Final Results

Westmount Energy Limited
7 November 2000



CONTACTS:    

Derek Williams - Chairman, Westmount Energy Limited 
                 Tel: [phone]
Andrew Edwards - Investec Henderson Crosthwaite Corporate Finance
                 Tel: [phone]
Paul Downes -    Merlin Financial & Corporate Public Relations 
                 Tel: [phone]


WESTMOUNT ENERGY LIMITED

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2000

Westmount Energy Limited and its subsidiaries ('the Group') today announces
its preliminary results, as follows:

Profit after tax of £121,149 (1999 Loss: £58,451).

Turnover of £357,843 (1999: £97,485).

Basic earnings per share of 0.91p (1999: Loss: 0.51p).

Diluted earnings per share of 0.90p (1999 Loss: 0.51p).

The Group's income is derived principally from its overriding royalty interest
in the North Sea producing Buchan Oilfield, its overriding royalty and working
interests in the Gulf of Mexico and from profits realised on the sale of
investments. 

The Group owns 20 million fully paid ordinary shares in Fusion Oil & Gas plc
('Fusion'), recently introduced to the Alternative Investment Market ('AIM'),
representing approximately 22% of Fusion's issued share capital. This
investment provides the Group with a substantial indirect interest in Fusion's
exciting exploration projects offshore West Africa.

Through its investment of 5,500,000 shares in the AIM quoted Desire Petroleum
plc ('Desire'), representing approximately 5.4% of the issued share capital of
Desire, the Group has an important continuing interest in oil exploration
offshore the Falkland Islands.

Commenting on the results, Mr Derek Williams, Chairman stated:

'As expected, trading has improved significantly compared with the last
financial year due to higher oil prices and the drilling of a successful well
in the Gulf of Mexico during the year. The recent Share Placing by Fusion to
institutional and other investors and its introduction to AIM has created a
value to the Group substantially in excess of the cost of its seed capital
investment in Fusion.'

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

Note: Westmount Energy Limited is a Jersey, Channel Islands based independent
oil and gas investment company with its shares traded on AIM of which there
are presently 13,576,530 in issue, held by some 2,000 shareholders.

Copies of this Press Release will be available from the offices of Investec
Henderson Crosthwaite Corporate Finance, 2 Gresham Street, London EC2V 7QP up
to and including 24 November 2000.
WESTMOUNT ENERGY LIMITED
____________________________________________________________________________


CHAIRMAN'S REVIEW

I am pleased to report profits before taxation of £200,982 (£121,149 after
taxation) for the year ended 30 June 2000. This compares with a loss of
£91,653 (loss of £58,451 after taxation) for the year ended 30 June 1999.
Turnover, arising from the group's North Sea and Gulf of Mexico interests is
up to £357,843 from £97,485 the previous year.

As expected, trading has improved significantly compared with the last
financial year due to higher oil prices and the drilling of a successful well
in the Gulf of Mexico during the year.

The company announced on 28 September 2000 that, following the successful
flotation and £15 million fundraising by Fusion Oil & Gas plc ('Fusion') by
the placing of 30 million ordinary shares with institutional and other
investors and the commencement of trading of Fusion's shares on AIM, the group
now holds 20 million ordinary shares representing 21.96% of the entire issued
capital of Fusion and remains the largest shareholder in Fusion. In addition
the group is entitled to exchange its holding of partly paid shares in Fusion,
when paid up, for a further 500,000 ordinary shares in Fusion. Assuming all
such outstanding partly paid shares in issue are paid up in due course and
exchanged for ordinary shares of Fusion, the group's shareholding in Fusion
would be 20.68%. The middle market closing price on 3 November 2000 of a
Fusion share was 40p, placing a current value of £8 million on the group's
holding. The investment in Fusion provides the group with a substantial
indirect interest in Fusion's exciting exploration projects offshore West
Africa.

Through its investment in the issued share capital of Desire Petroleum plc
('Desire') the company retains an important interest in oil exploration
offshore the Falkland Islands and following Desire's merger with Gaelic
Resources plc, an interest in the appraisal of a gas discovery onshore
Portugal.

The company has made an initial investment of £130,000 in Eclipse Energy
Company Limited ('Eclipse') by subscribing for 20% of the seed capital raised
by Eclipse. Following completion of the fundraising the company holds
approximately 14.75% of the issued share capital of Eclipse. Eclipse has
formulated a concept to realise value by exploiting stranded offshore gas
reserves and is presently in joint venture discussions. 

As previously reported, the company has made arrangements to sell its interest
in the Russian Econeft Oil Treatment Project in Komi. The sale proceeds were
to be received by 30 April 2000 from the cash flow of another project in Komi
of the purchaser provided as collateral security. Due to the continued delay
in the start-up of this project caused by changes in the ownership of the
consortium, it is now expected that completion of the sale and receipt of the
sale proceeds will be further delayed.

Recent changes to Jersey Law permit electronic transfer of shares and
accordingly the company is taking steps to permit its shares to be issued in
uncertificated form and admitted to the CREST system. This procedure involves
various changes to the company's Articles of Association. By separate letter
dated 7 November 2000 I am writing to shareholders providing full details of
the proposed arrangements. The Board is also taking the opportunity to amend
the Articles of Association to ensure continuing compliance with the rules of
AIM, and to update the Articles of Association generally. In addition, it is
proposed that the authorised share capital of the company is increased to £2
million to facilitate the growth of the company.

Set out below is further information on the group's investments:

United Kingdom - North Sea

The group owns an overriding royalty based upon 0.5% of oil won and saved from
Licence P241 in the central North Sea, including approximately 90% of the
producing Buchan Oilfield operated by Talisman Energy (UK) Limited. In the
financial year ended 30 June 2000 oil won and saved from the P241 area
totalled 2,298,425 barrels, compared with 2,190,397 barrels in the previous
financial year. There was a shutdown for 70 days in the third quarter of 1999
due to the installation of flexible risers and upgrading work for the
sub-structure, which will extend the operational life of the platform. The
installation of the flexible risers is part of the re-development project to
allow for a coil tubing drilling programme. Preparation work related to the
coiled tubing drilling commenced in May 2000. The expectation is to sidetrack
two existing wells to enhance production. The first sidetrack to the B3 well
is in the preparation phase and the second sidetrack B6 well is expected to be
finalised in the year 2001. On the basis of the ultimate success of the
sidetrack drilling programme, the Operator estimates remaining production for
the field to be in the order of 30 million barrels with an abandonment date
around the end of 2010. 

WESTMOUNT ENERGY LIMITED
______________________________________________________________________________
 

There are also other prospects in Licence P241 outside of the Buchan Oilfield
area which may be drilled in the future.

North America - Gulf of Mexico and Onshore Louisiana

The group owns a 0.6167% overriding royalty on production from the South
Timbalier 176 Field (Block 162) offshore Louisiana in the Gulf of Mexico.
Income is received from BP Amoco, Coastal Oil & Gas Corporation and Tri-Union
Development Corporation. The group also owns a 0.375% overriding royalty in
the College Point Field located in St James Parish, Louisiana, operated by
Linder Oil Company. Total production from these properties for the year under
review was approximately 2.8 billion cubic feet ('BCF') of gas.

As previously reported the undeveloped area of Eugene Island Block 255, Gulf
of Mexico in which the group holds an interest was farmed out to Forest Oil
Corporation in exchange for an overriding royalty from total production,
calculated at 1.25% before payout and 1.5% after payout with the option to
convert to a 3.125% working interest. A successful well was drilled on the
property at no cost to the Group and was brought to production in July 1999.
Payout of the well was achieved in December 1999 and the group has elected to
convert to a working interest in the property from that date. Total production
for the year to end June 2000 was in excess of 4 BCF of gas and taking into
account also the oil production from the property the total gross income
received by the group for the year under review was in excess of US$400,000.

Following the sale by the group, in the previous year, of its interest in the
Eugene Island Block 255, producing property operated by CXY Energy Offshore
Inc. the group retained an overriding royalty of 0.625% payable from
production from 1 October 2002.

Falkland Islands - South Atlantic
and Portugal - Onshore

The company owns 5,500,000 ordinary shares of Desire Petroleum plc ('Desire'),
representing 5.4% of the issued share capital of Desire. The middle market
closing price on 3 November 2000 on AIM of a Desire share was 24.5p. This
holding provides the company with a significant indirect investment in the
North Falkland Basin and the appraisal of a gas discovery onshore Portugal.

The Falkland Islands lie 300 miles east of the South American mainland. Desire
holds a 100% interest in 5,444 square kilometres (equivalent to 20.5 UK North
Sea blocks) in the North Falkland Basin. These interests are in Tranches C, D,
I and L. Desire also holds a 12.5% interest in Tranche F, operated by Sodra
Petroleum BV. Six wells were drilled in this basin in 1998. Five recorded oil
or oil and gas shows. These wells established the presence of one of the
richest source rocks in the world. Desire has reported that work on the
detailed interpretation and integration of all data from the North Falkland
Basin has now been completed and a comprehensive farm-out brochure has been
prepared. Farm-out presentations to interested parties have begun and will
continue through the rest of the year. Interest in the North Falkland Basin
has been revived following the publication by Shell Production and Development
Limited and the British Geological Survey of joint papers demonstrating its
prospectivity. In particular they have reported that up to 60 billion barrels
of oil appear to have been generated and expelled from the exceptionally rich
source rock encountered in the wells drilled. The most recent work by Desire
has focused on identifying where this oil may have accumulated. It is hoped
that the work, together with the higher oil prices seen this year, will result
in suitable drilling partners being found, leading to the recommencement of
drilling.

Desire has also reported that in Portugal, the Aljubarrota No.3 well, drilled
about 3 kilometres north-east of the Aljubarrota No.2 ('Alj-2') well was
disappointing in that it did not produce gas, despite penetrating the same gas
column encountered in the Alj-2 well. This was due to the fracture system in
the Brenha limestone reservoir, although present, not being an open one;
probably due a change in the local tectonic stress field. Studies are
currently taking place to identify the best location to appraise the Alj-2
well discovery.



 

WESTMOUNT ENERGY LIMITED
______________________________________________________________________________


West Africa

Through its investment in Fusion the group holds a substantial indirect
interest in Fusion's exploration projects in West Africa, an area which is
emerging as one of the world's most sought after exploration provinces.
Currently Fusion has exploration licences in Mauritania, the Gambia, Senegal,
Guinea Bissau, Ghana and Gabon. Fusion's gross acreage under licence is
approximately 45,000 square kilometres. Fusion also has licence applications
pending in other African countries, including Cameroon.

The recent placing by Fusion raised £13.6 million net of expenses which is
being applied principally to a programme of seismic acquisition and
exploration drilling and the expansion of its licence portfolio. Fusion
anticipates participating in 5 or more wells over the next three years. Fusion
is focused on projects where the application of innovative high quality
geoscience can add significant value or realise unrecognised potential. To
achieve this, Fusion has adopted a dual strategy of frontier deepwater
exploration and shallow water shelf or onshore exploration in proven petroleum
provinces. Fusion expects to participate in its first exploration drilling in
the first half of 2001 offshore Mauritania where one or possibly two or three
deepwater wells will be drilled in its acreage. Fusion is to be free-carried
through any drilling and testing of the first two wells by Woodside Mauritania
Pty Ltd and British Borneo International Ltd as part of their earning
obligations in the licences. In addition, Fusion plans to commence the
drilling of a well in its North Tano exploration licence area in Ghana prior
to 31 July 2001. 

Taking account of the recent placing by Fusion, the group's investment in that
company has already proved to be of substantial benefit to the group.

Future Plans

The Board intends to continue its strategy of holding in its portfolio of
assets, interests in oil and gas properties which produce sufficient cash flow
to cover the group's overheads, and at the same time have the potential for
enhancement of asset value. In addition the group will continue to invest
selectively in other companies in the energy sector by providing venture
capital, which holds the possibility for considerable capital growth on the
funds invested.



Derek G. Williams
Chairman
7 November 2000

WESTMOUNT ENERGY LIMITED
______________________________________________________________________________


CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2000

(Expressed in United Kingdom Sterling)

                          2000                     1999              
                          £         £              £              £
                                                               
Turnover                         357,843                        97,485        
Operating costs                  (97,285)                      (53,632)
Operating profit before 
administrative expenses          260,558                        43,853  
Administrative expenses         (244,571)                     (244,827)
Net operating profit/(loss)       15,987                      (200,974)
                                                               
Interest receivable       8,948                    30,743              
Profit on disposal 
of fixed asset              -                      28,367              
Profit on disposal 
of investments           176,047                   50,211              
                                 184,995                       109,321  
Net profit/(loss) 
on ordinary activities                                            
before taxation                  200,982                       (91,653)

Tax on net income on ordinary                                                 
activities                       (79,833)                       33,202  

Profit/(loss) retained 
for the year                     121,149                       (58,451)
                                                               
Basic earnings/(loss) 
per share                          0.91p                        (0.51)p

Diluted earnings/(loss) 
per share                          0.90p                        (0.51)p
                                                               

Turnover and operating costs for 2000 and 1999 related wholly to continuing
activities.                                                               
                                                               
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 JUNE 2000
       
                                             2000                        1999 
                                                £                           £
                                                               
Profit/(loss) retained for the year       121,149                     (58,451)
Currency translation differences on
foreign currency net investments          (10,659)                     (3,839)
Total recognised gains or losses 
relating to the year                      110,490                     (62,290)

                                                               
Note of historical cost profits and losses                                    
                          
Reported profit/(loss) on ordinary 
activities before taxation                200,982                     (91,653)
Difference between a historical 
cost amortisation charge and the 
actual amortisation charge of the                                             
year calculated on the relevant amount      8,494                      24,712 

Historical cost profit/(loss) on 
ordinary activities before taxation       209,476                     (66,941)
Historical cost profit/(loss) for 
the year retained after taxation          129,643                     (33,739)
                                          



WESTMOUNT ENERGY LIMITED
______________________________________________________________________________


CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2000

(Expressed in United Kingdom Sterling)

                            2000                            1999              
                            £              £              £              £
                                                                      
                                                                      
                                                                      
FIXED ASSETS                                                                  
   
Tangible fixed assets    243,586                       331,224                
Investments            1,569,260                       815,397                
                                      1,812,846                     1,146,621
CURRENT ASSETS                                                                
     
Investments              223,339                        223,339               

Debtors                  210,707                         43,167               

Cash at bank             221,356                        417,809               

                         655,402                        684,315               

CREDITORS : 
Amounts falling due                                                
within one year         (109,792)                       (56,970)              
NET CURRENT ASSETS                      545,610                       627,345
                                                                      
TOTAL ASSETS LESS 
CURRENT LIABILITIES                   2,358,456                     1,773,966
                                                                      
                                                                      
                                                                      
                                                                      
SHARE CAPITAL AND RESERVES                                                    
                 
Equity share capital                  1,357,653                     1,149,653
Share premium account                   555,127                       289,127
Profit and loss account                 445,676                       335,186
                                                                      
EQUITY SHAREHOLDERS' FUNDS            2,358,456                     1,773,966
                                                                      
                                                                      
                                                                      
These financial statements were approved by the Board of Directors on 7
November 2000                                                                 
    
                                                                      
                                                                      
Director        D G WILLIAMS