Half Yearly Report

RNS Number : 2956D

Westmount Energy Limited

27 March 2014

 



Westmount Energy Limited

("Westmount" or the "Company")

Interim Results

 

             The Company is pleased to announce it's Interim Results for the period ended 31 December 2013. A copy of the results is available 
             on the Company's website, www.westmountenergy.com, and will be posted to shareholders shortly.

WESTMOUNT ENERGY LIMITED

CHAIRMAN'S REVIEW

The past year has been difficult for the company, the junior oil and gas sector remained out of favour. Valuations and share prices have continued to fall, which has been reflected in the valuation of our portfolio of exploration shares. However there are some signs that the cycle could be bottoming out. The oil price remains strong, the industry has plenty of cash, major stock markets have been strong and there have been a number of IPOs in the oil & gas sector in recent months.  There has been an increase in corporate activity, including the recent transaction between Falklands Oil & Gas and Desire Petroleum, both shares were held in the portfolio. 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.  The proposal did not come to fruition. 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. Finally, following my recent appointment as chairman, I would thank Mervyn Bradlow for his services to the company as chairman over many years, he remains a director of the company. Gerard Walsh 26 March 2014

WESTMOUNT ENERGY LIMITED
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2013
(Expressed in United Kingdom Sterling)
					Six months ended					Six months ended					Year ended
					31 Dec 2013					31 Dec 2012					30 June 2013
					(unaudited)					(unaudited)					(audited)
					£					£					£
Realised gain on disposal of investments					-					69,043					69,043
Unrealised gain/(loss) on financial assets at fair value through profit or loss					88,305					(328,260)					(627,157)
Administration  expenses					(69,873)					(120,157)					(196,977)
Operating gain/(loss)					18,432					(379,374)					(755,091)
Gain/(loss) before tax					18,432					(379,374)					(755,091)
Taxation					-					-					-
Comprehensive gain/(loss) for the period					18,432					(379,374)					(755,091)
Basic gain/(loss) per share (pence)					0.19					(3.86)					(7.72)
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 2013
(Expressed in United Kingdom Sterling)
					Six months ended			Six months ended			Year ended
					31 Dec 2013			31 Dec 2012			30 June 2013
					(unaudited)			(unaudited)			(audited)
					£			£			£
ASSETS
Non current assets
	Financial assets at fair value through profit and loss				834,480			1,045,072			746,175
Current assets
	Trade receivables				4,962			4,892			7,642
	Cash and cash equivalents				154,843			300,529			226,565
					159,805			305,421			234,207
Total assets					994,285			1,350,493			980,382
LIABILITIES AND EQUITY
Current liabilities
	Trade and other payables				85,392			84,315			89,921
EQUITY
	Share Capital				1,966,060			1,966,060			1,966,060
	Share Premium Account				492,103			497,737			492,103
	Share Option Account				293,427			287,793			293,427
	Profit and Loss Account				(1,842,697)			(1,485,412)			(1,861,129)
Total  equity					908,893			1,266,178			890,461
Total liabilities and equity					994,285			1,350,493			980,382

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 2012				1,946,060		480,295		305,235		(1,106,038)		1,625,552
Total comprehensive income
Loss for the period ended 31 December 2012				-		-		-		(379,374)		(379,374)
Transaction with owners
Issue of ordinary shares				20,000		-		-		-		20,000
Premium on shares issued				-		17,442		-		-		17,442
Realisation of share options				-		-		(17,442)		-		(17,442)
				20,000		17,442		(17,442)		-		20,000
At 31 December 2012				1,966,060		497,737		287,793		(1,485,412)		1,266,178
Total comprehensive income
Profit for the period ended 30 June 2013				-	-	-		-		(375,717)		(375,717)
Transaction with owners
Issue of ordinary shares				-		(5,634)		-			-	(5,634)
Cost of share options				-		-		5,634			-	5,634
				-		(5,634)		5,634		-		-
At 30 June 2013				1,966,060		492,103		293,427		(1,861,129)		890,461
Total comprehensive income
Gain for the period ended 31 December 2013				-		-		-		18,432		18,432
At 31 December 2013				1,966,060		492,103		293,427		(1,842,697)		908,893

WESTMOUNT ENERGY LIMITED
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2013
(Expressed in United Kingdom Sterling)
					Six months ended			Six months ended			Year ended
					31 Dec 2013			31 Dec 2012			30 June 2013
					(unaudited)			(unaudited)			(audited)
				Notes	£			£			£
Net cash outflows from  operating activities				1	(71,722)			(131,371)			(205,335)
Sale of investments					-			160,429			160,429
Net cash generated from investing activities					-			160,429			160,429
Ordinary shares issued					-			20,000			20,000
Net cash generated in financing activities					-			20,000			20,000
Net (decrease)/increase in cash and cash equivalents					(71,722)			49,058			(24,906)
Cash and cash equivalents at the beginning of the period					226,565			251,471			251,471
Cash and cash equivalents at the end of the period					154,843			300,529			226,565

WESTMOUNT ENERGY LIMITED
NOTES TO THE UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDED 31 DECEMBER 2013
1	Cash flow statement
	Reconciliation of net cash flow from operating activities
					Six months ended			Six months ended			Year ended
					31 Dec 2013			31 Dec 2012			30 June 2013
					(unaudited)			(unaudited)			(audited)
	Total comprehensive gain/(loss) loss for the period				18,432			(379,374)			(755,091)
	Adjustment for net (gain)/loss on investments at fair value through profit or loss				(88,305)			328,260			627,157
	Adjustments for realised loss on investments at fair value through profit or loss				-			(69,043)			(69,043)
	Decrease/(increase) in prepayments and accrued income				2,680			2,538			(212)
	Decrease in creditors and accrued expenses				(4,529)			(13,752)			(8,146)
	Net cash outflow from operating activities				(71,722)			(131,371)			(205,335)

	WESTMOUNT ENERGY LIMITED
	NOTES TO THE UNAUDITED INTERIM RESULTS (CONTINUED)
	FOR THE PERIOD ENDED 31 DECEMBER 2013
2	Investments
					Six months ended			Six months ended			Year ended
					31 Dec 2013			31 Dec 2012			30 June 2013
					(unaudited)			(unaudited)			(audited)
					£			£			£
	Desire Petroleum PLC, ("Desire") at market value				-			375,000			237,600
	Cost, nil shares				-			874,643			874,643
	(31 December 2012: 2,000,000, 30 June 2013: 2,000,000 shares)
	Sterling Energy PLC, at market value				216,250			193,125			176,250
	Cost, 500,000 shares				863,064			863,064			863,064
	(31 Dec 2012: 500,000, 30 June 2013: 500,000 shares)
	Argos Resources Limited, at market value				145,000			247,500			188,800
	Cost, 1,000,000 shares				310,775			310,775			310,775
	(31 Dec 2012: 1,000,000, 30 June 2013: 1,000,000 shares)
	Falkland Oil and Gas Limited ("Falkland"), at market value				374,380			57,000			53,000
	Cost, 1,446,600 shares				966,029			91,386			91,386
	(31 Dec 2012: 400,000 shares, 30 June 2013: 200,000 shares)
	Pancontinental Oil & Gas NL ("Pancontinental"), at market value				98,850			172,447			90,525
	Cost, 3,000,000 shares				393,246			393,246			393,246
	(31 Dec 2012: 3,000,000 shares, 30 June 2013: 3,000,000 shares)
		Total market value			834,480			1,045,072			746,175
		Total cost			2,533,114			2,533,114			2,533,114
		Current period movement			(1,698,634)			(1,488,042)			(1,786,939)
		Reverse prior year FV adjustment			1,786,939			1,159,782			1,159,782
		Current period income statement impact			88,305			(328,260)			627,157

On 9 December 2013 Desire was acquired by Falkland and 2,000,000 ordinary shares in Desire were converted into 1,246,600 ordinary shares in Falkland.

Enquiries

David King - Westmount Energy Limited

Tel: [phone]

Nicholas Wells - Nomad and Broker

Cenkos Securities plc

www.cenkos.com

Tel: [phone]

 

END

 

 

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