Half Yearly Report

RNS Number : 9593V

Westmount Energy Limited

23 January 2012

 



Westmount Energy Limited Interim Results to 31 December 2011

CHAIRMAN'S REVIEW

The past six months have been one of change for your Company. Having repaid a total of 160p to shareholders since flotation in 1995 it was your board's agreed strategy to seek a new direction and future for its shareholders. On the 30th November 2011 we announced that we had issued 2.2 million new shares at 20p to Gerard Walsh and Thomas O'Gorman who were both appointed directors of Westmount on the same date as the Issue. The new directors have considerable experience in the financing of the oil exploration industry and will seek new Investment opportunities for your Company while reviewing our existing investment portfolio. I have also to report that Paul Anderson, who has been involved in Westmount's business since 1996, has resigned as a director and will cease providing company secretarial support in order to pursue his professional career and we would like to record our thanks for all his efforts over the past years and wish him well for the future. David King of Dominion Corporate Services Limited ("DCG") has been appointed as director and DCG as company secretary, to replace Paul and Bedell's, and we welcome him to the board. The expenses for the half year include a larger than usual non cash item which relates to the formal requirement of IFRS to account for the options granted coincident with recent board appointments. The actual cash expenses for the six month period were £143,000 as compared with £154,000 for the same period in 2010. We look forward a new and interesting phase of your Company's future.

Mervyn Bradlow Chairman Date: 20  January 2012

WESTMOUNT ENERGY LIMITED
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2011
(Expressed in United Kingdom Sterling)
					Six months ended					Six months ended					Year ended
					31 Dec 2011					31 Dec 2010					30 June 2011
					(unaudited)					(unaudited)					(audited)
					£					£					£
Realised (loss)/gain on disposal of investments					(962,745)					1,466,481					1,499,314
Unrealised gain/(loss) on financial assets at fair value through profit or loss					911,865					(2,880,250)					(4,488,522)
Administration  expenses					(359,020)					(175,909)					(334,523)
Operating loss					(409,900)					(1,589,678)					(3,323,731)
Interest receivable					42					3,275					4,429
Loss before tax					(409,858)					(1,586,403)					(3,319,302)
Taxation					-					-					-
Comprehensive loss for the period					(409,858)					(1,586,403)					(3,319,302)
Basic loss per share (pence)					(5.19)					(22.73)					(46.06)
Diluted loss per share (pence)					-					-					-
	The Company had no items of other comprehensive income during the period.

WESTMOUNT ENERGY LIMITED
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2011
(Expressed in United Kingdom Sterling)
					Six months ended			Six months ended			Year ended
					31 Dec 2011			31 Dec 2010			30 June 2011
					(unaudited)			(unaudited)			(audited)
					£			£			£
ASSETS
Non current assets
	Financial assets at fair value through profit and loss				891,301			3,012,375			1,298,215
Current assets
	Trade receivables				4,816			4,754			7,228
	Cash and cash equivalents				787,281			3,450,124			291,519
					792,097			3,454,878			298,747
Total assets					1,683,398			6,467,253			1,596,962
LIABILITIES AND EQUITY
Current liabilities
	Trade and other payables				118,730			234,692			278,302
EQUITY
	Share Capital				1,946,060			1,396,060			1,506,060
	Share Premium Account				248,524			261,682			248,524
	Share Option Account				550,071			298,717			334,205
	Profit and Loss Account				(1,179,987)			4,276,102			(770,129)
Total  equity					1,564,668			6,232,561			1,318,660
Total liabilities and equity					1,683,398			6,467,253			1,596,962

WESTMOUNT ENERGY LIMITED
CONDENSED STATEMENT OF CHANGES IN EQUITY
(Expressed in United Kingdom Sterling)
			Share capital		Share premium		Share option		Retained		Total equity
			Account		Account		Account		Earnings
			£		£		£		£		£
As at 1 July 2010			1,396,060		261,682		277,210		5,862,505		7,797,457
Total comprehensive income
Loss for the period ended 31 December 2010			-		-		-		(1,586,403)		(1,586,403)
Transaction with owners
Costs of share options			-		-		21,507		-		21,507
			-		-		21,507		-		21,507
At 31 December 2010			1,396,060		261,682		298,717		4,276,102		6,232,561
Total comprehensive income
Loss for the period ended 30 June 2011				-	-		-		(1,732,899)		(1,732,899)
Transaction with owners
Issue of ordinary shares			110,000		-		-			-	110,000
Premium on ordinary shares			-		89,250		-			-	89,250
Issue of B shares			75,303		(75,303)		-			-	-
Redemption of B shares			(75,303)		-		-		(3,313,332)		(3,388,635)
Redemption costs			-		(27,105)		-			-	(27,105)
Cost of share options			-		-		35,488			-	35,488
			110,000		(13,158)		35,488		(3,313,332)		(3,181,002)
At 30 June 2011			1,506,060		248,524		334,205		(770,129)		1,318,660
Total comprehensive income
Loss for the period ended 31 December 2011			-		-		-		(409,858)		(409,858)
Transaction with owners
Issue of ordinary shares			440,000		-		-		-		440.000
Cost of share options			-		-		215,866		-		215,866
			440,000		-		215,866		-		655,866
At 31 December 2011			1,946,060		248,524		550,071		(1,179,987)		1,564,668

WESTMOUNT ENERGY LIMITED
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2011
(Expressed in United Kingdom Sterling)
					Six months ended			Six months ended			Year ended
					31 Dec 2011			31 Dec 2010			30 June 2011
					(unaudited)			(unaudited)			(audited)
				Notes	£			£			£
Net cash outflows from  operating activities				1	(300,314)			(127,956)			(209,946)
Purchase of investments					-			(1,024,785)			(1,024,786)
Sale of investments					356,034			2,083,991			2,222,713
Interest received					42			3,275			4,429
Net cash generated from investing activities					356,076			1,062,481			1,202,356
Ordinary shares issued					440,000			-			199,250
Redemption of B shares					-			-			(3,415,740)
Net cash generated/(used) in financing activities					440,000			-			(3,216,490)
Net increase/(decrease) in cash and cash equivalents					495,762			934,526			(2,224,080)
Cash and cash equivalents at the beginning of the period					291,519			2,515,599			2,515,599
Cash and cash equivalents at the end of the period					787,281			3,450,124			291,519

WESTMOUNT ENERGY LIMITED
NOTES TO THE UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDING 31 DECEMBER 2011
1	Cash flow statement
	Reconciliation of net cash flow from operating activities
					Six months ended			Six months ended			Year ended
					31 Dec 2011			31 Dec 2010			30 June 2011
					(unaudited)			(unaudited)			(audited)
	Total comprehensive loss for the period				(409,858)			(1,586,403)			(3,319,302)
	Adjustment for interest income				(42)			(3,275)			(4,429)
	Adjustment for net (gain)/loss on investments at fair value through profit or loss				(911,865)			2,880,250			4,488,522
	Adjustment for costs attributable to share options				215,866			21,507			56,995
	Adjustments for realised gains on investments at fair value through profit or loss				962,745			(1,466,481)			(1,499,314)
	Decrease/(increase) in prepayments and accrued income				2,412			2,261			(213)
	(Decrease)/increase in creditors and accrued expenses				(159,572)			24,185			67,795
	Net cash outflow from operating activities				(300,314)			(127,956)			(209,946)
2	Investments
					Six months ended			Six months ended			Year ended
					31 Dec 2011			31 Dec 2010			30 June 2011
					(unaudited)			(unaudited)			(audited)
					£			£			£
	Desire PLC, at market value				430,000			1,217,625			423,115
	Cost, 2 million shares				874,643			1,115,174			1,071,438
	(31 December 2010: 2.55 million, 30 June 2011: 2.45 million shares)
	Sterling Energy, at market value				340,001			1,263,750			592,500
	Cost, 0.85 million shares				1,467,208			2,589,192			2,589,192
	(31 Dec 2010: 1.5 million, 30 June 2011: 1.5 million shares)
	Argos Resources Limited, at market value				121,300			531,000			282,600
	Cost, 1 million shares				310,775			372,930			310,775
	(31 Dec 2010: 1.2 million, 30 June 2011: 1 million shares)
		Total market value			891,301			3,012,375			1,298,215
		Total cost			2,652,626			4,077,293			3,971,405
		Current period movement			(1,761,325)			(1,064,918)			(2,673,190)
		Reverse prior year FV adjustment			2,673,190			(1,815,332)			(1,815,332)
		Current period income statement impact			911,865			(2,880,250)			(4,488,522)

Enquiries

David King

Westmount Energy Limited

Company Secretary

Tel: [phone]

Adrian Hargrave

Nomad and Broker

Cenkos Securities plc

www.cenkos.com

T: 020 7397 8922

 

END

 

 

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