Interim Results

Westmount Energy Limited

30 March 2026

 

30 March 2026

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Interim Results

Westmount Energy Limited (UK AIM: WTE.L), the AIM-quoted oil and gas investing company focussed on high impact drilling outcomes in emerging basins is pleased to announce its unaudited Interim Results for the six months ended 31 December 2025.

Copies of the Company's results are available on the Company's website, www.westmountenergy.com.

CHAIRMAN'S REVIEW

2025 Highlights

·      North Falklands Basin - Sea Lion Development FID triggers up-tick in investee activity driving PL001 farm-in, strategic partnership and consolidation manoeuvres

·      Navitas Petroleum ("Navitas") farms-in to PL001 - becoming operator with 65% working interest ("W.I.") JHI Associates Inc ("JHI") retains a 35% W.I. which is 'loan-carried' for activity, including drilling, up to an aggregate cap of USD$14M

·      Eco (Atlantic) Oil & Gas Ltd ("EOG") announces proposed cashless acquisition of JHI with JHI security holders owning circa 21.8% of the enlarged entity

·      EOG announces a Strategic Partnership with Navitas providing options to Navitas to farm-in across Eco's portfolio of Atlantic Margin assets

·      Canje Block, Guyana - licence lapsed on the 4^th March 2026 and is subject to ongoing extension discussions with the Government of Guyana
 

·      Kaieteur Block, Guyana - Farm-down process continues, spearheaded by operator Ratio Petroleum, in parallel with ongoing discussions pertaining to the second renewal term with the Government of Guyana

·      Orinduik Block, Guyana - Navitas and EOG engage constructively with the Government of Guyana regarding the continuation of EOG's appraisal and exploration programme on the block; ExxonMobil announces FID re the adjacent Hammerhead Discovery, a 150,000 BOPD development targeting first oil in 2029 

·      Ratio Energy Partnership Ltd. to vote on proposal to invest up to an additional USD$50M into Ratio Petroleum

·      Company had cash of £0.224M and listed marketable securities of £0.441M at 31^st December 2025; no debt

Investment portfolio summary

As of the 31^st December 2025, Westmount Energy Limited (the "Company") had a cash balance of £0.224M, listed marketable securities of £0.441M, and is debt free.

As of the 31st December 2025 Westmount held a total of 5,685,167 shares in JHI Associates Inc ("JHI") representing approximately 6.24% of the enlarged issued share capital of JHI. Subsequent to period end, on the 11th March 2026, Westmount investees Eco (Atlantic) Oil and Gas Ltd. ("EOG") and JHI announced an Arrangement Agreement pertaining to a 'cashless transaction' under which EOG will acquire JHI. Details of the transaction will be provided in a circular to be mailed to JHI shareholders in advance of a special meeting of shareholders.  Completion of the Acquisition of JHI by EOG is subject to several closing conditions including the approval of two thirds of the votes cast by JHI Shareholders at the special meeting to approve the Acquisition which is anticipated to be held within four weeks of the transaction announcement date.

As of 31^st December 2025, Westmount holds 474,816 common shares in Cataleya Energy Corporation ("CEC") representing approximately 4.13% of the issued shares in CEC, as of 15^th March 2024.

Westmount continues to hold 1,500,000 shares in Eco (Atlantic) Oil & Gas Ltd. ("EOG"), representing approximately 0.43% of the common shares in issue as of 4^th March 2026.

Westmount continues to hold 89,653 shares in Ratio Petroleum representing approximately 0.04% of the issued share capital.

The complete investment portfolio is summarised in Table 1. The reported financial gain for the period is primarily made up of a non-cash gains on financial assets held at fair value through the profit and loss, some of which is as a result of Foreign Exchange movements on the portfolio investments when valued at the period end.

Westmount Energy Ltd. - Investment Portfolio - 31st December 2025
Guyana, Falkland Islands & South Africa - Strategic Corporate Investments
UnListed - Private Corporations		Approximate Holding	Main Exploration Assets
JHI Associates Inc.	5,685,167 common shares1	~6.24% issued shares1	100% PL001 (N. Falklands)2
			17.5% Canje Block3
Cataleya Energy Corp.	474,816 common shares4	~4.13% issued shares4	50% Kaieteur Block5
Listed - Public Corporations
Eco Atlantic Oil & Gas Ltd.	1,500,000 common shares	~0.43% issued shares6	100% Orinduik Block
			5.25% Blk 3B/4B (S. Africa)
			75% Block 1 (S. Africa)
Ratio Petroleum LP	89,653 share units	~0.04% issued shares	50% Kaieteur Block3
1Post completion of Argos voluntary liquidation and distribution of 33,897 'JHI Consideration Shares' to WTE (the 33,897 shares were actually received on the 29th July 2025). On 11th March 2026 JHI and Eco announced a 'cashless transaction' under which JHI has agreed to be acquired by Eco. Details of the transaction will be provided in a circular which will be mailed to JHI shareholders in advance of a special meeting of JHI shareholders which is anticipated to occur within 4 weeks of the transaction announcement date.
2On 2nd March 2026 JHI announced the execution of a Farm-in Agreement with Navitas Petroleum under which Navitas will acquire a 65% W.I. and operatorship of PL001, with JHI retaining a 35% W.I.
3On 3rd March 2026 JHI announced that the Canje Licence would reach the end of its second renewal period on March 4, 2026 and that it had taken proactive steps to explore options with the Minister of Natural Resources to continue the Licence.
4Post completion of Restructuring Agreement with Cataleya's Noteholder on 15th March 2024
5Subject to successful reassignment of interests to original Kaieteur Block licence holders (CEC & Ratio Petroleum) post withdrawl of ExxonMobil & Hess from the block, announced on 27th Sept.'23
6As of 4th March 2026
			Table 1

Summary/Outlook

As expected, in the second half of 2025, the lead up to FID of the Sea Lion Development turned the investor spotlight on the North Falklands Basin and follow-on exploration potential in the region. Falkland Island explorers were substantially re-rated by the market during this period and investor appetite for North Falkland Island assets was confirmed by the successful execution of significant equity fundraising by both Navitas Petroleum and Rockhopper. Industry attention was also drawn to Licence PL001, immediately to the west of the Sea Lion Development, which triggered an up-tick in Westmount investee activity - driving a PL001 farm-in, a strategic partnership and consolidation manoeuvres.

On 2^nd March 2026 Navitas and JHI announced the execution of a farm-in agreement under which Navitas will acquire a 65% Working Interest ("W.I.") and operatorship of PL001 North Falklands Basin Licence ("PL001"). JHI will retain a 35% W.I. which continues to be held via its wholly owned subsidiary JHI Falkland Inc. ("JHIF"). As consideration, in addition to payment of its share of JHIF's past costs in connection with the Licence, Navitas will fund JHI's 35% W.I. share of the costs associated with potential future activities, including an exploration well and potential appraisal well, up to an aggregate cap of USD$14M. This funding will be provided via a loan-carry arrangement repayable from 85% of JHIF's free cash flow from production under the PL001 License. This followed an announcement on the 4^th December 2025 that Eco (Atlantic) Oil & Gas Ltd. ("EOG") had entered a Strategic Partnership with Navitas which includes Navitas paying EOG USD$2M to secure exclusive farm-in options over the Orinduik Block, offshore Guyana  (80% W.I. and operatorship, subject to additional payment to EOG of USD$2.5M and a loan-carried work program capped at USD$11M) and over Block 1 CBK, offshore South Africa (47.5% W.I. and operatorship, subject to additional payment to EOG of USD$4M and a loan-carried work program capped at USD$7.5M). In addition, the partnership framework agreement provides Navitas with options to participate in the remainder of EOG's current portfolio of assets as well as the option to participate in future new ventures and assets targeted and potentially acquired by EOG. Following these events, on 11^th March 2026, EOG announced the acquisition of 100% of JHI via a cashless transaction and Arrangement Agreement under which EOG would acquire all JHI shares not already held by EOG at an exchange ratio of 0.7054 EOG share for each JHI share. Completion of the acquisition is subject to several closing conditions including the approval of two thirds of the votes cast by JHI shareholders at a special meeting to be held to approve the acquisition within four weeks of the announcement date. Westmount awaits receipt of a circular from JHI which should facilitate a more detailed review of the proposed transaction. 

While the Falklands growth story has captured most attention during this period, considerable potential remains with respect to investee assets offshore Guyana. While all three licences - Kaieteur, Canje and Orinduik - are the subject of ongoing 'extension discussions' with the Government of Guyana, substantial drill-ready prospects have been high-graded on these blocks for some time in addition to some un-appraised discoveries. Recent corporate activity may help to bring some new players and fresh capital to be applied to these challenges. For example, exercise of the Navitas Farm-in option to the Orinduik Block will bring a new operator as well as an initial work program investment of USD$55M which may include the drilling of an exploration well or the appraising of the Jethro-1 and Joe-1 existing heavy oil discoveries for potential development and commercialisation.  Separately, Ratio Energy Partnership Ltd., 20% shareholder in Ratio Petroleum, announced its intention to vote, on the 12^th April 2026, on a proposal to invest up to an additional USD$50M into international oil and gas assets via Ratio Petroleum.

While we wait for some of these scenarios to play out, Westmount's continues to minimise costs and juggle its liquid resources while seeking value creation for shareholders. Westmount also continues to actively explore project and consolidation opportunities, both within and without the sector, to deliver improved shareholder value.

GERARD WALSH

Chairman

27 March 2026

For further information, please contact:

Westmount Energy Limited                              www.westmountenergy.com

David King, Director                                          Tel: [phone]

Cavendish Capital Markets Limited (Nomad and Broker)           Tel: [phone]

Neil McDonald / Pete Lynch

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2025

		Six months ended 31 December 2025 (unaudited) £		Six months ended 31 December 2024 (unaudited) £		Year ended 30 June 2025 (audited) £
Net fair value gains/(losses) on financial assets held at fair value through profit or loss	313,843			(95,066)		(295,478)
Investment income	-			5,889		1,893
Finance income	1,825			762		1,607
Administration expenses	(113,012)			(138,622)		(254,317)
Foreign exchange gains/(losses)	123			(3,229)		(5,499)
Operating profit/(loss)	202,779			(230,266)		(551,794)
Profit/(loss) before tax	202,779			(230,266)		(551,794)
Tax	-			-		-
Comprehensive income/(loss) for the period / year	202,779			(230,266)		(551,794)
Basic earnings/(loss) per share (pence)	0.14			(0.16)		(0.38)
Diluted earnings/(loss) per share (pence)	0.14			(0.16)		(0.38)

All results are derived from continuing operations.

The Company had no items of other comprehensive income during the period / year.

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

	31 December 2025 (unaudited) £		31 December 2024 (unaudited) £		30 June 2025 (audited) £
ASSETS
Non-current assets
Financial assets at fair value through profit or loss	3,574,483		4,179,220		3,535,961
	3,574,483		4,179,220		3,535,961
Current assets
Financial assets at fair value through profit or loss	441,639		-		153,342
Other receivables	7,642		32,550		38,137
Cash and cash equivalents	224,510		98,886		281,883
	673,791		131,436		473,362
Total assets	4,248,274		4,310,656		4,009,323
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables	95,083		38,716		58,911
	95,083		38,716		58,911
Total liabilities	95,083		38,716		58,911
EQUITY
Share capital	16,652,482		16,652,482		16,652,482
Share option account	-		469,670		-
Accumulated deficit	(12,499,291)		(12,850,212)		(12,702,070)
Total equity	4,153,191		4,271,940		3,950,412
Total liabilities and equity	4,248,274		4,310,656		4,009,323

CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2025

		Share capital account £	Share option account £	Retained earnings £	Total equity £
As at 1 July 2024		16,652,482	469,670	(12,619,946)	4,502,206
Comprehensive Income Transfer of share-based payment reserve		-	(469,670)	469,670	-
Loss for the year ended 30 June 2025		-	-	(551,794)	(551,794)
As at 30 June 2025		16,652,482	-	(12,702,070)	3,950,412
Comprehensive Income
Income for the period ended 31 December 2025		-	-	202,779	202,779
As at 31 December 2025		16,652,482	-	(12,499,291)	4,153,191

		Share capital account £	Share option account £	Retained earnings £	Total equity £
As at 1 July 2023		16,652,482	469,670	(11,874,212)	5,247,940
Comprehensive Income
Loss for the year ended 30 June 2024		-	-	(745,734)	(745,734)
As at 30 June 2024		16,652,482	469,670	(12,619,946)	4,502,206

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2025

	Six months ended 31 December 2025 (unaudited) £		Six months ended 31 December 2024 (unaudited) £				Year ended 30 June 2025 (audited) £
Cash flows from operating activities
Total comprehensive income/(loss) for the period / year	202,779		(230,266)			(551,794)
Adjustments for:
Net fair value loss on financial assets at fair value through profit or loss	(313,843)		95,066			295,478
Movement in other receivables	17,520		23,851			18,264
Movement in trade and other payables	36,171		(12,069)			8,127
Net cash outflow from operating activities	(57,373)		(123,418)			(229,925)
Cash flows from investing activities
Proceeds from return of capital on investment	-		-			289,504
Net cash inflow from operating activities	-		-			289,504
Net (decrease)/increase in cash and cash equivalents	(57,373)		(123,418)			59,579
Cash and cash equivalents at the beginning of the period / year	281,883		222,304			222,304
Cash and cash equivalents at the end of the period / year	224,510		98,886			281,883

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

1. Accounting Policies

Basis of accounting

The interim financial statements of Westmount Energy Limited (the "Company") have been prepared in accordance with the International Accounting Standard ("IAS") 34, Interim Financial Reporting.  The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended 30 June 2025. The annual financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). The same accounting policies and methods of computation are followed in the interim financial statements as in the Company's annual financial statements for the year ended 30 June 2025.

2. Investments

	Six months ended 31 December 2025		Six months ended 31 December 2024		Year ended 30 June 2025
	(unaudited)		(unaudited)		(audited)
	£		£		£
Africa Oil Corp, at market value	-		328,342		-
Cost, nil shares	-		534,836		-
(31 December 2024: 300,000 shares, 30 June 2025: nil  shares)
Cataleya Energy Corporation, at market value	1,378,870		1,480,915		1,353,440
Cost, 474,816 shares	3,751,906		3,751,906		3,751,906
(31 December 2024: 474,816 shares, 30 June 2025: 474,816 shares)
Eco Atlantic Oil & Gas Oil Limited, at market value	436,500		160,500		147,450
Cost, 1,500,000 shares	240,000		240,000		240,000
(31 December 2024: 1,500,000 shares, 30 June 2025: 1,500,000 shares)
JHI Associates Inc, at market value	2,195,613		2,203,996		2,182,521
Cost, 5,685,167 shares	8,080,802		7,770,027		7,770,027
(31 December 2024: 5,651,270 shares, 30 June 2025: 5,651,270 shares)
Ratio Petroleum Energy Limited Partnership shares, at market value	5,139		5,467		5,892
Cost, 89,653 shares	22,256		22,256		22,256
(31 December 2024: 89,653 shares, 30 June 2025: 89,653 shares)
Total market value	4,016,122		4,179,220		3,689,303
Total cost	12,094,964		12,319,025		11,784,189

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025 (CONTINUED)

2. Investments (continued)

	Six months ended 31 December 2025		Six months ended 31 December 2024		Year ended 30 June 2025
	(unaudited)		(unaudited)		(audited)
	£		£		£
Total fair value adjustment	(8,078,843)		(8,139,806)		(8,094,887)
Reverse prior year fair value adjustment	8,094,887		8,044,740		8,044,740
Current period fair value movement	16,044		(95,066)		(50,147)
Unrealised loss	16,044		(95,066)		(50,147)
Realised gain/(loss)	297,799		-		(245,331)
Current period income statement impact	313,843		(95,066)		(295,478)

 

END