Half Yearly Report

RNS Number : 4782A

Westmount Energy Limited

21 March 2013

 



 

 

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

 

 

Enquiries:

David King

Westmount Energy Limited Tel: [phone]

Liz Bowman

Cenkos Securities Plc Tel: [phone]

 

END

 

 

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