Chairman's AGM Statement

Westmount Energy Limited
13 December 1999


                           WESTMOUNT ENERGY LIMITED                           
                                                                              
                                AGM STATEMENT                                 
                                                                              
                                                                      
At the Annual General Meeting of Westmount Energy Limited ('Westmount') held
in Jersey, Channel Islands today, Derek Williams, Chairman, reported to
shareholders as follows:-

Current Trading and Prospects

Current trading in the Westmount Group is significantly improved compared with
last year due to higher oil prices which appear to be holding at least for the
foreseeable future, the successful drilling of a new producing well in the
Gulf of Mexico and the profit realised from the sale of certain investments in
its first half accounting period.

Progress on Westmount's investments in Fusion Oil & Gas NL ('Fusion') and
Desire Petroleum plc ('Desire')

Fusion -

Following the completion of the recent fund-raising by Fusion (the Perth,
Western Australia based oil and gas exploration company) and the issue of
additional shares by Fusion in connection with the acquisition of a 38.57%
interest in two new petroleum licences offshore Gabon, Westmount now holds
20,000,000 fully paid shares in Fusion representing 33.33% of Fusion's fully
paid shares in issue. 

Fusion has also recently been awarded a 90% interest in a licence offshore
Gambia to add to its other exploration interests in Mauritania, the
Senegal/Guinea-Bissau Common Zone, Liberia and Ghana. With regard to the
Mauritania licence, operated by Woodside, where a 3D seismic survey is in
progress, a decision to drill an offshore well in the last quarter of 2000, in
which Fusion will be free carried, is expected before the end of this calendar
year. 

Through its investment in Fusion, Westmount has a significant exposure
offshore West Africa which is one of the world's most sought after petroleum
provinces.

Fusion is planning to apply for an introduction for its shares to the AIM
market in the second quarter of 2000.


Desire -

Westmount has retained 5,500,000 ordinary shares of Desire which following the
merger of Desire with Gaelic Resources plc that has now been declared
unconditional will represent approximately 5.5% of the enlarged share capital
of Desire. Through this interest Westmount has a substantial investment in the
North Falkland Basin and an interest in the appraisal of a gas discovery
onshore Portugal. 

Desire now holds 100% of Tranches C, D, I and L and 12.5% of Tranche F,
equating to an interest in 26 whole Blocks offshore the Falkland Islands.
Desire intends to seek new partners early next year with a view to the
resumption of further exploration of the area.

The first appraisal well on Desire's interest of approximately 25% in the
Lusitanian Basin prospect onshore Portugal is expected to commence drilling in
mid-January 2000.

For further information please contact:

Derek Williams -     Chairman, Westmount Energy Limited 
                     Tel: [phone]
Andrew Edwards -     Investec Henderson Crosthwaite Corporate Finance
                     Tel: [phone]
Bobby Morse -        Merlin Financial & Corporate Public Relations 
                     Tel: [phone]