Westmount Engy. Share News (WTE)

LONDON (Alliance News) - Westmount Energy Ltd on Wednesday swung to an interim profit in its first half due to stronger oil prices during the period.

Westmount said its pretax profit was GBP197,645 for its first half to the end of December, compared to a GBP136,164 loss a year earlier. Westmount does not produce any revenue.

The company said offshore Guyana, the company's focus, continues to be a major exploration hotspot, with a series of important oil discoveries announced by ExxonMobil throughout 2017 and into early 2018.

The London listed Oil & Gas sector has generally improved, it said, and the ExxonMobil led exploration programme on the Stabroek Block, offshore Guyana, continues to deliver "excellent" results.

The company said it continues to seek exploration opportunities in the Guyana-Suriname basin.

"Although competition has increased in this space, we believe that significant opportunities remain with the Westmount platform presenting an opportunity to create a London listed and financed vehicle with exploration exposure to the Guyana offshore play," Chairman Gerard Walsh said. "While Guyana is a primary focus, we continue to evaluate other investment and potential transaction opportunities. We will update investors on any significant developments at the earliest opportunity," Walsh said.

Shares in Westmount Energy was 4.1% down at 8.27 pence per share on Wednesday.