Interim Results

Westmount Energy Limited
31 March 2004


31 March 2004


     CONTACTS:
     
     Derek Williams - Chairman, Westmount Energy Limited
                      Tel: [phone]
     Andrew Edwards - Oriel Securities Limited
                      Tel: [phone]
     Tom Randell -    Merlin PR
                      Tel: [phone]



                                 PRESS RELEASE
                            WESTMOUNT ENERGY LIMITED

           INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2003


The Board of Westmount Energy Limited ('the Company') today announces the
interim results of the Company and its subsidiary for the six months ended 31
December 2003. Highlights are as follows:

   • Turnover of £69,342 (2002: £67,428).

   • Net profit after tax of £6,556,561 (2002: Loss after tax of £138,999).

   • Profit per share of 47.85p (2002: Loss per share of 1.02p).

   • The net profit for the six months ended 31 December 2003 is after
    crediting the surplus realised on the sale of the Company's wholly owned
    subsidiary, Westmount Resources Limited ('Westmount Resources'), announced
    on 19 September 2003, to AIM quoted Sterling Energy plc ('Sterling'). As
    reported to shareholders on 1 December 2003 this surplus amounted to
    £6,635,500, after taking into account the book value of the investment and
    expenses associated with the sale.

   • The assets of Westmount Resources consisted of 20 million fully paid
    shares of Fusion Oil & Gas plc and 500,000 partly paid shares of its
    subsidiary, Fusion Oil & Gas NL. The Company accepted 71,375,000 fully paid
    shares of Sterling in exchange, taken at 11.5p per share, resulting in a
    total consideration of £8,208,125 for the sale of the investment.

   • The Company invests, principally in companies which hold the possibility
    of considerable capital growth on the funds invested. Profits are only
    brought to account when an investment is sold.

   • Following the further issue of new shares of the Company, as previously
    announced with effect from 29 December 2003, in respect of 625,000 share
    options exercised by the Directors of the Company and a further 561,831 new
    shares issued to satisfy certain costs and expenses associated with the sale
    of Westmount Resources, there are currently 14,888,361 shares of the Company
    in issue, held by approximately 1,800 shareholders.


Attached: Full text of the Chairman's Interim Review from the forthcoming
Interim Report, including the Consolidated Profit and Loss Account and
Consolidated Balance Sheet.

Note: Westmount Energy Limited is a Jersey, Channel Islands, based independent
oil and gas investment company with its shares traded on AIM.

Copies of this Press Release will be available from the offices of Oriel
Securities Limited, 4 Wood Street, London EC2V 7JB for a period of one month
from today's date.

                Registered in Jersey, Channel Islands. No. 53623




CHAIRMAN'S INTERIM REVIEW

For the six months ended 31 December 2003 the Group made a net profit on
ordinary activities before taxation of £6,569,071 (£6,556,561 net profit after
taxation). This compares with a loss before taxation in the first half of last
year of £138,216 (£138,999 loss after taxation). Turnover for the period under
review, arising from the Group's interest in the North Sea Buchan Oilfield,
totalled £69,342, compared with £67,428 for the same period last year.

The net profit for the six months ended 31 December 2003 is after crediting the
surplus realised on the sale of the Company's wholly owned subsidiary, Westmount
Resources Limited ('Westmount Resources'), announced on 19 September 2003, to
Sterling Energy plc ('Sterling'). As reported to shareholders on 1 December 2003
this surplus amounted to £6,635,500, after taking into account the book value of
the investment and expenses associated with the sale.

The assets of Westmount Resources consisted of 20 million fully paid shares of
Fusion Oil & Gas plc and 500,000 partly paid shares of its subsidiary, Fusion
Oil & Gas NL. The Company accepted 71,375,000 fully paid shares of Sterling in
exchange, taken at 11.5p per share, resulting in a total consideration of
£8,208,125 for the sale of the investment.

The Group invests, principally in companies which hold the possibility of
considerable capital growth on the funds invested. Profits are only brought to
account when an investment is sold.

Following the further issue of new shares of the Company, as previously
announced with effect from 29 December 2003, in respect of 625,000 share options
exercised by the Directors of the Company and a further 561,831 new shares
issued to satisfy certain costs and expenses associated with the sale of
Westmount Resources, there are currently 14,888,361 shares of the Company in
issue, held by approximately 1,800 shareholders.

The shares in the Company commenced trading on AIM on 2 October 1995 at 15p. The
middle market closing share price on 31 December 2003 was 48.5p (31 December
2002: 39.5p) and on 26 March 2004 was 64.5p.

Set out below is further information on the Group's investments:

Licence P241 - North Sea

The Group owns an overriding royalty based upon 0.5% of oil won and saved from
Licence P241 in the Central North Sea, including approximately 90% of the
producing Buchan Oilfield operated by Talisman Energy (UK) Limited ('Talisman').
Oil won and saved from the P241 area in the six months ended 31 December 2003
totalled 1,212,801 barrels, compared with 1,197,158 barrels for the same period
in the previous year.

As previously reported, as a result of the successful additional drilling in
Licence P241 by Talisman outside the Buchan Oilfield it has been estimated that
the discoveries made on the J-1 and J-5 prospects include a total of 50-110
million barrels of oil in place. Talisman is currently in the process of
development planning to bring the discoveries to production.

Desire Petroleum plc

The Group presently owns 5,500,000 shares of AIM quoted Desire Petroleum plc
('Desire'). Following the recent Placing and Open Offer of new shares by Desire
to raise £5 million to be utilised principally in carrying out a 3D-seismic
survey over certain areas of the North Falkland Basin, this shareholding
represents approximately 3.38% of Desire's issued share capital at a carrying
cost of approximately 9.4p for each Desire share held.

The shareholding provides the Group with a continuing interest in Desire's
exploration offshore the Falkland Islands. Desire reported on 7 January 2004
that Fugro Geoteam A/S had been contracted to conduct a 3D-seismic survey for
Desire over Tranches C and D in the North Falkland Basin. The survey has been
defined to refine the definition of what are currently considered to be the
three largest, potentially-oil-bearing, prospects in the North Falkland Basin.

On 1 March 2004 Desire reported that approximately 40% of the 3D-seismic survey
had been completed and the first, unprocessed seismic lines had been received in
the UK. Data quality was high and once the survey had been completed, it was
expected that data processing would take about four months, at which time
detailed interpretation can begin. This will not be available until later in the
year but Desire has reported the initial results are already encouraging.

Eclipse Energy Company Limited

The Group owns 130,000 shares in the issued share capital of Eclipse Energy
Company Limited ('Eclipse') representing 14.82% of the company, which is
presently unquoted. Eclipse has developed an innovative concept whereby
integrated power generation from offshore gas reserves and wind turbines is
exported by cable to the National Grid.

Negotiations are proceeding for the funding of the development of the Ormonde
project in the East Irish Sea, 10 kilometres offshore Barrow-in-Furness.
Westmount has provided a short term secured loan facility to Eclipse which stood
at £598,276 at the end of the year, pending Eclipse completing its arrangements
for longer term funding.

Sterling Energy plc

The Group presently owns 75,000,000 shares of AIM quoted Sterling. This holding
consists of 71,375,000 shares acquired upon the sale of the Company's subsidiary
undertaking, Westmount Resources Limited to Sterling, which shares the Company
has agreed to hold, at least until 25 September 2004, and the balance of
3,625,000 shares retained from the sale of its United States based subsidiary,
Westmount Resources, Inc., to Sterling in February 2002.

Following the new shares issued by Sterling in connection with its successful
offer for the shares of Fusion Oil & Gas plc ('Fusion'), it did not already own,
which was declared unconditional on 4 December 2003, the Group's shareholding
now represents 9.17% of Sterling's issued share capital at an average carrying
cost of approximately 11.16p for each Sterling share held.

Sterling has recently announced a progress report, following its £39.5 million
acquisition of Fusion and its subsequent purchase of a series of wells in the
Gulf of Mexico and their related pipelines and other infrastructure from Osprey
Petroleum Partners, LP ('Osprey') for $39.5 million, financed by an increased
bank loan of $27.5 million and the balance from internal cash resources.

Sterling has reported that its gas production in the Gulf of Mexico has more
than doubled to around 12 million cubic feet of gas per day and its United
States proven and probable reserves are estimated to be over 40 billion cubic
feet of gas. Following the purchase of the interests from Osprey, Sterling is
already preparing plans to access the additional potential of the fields
acquired to include development wells.

Sterling has also reported encouraging developments of its West African
interests owned as a result of the acquisition of Fusion. These include further
discoveries and the declaration of commerciality by the operator of the
Chinguetti field, offshore Mauritania.

Derek G. Williams
Chairman

31 March 2004




CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                  Six months to   Six months to        Year to
                                      31 December     31 December      30 June 
                                           2003            2002           2003
                                    (unaudited)     (unaudited)      (audited)
                                              £               £              £

Turnover                                 69,342          67,428        101,445

Operating costs                          (5,351)         (5,282)        (9,734)
                                        _______         _______        _______

Operating profit before                  63,991          62,146         91,711
administrative expenses

Administrative expenses                (128,479)       (149,926)      (308,520)
                                       ________        ________       ________

Net operating loss                      (64,488)        (87,780)      (216,809)

Profit on disposal of
subsidiary                            6,635,500               -              -
undertaking

Profit on disposal of
investments                                   -               -         16,864

Interest and similar fees
receivable                               72,066          16,784        120,446

Bank loan interest and
charges                                 (74,007)        (67,220)      (116,677)
payable
                                       ________        ________       ________
Net Profit (Loss) on
ordinary                              6,569,071        (138,216)      (196,176)
activities before taxation

Taxation                                (12,510)           (783)       (16,940)
                                       ________        ________       ________

Net Profit (Loss) on
ordinary                              6,556,561        (138,999)      (213,116)
activities after taxation
                                       ________        ________       ________

Profit (Loss) per
ordinary share                            47.85p          (1.02)p        (1.57)p




CONSOLIDATED BALANCE SHEET                            31 December      30 June   
                                                             2003         2003   
                                                       (unaudited)    (audited)
                                                         
                                                                £            £                         

FIXED ASSETS
Tangible fixed assets                                    43,715         49,066
Investments                                           9,104,844        896,719
                                                       ________       ________

                                                      9,148,559        945,785

CURRENT ASSETS
Investments                                                   -      1,026,987

Debtors                                                 691,072        622,296

Cash at Bank                                             12,266         53,747
                                                       ________       ________

                                                        703,338      1,703,030

CREDITORS

Amounts falling due within one
year:

Bank Loan                                              (688,538)      (616,428)
Other                                                  (169,170)       (73,813)
                                                       ________       ________

                                                       (857,708)      (690,241)
                                                       ________       ________

NET CURRENT ASSETS                                     (154,370)     1,012,789
                                                        _______       ________

NET ASSETS                                            8,994,189      1,958,574
                                                       ________       ________

SHARE CAPITAL AND RESERVES

Equity share capital                                  1,488,836      1,370,153
Share premium account                                   944,873        584,502

Profit and loss account                               6,560,480          3,919
                                                       ________       ________

SHAREHOLDERS' FUNDS                                   8,994,189      1,958,574
                                                       ________       ________





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