Further Investment In Sterlin

RNS Number : 5066X

Westmount Energy Limited

17 August 2009

 



Westmount Energy Limited

('Westmount' or the 'Company')

Further Investment in Sterling Energy Plc

The Board of Westmount announces today that it has subscribed for 42,446,786 million new ordinary shares in Sterling Energy Plc ('Sterling') in the proposed placing of Sterling shares at the placing price of 1.3p per share, as announced on 14th of August. 

Mervyn Bradlow, Chairman of Westmount, commenting on the placing, said

'The increased investment by Westmount, amounting to some £550,000, represents an opportunity to substantially increase our holding in Sterling at what we believe to be a very attractive price and provides an excellent use for our cash resources.

We believe that the substantial amount of cash being raised by Sterling and the introduction of a new major shareholder whose management have a proven track record in the oil industry will be of great benefit to Sterling. We would also like to acknowledge our thanks to Graeme Thomson who has worked tirelessly over these past eighteen months to preserve Sterling and ensure that it has a viable and profitable future.' 

Westmount Energy Limited         01534 814209 

Paul Anderson

Mervyn Bradlow, Chairman    020 7009 4900 

Cenkos Securities plc                 020 7397 8900 

Nick Wells 

Elizabeth Bowman 

 

END

 

 

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