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 period ended 31 December 2012. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders.

CHAIRMAN'S REVIEW

Over the past six months your board have been actively engaged in negotiations and discussions with various potential investors and companies who were either interested in injecting new capital or merging their companies with Westmount with a view to creating increased shareholder value. The process is ongoing.

This process has confirmed your board's view that the Company remains an attractive investment vehicle notwithstanding its relatively small capitalization. It has no permanent overhead commitments such as staff or office space and the operating costs are tightly controlled.

In an effort to preserve our capital base, Gerry Walsh and Tom O'Gorman who joined the board in November 2011 have waived their Directors' fees from 1 January 2013 and Peter Richardson and I have reduced our fees by fifty per cent from the same date. This has the effect of reducing the Company's overhead by some £87,500 per annum.

Investments.

There has been no substantial movement in the investment portfolio since 1 July 2012, except for a reduction of our holding of Falkland Oil & Gas for a profit of £69,000.

Our investments are all reasonable liquid and thus when a suitable opportunity arises we see no difficulty in realising them.

Future Strategy.

Your board is very conscious of the need to create real value for our shareholders and we are renewing our efforts in 2013 to achieve this result. The core value of your Company remains very attractive and your Directors are clearly mindful of their responsibility to see that this is achieved.

Mervyn Bradlow

Chairman

Date: 20 March 2013

WESTMOUNT ENERGY LIMITED

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2012

(Expressed in United Kingdom Sterling)

Six months ended

Six months ended

Year ended

31 Dec 2012

31 Dec 2011

30 June 2012

(unaudited)

(unaudited)

(audited)

£

£

£

Realised gain/(loss) on disposal of investments

69,043

(962,744)

(1,371,884)

Unrealised (loss)/gain on financial assets at fair value through

profit or loss

(328,260)

911,864

1,513,407

Administration expenses

(120,157)

(359,020)

(480,914)

Operating loss

(379,374)

(409,900)

(339,391)

Interest receivable

-

42

205

Loss before tax

(379,374)

(409,858)

(339,186)

Taxation

-

-

-

Comprehensive loss for the period

(379,374)

(409,858)

(339,186)

Basic loss per share (pence)

(3.86)

(5.19)

(3.85)

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 2012

(Expressed in United Kingdom Sterling)

Six months ended

Six months ended

Year ended

31 Dec 2012

31 Dec 2011

30 June 2012

(unaudited)

(unaudited)

(audited)

£

£

£

ASSETS

Non current assets

Financial assets at fair value through profit and loss

1,045,072

891,301

1,464,718

Current assets

Trade receivables

4,892

4,816

7,430

Cash and cash equivalents

300,529

787,281

251,471

305,421

792,097

258,901

Total assets

1,350,493

1,683,398

1,723,619

LIABILITIES AND EQUITY

Current liabilities

Trade and other payables

84,315

118,730

98,067

EQUITY

Share Capital

1,966,060

1,946,060

1,946,060

Share Premium Account

497,737

248,524

480,295

Share Option Account

287,793

550,071

305,235

Profit and Loss Account

(1,485,412)

(1,179,987)

(1,106,038)

Total equity

1,266,178

1,564,668

1,625,552

Total liabilities and equity

1,350,493

1,683,398

1,723,619

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 2011

1,506,060

451,341

128,111

(766,852)

1,318,660

Total comprehensive income

Loss for the period ended 31 December 2011

-

-

-

(409,858)

(409,858)

Transaction with owners

Issue of ordinary shares

440,000

-

-

-

440,000

Costs of share options

-

-

215,866

-

215,866

440,000

-

215,866

-

655,866 

At 31 December 2011

1,946,060

451,341

343,977

(1,176,710)

1,564,668

Total comprehensive income

Profit for the period ended 30June 2012

-

-

-

-

70,672

70,672

Transaction with owners

Expired redemption of B shares not taken up

-

28,954

-

-

28,954

Cost of share options

-

-

(38,742)

-

(38,742)

-

28,954

(38,742)

-

(9,788)

At 30 June 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)

Cost of share options

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

WESTMOUNT ENERGY LIMITED

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2012

(Expressed in United Kingdom Sterling)

Six months ended

Six months ended

Year ended

31 Dec 2012

31 Dec 2011

30 June 2012

(unaudited)

(unaudited)

(audited)

Notes

£

£

£

Net cash outflows from operating activities

1

(131,371)

(300,314)

(484,227)

Purchase of investments

-

-

(623,973)

Sale of investments

160,429

356,034

598,993

Interest received

-

42

205

Net cash generated/(used) from investing activities

160,429

356,076

(24,775)

Ordinary shares issued

20,000

440,000

440,000

Expired redemption of B shares not taken up

-

-

28,954

Net cash generated in financing activities

20,000

440,000

468,954

Net increase/(decrease) in cash and cash equivalents

49,058

495,762

(40,048)

Cash and cash equivalents at the beginning of the period

251,471

291,519

291,519

Cash and cash equivalents at the end of the period

300,529

787,281

251,471

WESTMOUNT ENERGY LIMITED

NOTES TO THE UNAUDITED INTERIM RESULTS

FOR THE PERIOD ENDED 31 DECEMBER 2012

1

Cash flow statement

Reconciliation of net cash flow from operating activities

Six months ended

Six months ended

Year ended

31 Dec 2012

31 Dec 2011

30 June 2012

(unaudited)

(unaudited)

(audited)

Total comprehensive loss for the period

(379,374)

(409,858)

(339,186)

Adjustment for interest income

-

(42)

(205)

Adjustment for net loss/(gain) on investments at fair value through profit or loss

328,260

(911,864)

(1,513,407)

Adjustment for costs attributable to share options

-

215,866

177,124

Adjustments for realised (loss)/gain on investments at fair value through profit or loss

(69,043)

962,744

1,371,884

Decrease/(increase) in prepayments and accrued income

2,538

2,412

(202)

Decrease in creditors and accrued expenses

(13,752)

(159,572)

(180,235)

Net cash outflow from operating activities

(131,371)

(300,314)

(484,227)

WESTMOUNT ENERGY LIMITED

NOTES TO THE UNAUDITED INTERIM RESULTS (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2012

2

Investments

Six months ended

Six months ended

Year ended

31 Dec 2012

31 Dec 2011

30 June 2012

(unaudited)

(unaudited)

(audited)

£

£

£

Desire PLC, at market value

375,000

430,000

435,000

Cost, 2 million shares

874,643

874,643

874,643

(31 December 2011: 2 million, 30 June 2012: 2 million shares)

Sterling Energy, at market value

193,125

340,001

175,000

Cost, 0.5 million shares

863,064

1,467,208

863,064

(31 Dec 2011: 0.85 million, 30 June 2012: 0.5 million shares)

Argos Resources Limited, at market value

247,500

121,300

153,800

Cost, 1 million shares

310,775

310,775

310,775

(31 Dec 2011: 1 million, 30 June 2012: 1 million shares)

Falkland Oil & Gas plc ("Falkland"), at market value

57,000

-

348,000

Cost, 0.2 million shares

91,386

-

182,772

(31 Dec 2011: nil shares, 30 June 2012: 0.4 million shares)

Pancontinental Oil & Gas NL ("Pancontinental"), at market value

172,447

-

352,918

Cost, 3 million shares

393,246

-

393,246

(31 Dec 2011: nil shares, 30 June 2012: 3 million shares)

Total market value

1,045,072

891,301

1,464,718

Total cost

2,533,114

2,652,626

2,624,500

Current period movement

(1,488,042)

(1,761,325)

(1,159,782)

Reverse prior year FV adjustment

1,159,782

2,673,189

2,673,189

Current period income statement impact

(328,260)

911,864

1,513,407