Westmount Engy. Regulatory News (WTE)

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Interim Results

The Company is pleased to announce its Interim Results for the six months ended 31 December 2018. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders shortly.

CHAIRMAN'S REVIEW

2018 Highlights

· Focus remains on Guyana-Suriname Basin - a global exploration hotspot

· Operating Profit of £364,445 for the 6 month period to 31 December 2018

· £1,600,000 raised via Convertible Loan Note in October 2018

· Investments in Eco (Atlantic) Oil & Gas Limited, Ratio Petroleum and JHI Associates Inc performing strongly

· Positioned for exposure to multi-well, funded, drilling campaign offshore Guyana, during 2019/2020 

· Acquisition of Net Profits Interests in three Offshore UK Petroleum Licences

· Evaluation of Exploration & Production opportunities with potential for a substantial transaction continue

In spite of a volatile oil price environment in the second half of 2018 offshore Guyana continued to be a major 'good news story' attracting strong industry and investor interest. A number of proven oil plays, high quality reservoirs, substantial light oil discoveries and an exploration drilling success rate of circa 85% to date have all confirmed the deepwater Guyana-Suriname Basin as an emerging prolific hydrocarbon province. In late August 2018 ExxonMobil announced its 9th oil discovery (Hammerhead-1) on the Stabroek Block, which is reported to be a new play (Tertiary) opening discovery adjacent to the Orinduik Block. This was followed by further announcements in early December of the 10th oil discovery (Pluma-1), bringing cumulative discovered recoverable resources in the basin to in excess of five billion oil equivalent barrels. Two additional discoveries were announced in early February 2019 - an oil discovery (Tilapia-1) and a gas-condensate discovery (Haimara-1).

Your Company's investments in Eco (Atlantic) Oil & Gas Limited ("EOG"), JHI Associates Inc ("JHI") and Ratio Petroleum Energy Limited Partnership ("Ratio Petroleum") provide exposure to three highly prospective blocks (Orinduik, Canje and Kaieteur - all adjacent to the Stabroek Block) which offer near term carried or pre-funded drilling opportunities with the potential for transformational value changes intheir success cases.

A circa 2% equity stake in EOG provides exposure to pre-funded drilling on the Orinduik Block which is located up-dip of the Liza-1 (Cretaceous) and Hammerhead-1 (Tertiary) discoveries. EOG has a 15% participating interest in the block with their share of the planned 2019 drilling campaign fully funded by a Total Farm-in agreement announced in September 2018. The block operator, Tullow, has announced that the first of two planned wells on the block will be spudded, on the Jethro Prospect, in the second quarter of 2019. It has also been announced that the Orinduik partners have contracted the Stena Forth, a sixth generation drillship, to execute this drilling campaign.

Post the current accounting period your Company announced that it had increased its equity position in JHI to circa 3% of the issued share capital. JHI's main asset is a 17.5% carried interest in the Canje Block covering over 6,000 square kilometres, immediately outboard of the Stabroek Block. As a result of a farm-in by Total, announced in February 2018, JHI is carried for the drilling of up to four wells and is funded for the drilling of additional wells. Subject to Guyanese government approvals and drillship availability, it is anticipated that the first well in the Canje Block will be drilled in late 2019 or early 2020, with the possibility to drill two or three additional wells by the end of 2020.

Your Company holds a circa 1% equity position in Ratio Petroleum which includes amongst its assets a 25% carried interest in the Kaieteur block, offshore Guyana. The block operator Exxon-Mobil, acquired a 5,700 km2 3D seismic survey in 2016 and subsequent to the processing and interpretation of this dataset, in February 2019, it informed Ratio Petroleum that it had elected to drill a well on the Kaieteur Block.

Continued exploration success on the Stabroek Block combined with the pre-drill de-risking and high-grading of drilling opportunities, on the neighbouring Orinduik, Canje and Kaieteur blocks, have all contributed to rising asset values which is reflected in your Company's financial performance. The reported net operating profit of £364,445, for the six months to 31 December 2018, is primarily driven by the share price performance of the various investments including EOG (+500% since February 2017) and Ratio Petroleum (+200% since June 2018).

In October 2018 the Company announced that it had raised £1,600,000 through the issue of 10% unsecured Convertible Loan Notes 2021, in spite of the challenging environment of steeply declining oil prices during Q4 2018 and general market nervousness pertaining to global economic outlook and Brexit related uncertainties. As a result, your Company held approximately £1,350,000 in cash resources at the end of this accounting period.

In addition, during the second half of 2018, the Company reported that it had acquired Net Profit Interests ("NPI") in three Offshore UK blocks - being a 0.5% NPI in licence P1918 (Colter Prospect), a 0.5% NPI in licence P2222 (Oulton Discovery) and a 1.0% NPI in licence P2235 (Wick Prospect). In January 2019, the Wick Prospect (11/24b-4) was reported to be unsuccessful. On 8 March 2019 operations were completed at the Colter Prospect (98/11a-6) where a new oil discovery, Colter South, was reported in the initial vertical wellbore. A side-track to the North Colter target encountered the Sherwood Sandstone reservoir deeper than expected, indicating the Colter accumulation is smaller than pre-drill estimates. Further work will now commence to fully evaluate all the data from the well and assess forward work programmes and options for commercialisation.

Outlook

The London market has started to take notice of developments in Guyana and there is significant appetite for access to investment opportunities in this area, as evidenced by the recent doubling of the EOG share price. There are currently few ways for investors to gain material exposure to the Guyana story. Westmount now offers shareholders and potential investors' access to this opportunity as your Company's focus remains on seeking additional exposure and deployment of capital towards exploration opportunities in the Guyana-Suriname basin.

To date all of the deepwater drilling activity, offshore Guyana, has been on the ExxonMobil operated Stabroek block. However, in the coming months we expect to see drilling commence on the adjacent blocks. There is an exciting time ahead, as Westmount now owns approximately 3% of JHI, 2% of EOG, and 1% of Ratio Petroleum, which provides shareholders with exposure to an estimated 3-7 carried wells, in the most prolific emerging hydrocarbon province worldwide, over the next 12-18 months. Success in any of these wells could result in transformational value changes for your Company.

GERARD WALSH

Chairman

12 March 2019

For further information, please contact:

Westmount Energy Limited www.westmountenergy.com

David King, Director Tel: +44 (0) 1534 823133

Jane Vlahopoulou

Cenkos Securities plc (Nomad and Broker)

Harry Hargreaves Tel: +44 (0) 20 7397 8900

Nicholas Wells

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2018

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 2018

CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2018

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2018

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2018

1. Accounting Policies

Basis of accounting

The interim financial statements 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 ended30 June2018. The annual financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS").

In preparing these interim financial statements the management has applied IFRS 9, Financial Instruments, and IFRS 15, Revenue from Contracts with Customers, which are applicable for accounting period beginning on or after 1 January 2018.

The application IFRS 9 has not had a material impact on the interim financial statements of the Company as the Company's classification and measurement of financial assets that was applied under IAS 39, Financial Instruments: Recognition and Measurement, remains consistent with IFRS 9.

The application of IFRS 15 has not had a material impact on the interim financial statements of the Company as it is the opinion of management that the Company had no material revenue streams from contracts during the current of prior period.

Accordingly, 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 2018.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2018 (CONTINUED)

2. Investments