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LONDON (Alliance News) - Oil and gas sector investment vehicle Westmount Energy Ltd on Tuesday said it swung to a loss in the first half on the back of share price declines driven by the low oil price.
Westmount said its pretax loss in the first half to the end of December was GBP90,344, compared to a GBP18,432 profit a year earlier. The loss was driven by a USD30,685 net loss made on its investments in the oil and gas sector in the half, as share prices in the sector were pushed lower by the falling oil price. A year earlier, it made a GBP88,305 gain in the same period.
The company said that its holding in Falkland Oil & Gas Ltd performed well in the half, but the portfolio was dragged lower by other holdings, including Sterling Energy PLC.
Westmount shares were untraded Tuesday, having last traded at 9.40 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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