Last checked at 12 Mar 2010 07:00
| “Westmount Energy Limited (the “Company”) Interim Report”
WESTMOUNT ENERGY LIMITED | |||||||||||||
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| CHAIRMAN'S REVIEW |
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| In presenting our Interim Report and Accounts for the first time as prepared under the requirements of the International Financial Reporting Standards shareholders will note that they are substantially changed from the form in which we have previously reported and I would recommend you to read the note at the end of my report setting out our decision to adopt this format. This form of reporting is now becoming standard procedure for companies listed in the United Kingdom. | |||||||||||||
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| The period under review has seen some major changes in the capitalisation of our two remaining listed companies as both Sterling Energy Plc and Desire Petroleum Plc raised new capital and your company participated in both Issues and subscribed to new shares on very favourable terms as reported in our Annual General Meeting statement on 28 October 2009. | |||||||||||||
| The net effect of our participation in these Issues has resulted in a significant increase in the asset value of your company shown in the balance sheet as at 31 December 2009. This is due to reflecting our holdings at current market value as compared to the historical cost basis we have always used in previous reports. The net profit of £4,206,207 for the period is primarily a result of this change in accounting methods and I would refer you to note 3 of the financial statements for further explanation. | |||||||||||||
| Your board has continued to pursue its policy of trimming the Company's holdings in Desire at a significant increase to our original cost price. As at 31 December 2009 our holding stood at 4.8 million shares and subsequent to the year end we have reduced our holding to 3.7 million shares as at 5 March 2010. | |||||||||||||
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| We are now entering the most important phase in the history of our two investments. In the Falklands Desire's rig is now onsite and the first well was spudded on 22 February 2010 and the drilling programme is likely to last 30 days. The subsequent drilling programme for Desire and its co-partners in the rig is likely to last six to eight months and we anticipate steady news flow over this period. | |||||||||||||
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| Sterling Energy is currently drilling an exploration well in Kurdistan which will take some 80 days to reach target depth and the results are likely to be known sometime in April. We expect to continue to hold our shares in Sterling pending developments of their portfolio of prospects in Africa and Madagascar. Sterling has a new management team with a proven track record, an ungeared balance sheet and approximately $100m in cash as estimated by Sterling's broker in their latest research note dated 25 February 2010. | |||||||||||||
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| The results of the above two drilling programmes will be known during the next few months and the Board look forward to a favourable result. We have been shareholders in both companies for many years and hope our faith will be rewarded. | |||||||||||||
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| I hope to be able to report to you further news on the above as and when it occurs. | |||||||||||||
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| Adoption of International Financial Reporting Standards |
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| In the period ended 31 December 2009, the Directors have decided to make the transition from using United Kingdom Accounting Standards (UK GAAP) to International Financial Reporting Standards ("IFRS"). The first complete set of IFRS compliant financial statements will be prepared for the year ending 30 June 2010. The Directors have considered the implications of adopting IFRS on the June 2009 and December 2008 comparatives and have adjusted them accordingly. The significant changes to the comparatives are summarised in a note at the back of the condensed accounts. | |||||||||||||
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| Mervyn Bradlow |
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| Chairman |
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| 11 March 2010
Westmount Energy Limited Tel: 01534 814209
Paul Anderson Mervyn Bradlow, Chairman Tel: 020 7009 4900
Cenkos Securities plc Tel: 020 7397 8900
Nicholas Wells Elizabeth Bowman
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| WESTMOUNT ENERGY LIMITED |
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| CONDENSED STATEMENT OF COMPREHENSIVE INCOME |
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| (Expressed in United Kingdom Sterling) |
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| Restated |
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| Six months ended |
| Six months ended |
| Year ended | ||||
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| 31 Dec 2009 |
| 31 Dec 2008 |
| 30 June 2009 | ||||
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| Income statement |
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| Administration expenses |
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| (141,890) |
| (273,980) |
| (374,827) | ||||||
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| Profit on disposal of investments |
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| 137,174 |
| 3,659,440 |
| 3,874,768 | ||||||
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| Interest receivable |
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| 1,299 |
| 36,110 |
| 49,035 | ||||||
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| (Loss)/Gain on ordinary activities before taxation | (3,417) |
| 3,421,570 |
| 3,548,976 | ||||||||
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| Taxation |
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| Operating (Loss)/Gain from continuing operations | (3,417) |
| 3,421,570 |
| 3,548,976 | ||||||||
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| Other Comprehensive income |
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| Net gain/(loss) on available for sale financial assets |
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| through profit and loss |
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| 4,209,624 |
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| (5,270,739) | ||||||
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| Total comprehensive income/(loss) for the period | 4,206,207 |
| (2,414,380) |
| (1,721,763) | ||||||||
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| Basic gain/(loss) per share (pence) |
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| 60.23 |
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| (24.66) | ||||||
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| Diluted gain/(loss) per share |
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| 55.17 |
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| (22.58) | ||||||
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| WESTMOUNT ENERGY LIMITED |
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| CONDENSED STATEMENT OF FINANCIAL POSITION |
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| (Expressed in United Kingdom Sterling) |
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| Restated |
| Restated | |||
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| Six months ended |
| Six months ended |
| Year ended | ||||
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| 31 Dec 2009 |
| 31 Dec 2008 |
| 30 June 2009 | ||||
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| (unaudited) |
| (unaudited) |
| (audited) | ||||
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| ASSETS |
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| Non current assets |
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| Financial assets at fair value through profit and loss | 6,951,513 |
| 2,247,800 |
| 2,724,300 | |||||||
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| Current assets |
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| Trade receivables |
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| 4,881 |
| 10,863 |
| 10,540 | |||||
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| Due from brokers |
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| 627,540 |
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| Cash and cash equivalents |
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| 219,101 |
| 5,207,279 |
| 873,656 | |||||
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| 851,522 |
| 5,218,142 |
| 884,196 | ||||
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| Total assets |
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| 7,803,036 |
| 7,465,942 |
| 3,608,496 | ||||||
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| LIABILITIES AND EQUITY |
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| Current liabilities |
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| Trade and other payables |
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| 149,021 |
| 150,242 |
| 172,377 | |||||
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| EQUITY |
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| Share Capital |
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| 1,396,060 |
| 1,396,060 |
| 1,396,060 | |||||
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| Share Premium Account |
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| 261,682 |
| 391,648 |
| 261,682 | |||||
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| Share Option Account |
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| 256,052 |
| 268,109 |
| 244,363 | |||||
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| Capital Redemption Reserve |
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| 258,410 |
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| Profit and Loss Account |
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| 5,740,221 |
| 5,001,473 |
| 1,534,014 | |||||
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| Total equity |
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| 7,654,015 |
| 7,315,700 |
| 3,436,119 | ||||||
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| Total liabilities and equity |
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| 7,803,036 |
| 7,465,942 |
| 3,608,496 | ||||||
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| WESTMOUNT ENERGY LIMITED |
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| CONDENSED STATEMENT OF CHANGES IN EQUITY |
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| (Expressed in United Kingdom Sterling) |
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| Restated | ||
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| Share capital | Share premium | Share option | Retained | Total equity | ||||||
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| As at 1 July 2008 (Restated) | 1,403,060 | 416,317 | 269,416 | 7,674,263 | 9,763,056 | ||||||||
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| Total comprehensive income |
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| (Loss) for the period ended 31 December 2008 |
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| (2,414,380) | (2,414,380) | |||||||
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| Transaction with owners |
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| Purchase of own shares | (7,000) |
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| Costs of share options |
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| 19,963 |
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| Lapse of share options |
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| (21,270) |
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| Purchase of own shares |
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| (24,668) |
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| (24,668) | |||||
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| (7,000) | (24,668) | (1,307) | - | (32,975) | ||||||
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| At 31 December 2008 (Restated) | 1,396,060 | 391,649 | 268,109 | 5,259,883 | 7,315,701 | ||||||||
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| Total comprehensive income |
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| Profit for the period ended 30 June 2009 |
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| 692,617 | 692,617 | |||||||
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| Transaction with owners |
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| Issue of B shares |
| (69,803) |
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| Redemption of shares |
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| (4,467,391) | (4,467,391) | |||||
| Redemption costs |
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| (60,164) |
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| (60,164) | |||||
| Cost of share options |
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| 3,889 |
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| Lapse of share options |
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| (27,635) | 48,905 | 21,270 | ||||||
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| - | (129,967) | (23,746) | (4,418,486) | (4,572,199) | ||||||
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| At 30 June 2009 (Restated) | 1,396,060 | 261,682 | 244,363 | 1,534,014 | 3,436,119 | ||||||||
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| Total comprehensive income |
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| Profit for the period ended 31 December 2009 |
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| 4,206,207 | 4,206,207 | |||||||
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| Issue of B shares |
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| Cost of share options |
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| 11,689 |
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| - | - | 11,689 | - | 11,689 | ||||||
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| At 31 December 2009 | 1,396,060 | 261,682 | 256,052 | 5,740,221 | 7,654,015 | ||||||||
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| WESTMOUNT ENERGY LIMITED |
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| CONDENSED STATEMENT OF CASH FLOWS |
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| (Expressed in United Kingdom Sterling) |
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| Restated |
| Restated | |||
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| Six months ended |
| Six months ended |
| Year ended | ||||
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| 31 Dec 2009 |
| 31 Dec 2008 |
| 30 June 2009 | ||||
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|
|
| (unaudited) |
| (unaudited) |
| (audited) | ||||
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| Notes | £ |
| £ |
| £ | ||||
| Net cash (outflows) from |
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|
|
|
|
|
|
| |||
| operating activities |
| 2 | (775,438) |
| (259,949) |
| (313,179) | ||||||
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| |
| Returns on investment and servicing |
|
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| |||
| of finance |
|
|
| 1,299 |
| 36,110 |
| 49,035 | |||||
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| |
| Taxation |
|
|
| - |
| - |
| - | |||||
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| |
| Capital expenditure and financial investment |
| 119,584 |
| 4,344,190 |
| 4,648,229 | |||||||
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| |
| Cash (outflows)/inflows before financing |
| (654,555) |
| 4,120,351 |
| 4,384,085 | |||||||
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| Financing |
|
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| - |
| (31,669) |
| (4,629,026) | |||||
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| |
| (Decrease)/Increase in cash |
|
| (654,555) |
| 4,088,682 |
| (244,941) | ||||||
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| ||
| Reconciliation of cash flow to |
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| |||||
| movement in net (debt)/funds |
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| |||
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| |
| (Decrease)/Increase in cash |
|
| (654,555) |
| 4,088,682 |
| (244,941) | ||||||
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| |
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| |
| Change in net (debt)/funds resulting from |
|
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|
|
|
|
|
|
| ||||
| Cash flows |
|
|
| (654,555) |
| 4,088,682 |
| (244,941) | |||||
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| |
|
|
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| ||
| Movement in net (debt)/funds in the year |
| (654,555) |
| 4,088,682 |
| (244,941) | |||||||
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| |
| Net funds bought forward |
|
| 873,656 |
| 1,118,597 |
| 1,118,597 | ||||||
|
|
|
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| |
| Net funds carried forward |
|
| 219,101 |
| 5,207,279 |
| 873,656 | ||||||
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| |
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| |
| Represented by: |
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|
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| |||
| Cash at bank |
|
| 219,101 |
| 5,207,279 |
| 873,656 | ||||||
|
|
|
|
|
|
|
|
|
|
|
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|
| |
| Net funds carried forward |
|
| 219,101 |
| 5,207,279 |
| 873,656 | ||||||
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| WESTMOUNT ENERGY LIMITED |
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| NOTES TO THE UNAUDITED INTERIM RESULTS |
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| |||||
| FOR THE PERIOD ENDING 31 DECEMBER 2009 |
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| 1 | Impact of the adoption of the International Financial Reporting Standards |
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| The financial information shown in these interim results, has been presented for the first time in accordance with the recognition and measurement principles of the International Financial Reporting Standards ("IFRS"). The comparative information for the six months ended 31 December 2008 and the year ended 30 June 2008 has been restated under these standards. | |||||||||||||
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| The primary difference for the Company as a result of adopting IFRS is the valuation of investments, which have been categorised as financial assets at fair value through profit or loss and measured at fair value. Any surplus or deficit on the revaluation of the investment is transferred to the Statement of Comprehensive Income. Previously the investments were recorded at cost less any impairments. Fair value is regarded as the market value at year end. | |||||||||||||
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| The Directors have restated the comparative figures of these investments in the Statement of Financial Position as follows: | |||||||||||||
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| Investments | Investments restated |
| Difference | |||||
|
|
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| As previously stated at cost |
| to Fair value |
|
| ||||||
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| As at 31 December 2008 |
|
| 1,918,998 |
| 2,247,800 |
| 328,802 | ||||
|
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| As at 30 June 2009 |
|
| 1,830,287 |
| 2,724,300 |
| 894,013 | ||||
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| The restatement of the investments to Fair value has resulted in the following changes in the Statement of Comprehensive income: | |||||||||||||
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| Profit | Comprehensive Income |
| Difference | |||||
|
|
|
| As previously stated |
| Restated |
|
| ||||||
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| |
|
|
| Six months ended 31 December 2008 | 1,296,320 |
| (2,414,380) |
| (3,710,700) | ||||||
|
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| Year ended 30 June 2009 |
|
| 1,423,726 |
| (1,721,763) |
| (3,145,489) | ||||
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| The retained earnings as at 1 July 2008 increased by £4,039,509 as a result of the change in the value of the investments and was affected as follows in the subsequent reporting periods. | |||||||||||||
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| Retained earnings | Retained earnings |
| Difference | |||||
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|
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| As previously stated |
| Restated |
|
| ||||||
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| |
|
|
| Six months ended 31 December 2008 | 4,672,671 |
| 5,001,473 |
| 328,802 | ||||||
|
|
| Year ended 30 June 2009 |
|
| 640,001 |
| 1,534,014 |
| 894,013 | ||||
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| |
| 2 | Cash flow statement |
|
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| |
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| Reconciliation of net cash flow from the operating activities |
|
|
|
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|
| |||||
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| |
|
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|
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| Six months ended |
| Six months ended |
| Year ended | ||||
|
|
|
|
|
| 31 Dec 2009 |
| 31 Dec 2008 |
| 30 June 2009 | ||||
|
|
|
|
|
| (unaudited) |
| (unaudited) |
| (audited) | ||||
|
|
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|
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| |
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| Administration expenses |
|
| (141,890) |
| (273,980) |
| (374,827) | |||||
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| |
|
| Costs attributable to issue of share options |
| 11,689 |
| (1,307) |
| 23,852 | ||||||
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|
|
|
|
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|
|
|
|
|
|
| |
|
| Decrease/(Increase) in trade debtors |
| 5,659 |
| (3,174) |
| (2,851) | ||||||
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|
|
|
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|
|
|
|
|
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| |
|
| Increase in Due from Broker |
|
| (627,540) |
| - |
| - | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| (Decrease)/Increase in creditors and accrued expenses | (23,356) |
| 18,512 |
| 40,647 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Net cash inflow/(out flow) from operating activities | (775,438) |
| (259,949) |
| (313,179) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| WESTMOUNT ENERGY LIMITED |
|
|
|
|
|
|
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|
| ||||
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| |
| 3 | Investments |
|
|
|
|
| Restated |
| Restated | ||||
|
|
|
|
|
| Six months ended |
| Six months ended |
| Year ended | ||||
|
|
|
|
|
| 31 Dec 2009 |
| 31 Dec 2008 |
| 30 June 2009 | ||||
|
|
|
|
|
| (unaudited) |
| (unaudited) |
| (audited) | ||||
|
|
|
|
|
| £ |
| £ |
| £ | ||||
|
|
|
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| |
|
| Desire PLC, at market value |
|
| 4,416,000 |
| 1,391,000 |
| 2,025,000 | |||||
|
| Cost, 4.8 million share |
|
| 1,149,501 |
| 658,998 |
| 570,287 | |||||
|
| (31 Dec 2008: 5,200,000, 30 June 2009: 4,500,000 shares) |
|
|
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|
|
| |||||
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| |
|
| Sterling Energy, at market value |
|
| 2,535,513 |
| 856,800 |
| 699,300 | |||||
|
| Cost, 1,635,815 shares |
|
| 2,823,625 |
| 3,385,250 |
| 3,385,250 | |||||
|
| (31 Dec 2008: 31,500,000, 30 June 2009: 31,500,000 shares) |
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|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Total market value |
|
| 6,951,513 |
| 2,247,800 |
| 2,724,300 | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Total cost |
|
| 3,973,126 |
| 4,044,248 |
| 3,955,537 | ||||
|
|
|
|
|
|
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| |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Current year movement |
|
| 2,978,387 |
| (1,796,448) |
| (1,231,237) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Reverse prior year FV adjustment |
| 1,231,237 |
| (4,039,502) |
| (4,039,502) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Current period income statement impact | 4,209,624 |
| (5,835,950) |
| (5,270,739) | ||||||
|
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| ||||
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| |
“The interim report will be printed and posted to shareholders by 19th March 2010 and will be made available on the Company’s website at www.westmount-energy.co.uk”