Last checked at 21 Mar 2013 07:00
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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
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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 |
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31 Dec 2012 | 31 Dec 2011 | 30 June 2012 |
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(unaudited) | (unaudited) | (audited) |
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Total comprehensive loss for the period | (379,374) | (409,858) | (339,186) |
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Adjustment for interest income | - | (42) | (205) |
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Adjustment for net loss/(gain) on investments at fair value through profit or loss | 328,260 | (911,864) | (1,513,407) |
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Adjustment for costs attributable to share options | - | 215,866 | 177,124 |
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Adjustments for realised (loss)/gain on investments at fair value through profit or loss | (69,043) | 962,744 | 1,371,884 |
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Decrease/(increase) in prepayments and accrued income | 2,538 | 2,412 | (202) |
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Decrease in creditors and accrued expenses | (13,752) | (159,572) | (180,235) |
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Net cash outflow from operating activities | (131,371) | (300,314) | (484,227) |
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WESTMOUNT ENERGY LIMITED |
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NOTES TO THE UNAUDITED INTERIM RESULTS (CONTINUED) |
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FOR THE PERIOD ENDED 31 DECEMBER 2012 |
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2 | Investments |
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Six months ended | Six months ended | Year ended |
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31 Dec 2012 | 31 Dec 2011 | 30 June 2012 |
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(unaudited) | (unaudited) | (audited) |
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£ | £ | £ |
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Desire PLC, at market value | 375,000 | 430,000 | 435,000 |
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Cost, 2 million shares | 874,643 | 874,643 | 874,643 |
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(31 December 2011: 2 million, 30 June 2012: 2 million shares) | |||||||||||||
Sterling Energy, at market value | 193,125 | 340,001 | 175,000 |
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Cost, 0.5 million shares | 863,064 | 1,467,208 | 863,064 |
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(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 |
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Cost, 1 million shares | 310,775 | 310,775 | 310,775 |
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(31 Dec 2011: 1 million, 30 June 2012: 1 million shares) |
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Falkland Oil & Gas plc ("Falkland"), at market value | 57,000 | - | 348,000 |
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Cost, 0.2 million shares | 91,386 | - | 182,772 |
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(31 Dec 2011: nil shares, 30 June 2012: 0.4 million shares) |
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Pancontinental Oil & Gas NL ("Pancontinental"), at market value | 172,447 | - | 352,918 |
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Cost, 3 million shares | 393,246 | - | 393,246 |
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(31 Dec 2011: nil shares, 30 June 2012: 3 million shares) |
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Total market value | 1,045,072 | 891,301 | 1,464,718 |
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Total cost | 2,533,114 | 2,652,626 | 2,624,500 |
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Current period movement | (1,488,042) | (1,761,325) | (1,159,782) |
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Reverse prior year FV adjustment | 1,159,782 | 2,673,189 | 2,673,189 |
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Current period income statement impact | (328,260) | 911,864 | 1,513,407 |
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Enquiries:
David King
Westmount Energy Limited Tel: 01534 835660
Liz Bowman
Cenkos Securities Plc Tel: 0207 397 8928