed to have a dilution effect on earnings per share and diluted earnings per share are consequently disclosed separately. 7. INVESTMENTS 2009 2008 £ £ Fixed asset investments Desire Petroleum plc ('Desire') 4,500,000 ordinary, fully paid shares at cost (2008: 5,200,000) (a) 570,287 658,998 Eclipse Energy UK plc ('Eclipse') Nil ordinary, fully paid shares at cost (2008: 244,000) (b) - 735,000 Sterling Energy plc ('Sterling') 31,500,000 ordinary, fully paid shares at cost (2008: 29,000,000) (c) 3,385,250 3,335,000 Less: Impairment (2,125,250) - Net carrying value of Sterling shares 1,260,000 3.335,000 1,830,287 4,728,998 (a) On 30 June 2009 the market value of the company's holding of 4,500,000 ordinary fully paid shares in Desire, representing 1.96% of the issued share capital of the company, was £2,025,000 (45.00p per share, 2008: 91.75p per share). During the year, the company disposed of 700,000 ordinary shares in Desire, realising a profit of £215,328 (after expenses). (b) On 19 November 2008 the company disposed of all of its holding of 244,000 ordinary shares in Eclipse Energy UK plc, realising a profit of £3,659,440 (after expenses). (c) On 30 June 2009 the market value of the company's holding of 31,500,000 ordinary fully paid shares representing 1.35% of the issued share capital of Sterling was £699,300 (2.22p per share, 2008 11.25p per share). On 1 October 2008 the company purchased 2,500,000 ordinary shares in Sterling at a cost of 2p per share. In the opinion of the directors, the company's investment in Sterling suffered a permanent diminution in value to an amount of less than cost. The carrying value of this investment has been written down to the directors' estimated recoverable value of 4p per share (2008: 11p per share), at a cost of impairment of £2,125,250. 8. CREDITORS: amounts 2009 2008 falling due within one year £ £ Amounts due to shareholders 127,292 93,892 Accrued expenses 45,085 37,838 172,377 131,730 9. SHARE CAPITAL 2009 2008 £ £ Authorised: 10,000,000 ordinary shares of 20p each 2,000,000 2,000,000 15,100,000 redeemable 'B' shares of 1p each 151,000 151,000 Allotted, called up and fully-paid: 2009 No. 2008 No. 2009 £ 2008 £ In issue: Ordinary shares 6,980,300 7,015,300 1,396,060 1,403,060 'B' shares - - - - No. £ Ordinary shares Ordinary shares Movement Balance at 1 July 2008 7,015,300 1,403,060 Purchase of own shares (35,000) (7,000) Balance at 30 June 2009 6,980,300 1,396,060 'B' shares 'B' shares Issued, fully paid on 30 January 2009 6,980,300 69,803 Redeemed and cancelled on 6 February 2009 (6,980,300) (69,803) Balance at 30 June 2009 - - On 30 January 2009, following the sale of the company's shares in Eclipse Energy plc, the company issued 6,980,300 fully paid redeemable 'B' shares of 1p each ranking parri passu with existing shareholdings to enable the return of capital to shareholders of the company equivalent to 65p per ordinary share (£4,597,358 in aggregate). These 'B' shares were redeemed on 6 February 2009. As at 30 June 2009, options were outstanding over 640,000 (2008: 850,000) ordinary 20p shares, with a weighted average exercise price of 32.87p (2008: 102.8p). The options are exercisable at the election of the option holder, over various periods expiring 31 December 2012. During the year, 150,000 options lapsed (2008: Nil) held by former director A Levison on 12 September 2008. Of the 150,000 options held by former nominated advisor Ruegg & Co Limited, 60,000 options are deemed to have lapsed as at 30 June 2009 for accounting and valuation purposes as these could only be exercised upon a change of control of the company prior to 20 September 2009. The remaining 90,000 options were not exercised and therefore lapsed on 20 September 2009. As at 30 June 2009 480,000 (2008: 510,000) of the options were exercisable at a weighted average exercise price (adjusted to reflect the return of capital to shareholders) of 38.5p (2008: 103.5p) and 100,000 of the options were exercisable at a weighted average exercise price (adjusted) of 26p (2008: 91p). The weighted average vesting date of the 60,000 options issued, currently not vested, is 22 June 2010. The share options are ascribed a total expense for the year ended 30 June 2009 of £23,852 (2008: £44,003). The options were repriced by a deduction of 65pence from the original grant price to take into account the return of capital made to shareholders by the issue and redemption of B shares made during the financial year. The deduction of 65 pence accorded with the advice received by the Board from Ruegg & Co Limited. No share options were granted during the year (2008: 250,000). The fair values of previously granted options were calculated using the Black Scholes valuation model. At each date of grant the volatility of the company was estimated as the standard deviations of daily historical continuously compounded returns over a period commensurate with the expected life of the option, back from the date of grant, and annualised by the factor of square root 252, assuming 252 trading days per year. The risk-free rate is the yield to maturity on the date of grant of a UK Gilt Strip, with term to maturity equal to the life of the option. The expected life of the options is estimated as the mid-point between the date of grant and the date of expiry of the option. 10. SHARE PREMIUM ACCOUNT AND RESERVES Share Premium Account Capital Redemption Reserve Share Option Account Profit & Loss Account £ £ £ 1 July 2008 416,317, 251,410 269,416 3,383,351 Issue of B shares (69,803) - - Redemption of B shares - - - (4,467,391) Redemption costs (60,164) - - Cost of share options - - 23,852 - Lapse of share options - - (48,905) 48,905 Purchase of own shares (24,668) - - Transfer to profit and loss (251,410) 251,410 Profit for the year - - - 1,423,726 Balance at 30 June 2009 261,682 - 244,363 640,001 11. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2009 £ 2008 £ Profit for the year 1,423,726 206,410 Cost of share options 23,852 44,003 Purchase of own shares (31,668) (348,092) Return of share capital (4,597,358) - Opening shareholders' funds 5,723,554 5,821,233 Closing shareholders' funds 2,542,106 5,723,554 12. CONTROLLING PARTY In the opinion of the directors the company does not have a controlling party. 13. POST BALANCE SHEET EVENTS Desire Subsequent to the year end the company has disposed of an additional 400,000 ordinary shares in Desire realising proceeds of £230,626 and a profit of £179,934 (after expenses). At the current market value of 90.75p per share the carrying value of this investment is £3,720,750. Sterling Subsequent to the year end, and as announced by the company on 17 August 2009, a further 42,446,786 new ordinary shares in Sterling were subscribed for as part of the Placing at a placing price of 1.3p per share. In addition the company has disposed of 10,000,000 ordinary shares realising proceeds of £385,699 (after expenses). At the current market value of 3.80p per share the carrying value of this investment is £2,429,978. This information is provided by RNS The company news service from the London Stock Exchange
jacob fox: Kevin Goldstein-Jackson: My Portfolio Published: September 18 2009 19:00 | Last updated: September 18 2009 19:00 On September 10, I was overwhelmed with Desire. The reason for my warm glow was that the share price of small, Aim-listed Desire Petroleum rocketed 25.5p to 90p on the company's announcement that it had "exchanged a letter of intent" with Diamond Offshore Drilling (UK) for the Ocean Guardian drilling rig to undertake "a four well minimum drilling campaign in the North Falkland Basin" with work expected to start in "early February 2010". Desire has options to drill a "further four wells for itself and/or its partners" and the company believes it should "endeavour to drill as many wells as possible to test the full potential of this highly prospective area". The company is investigating the best course of action to raise additional funds and it is intended that Desire's shareholders will have an opportunity to participate in the fundraising. Although I do not actually own any shares in Desire, I should still benefit financially from such exploration activities. The Desire announcement saw the share price of Aim-listed Falkland Oil and Gas (FOG) rise 18p to 126p on September 10 in expectation that if Desire eventually strikes significant oil reserves, then FOG might do so too – perhaps hiring the same oil rig. Falkland Islands Holdings (FIH), in which my self- invested personal pension (Sipp) has a shareholding, saw its shares jump 50p to 310p. FIH, as well as owning the UK-based Ports- mouth Harbour Ferry Company and the fine art and logistics company Momart, also has considerable interests in the Falkland Islands – ranging from shops and a fishing agency to property. It seems likely the Falklands interests would benefit from an influx of oil workers and drilling activity. At FIH's annual meeting on September 10, David Hudd, the company's chairman, confirmed that FIH continued to hold 15m shares in FOG. Shares in Westmount Energy, the tiny oil investor in which my Sipp also has a holding, rose 15p to 72.5p on Desire's announcement. In March, Westmount reported its interim results for the six months ended December 31 and at that time Westmount held 5.2m shares in Desire. In the interim report, Mervyn Bradlow, company chairman, also commented on the company's holding of 31.5m shares in Sterling Energy, stating it had been "a very disappointing investment over the last year or so" and "in view of the historic carrying value", the board had decided to "make a provision of £2.13m to reflect a reduction which is more aligned to the current value". Sterling's shares had been badly affected by the fall in the oil price, reduced production in Mauritania and lower gas prices in the US. Earlier this year, Sterling's share price fell to less than 1p on concerns about its debt levels and future prospects – yet it had oil and gas interests in the Gulf of Mexico, Africa and the Middle East and what it described as a "recent world-class multi-billion barrel discovery in Kurdistan". Fortunately, Sterling attracted new financial backers and directors – and on August 14 announced a placing of new shares to raise £62.5m and board changes that saw Alastair Beardsall join the board as executive chairman and Keith Henry as a non-executive director. Both have considerable oil industry experience. Beardsall had been executive chairman of Emerald Energy during which time Emerald had grown from a market capitalisation of less than £8m to be worth £532m. On August 17, Westmount announced that it had subscribed for 42.45m new ordinary shares in Sterling at the placing price of 1.3p per share. Sterling's shares are now more than double that price. Kevin Goldstein-Jackson is an active private investor writing about his own investments. He may have a financial interest in any of the companies, securities and trading strategies mentioned. The Financial Times
Westmount Energy share price data is direct from the London Stock Exchange
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