Interim Results

Westmount Energy Limited
02 March 2006




CONTACTS:

Westmount Energy Limited     Tel: [phone]
Derek Williams, Chairman
Paul Anderson, Director

Ruegg & Co Limited           Tel: [phone]
Gavin Burnell                
Brett Miller

Merlin                       Tel: [phone]             
Tom Randell
Paul Downes




2 March 2006
                            
                            WESTMOUNT ENERGY LIMITED
                                     
                                       
                       INTERIM RESULTS FOR THE SIX MONTHS    
                              ENDED 31 DECEMBER 2005


The Board of Westmount Energy Limited ('the Company') today announces the
interim results of the Company and its subsidiary ('the Group') for the six
months ended 31 December 2005. Highlights are as follows:


   • Turnover from discontinued operations in the North Sea £1,118 (2004:
     £60,090).

   • Profit before tax of £4,810,877, profit after tax £4,343,603 (2004: Loss
     before tax of £80,786, loss after tax £91,690).

   • Earnings per share of 28.93p (2004: Loss per share of 0.61p).

   • The results for the six months ended 31 December 2005 include the
     surplus realised on the termination of the Group's overriding royalty
     interest relating to Licence P.241 North Sea amounting to £1,706,201 and the
     profit realised on the disposal of 40 million of the Company's shareholding
     of 70 million Ordinary Shares of Sterling Energy plc amounting to
     £3,189,999. No investments were sold in the corresponding period last year.

Following the approval of Shareholders at the Extraordinary General Meeting of
the Company held on 22 December 2005 Capital of the equivalent of 50p per 10p
Ordinary Share totalling approximately £7,500,000 was authorised to be returned
to shareholders. Shareholders have also received one Consolidated Share of 20p
for every two Ordinary Shares of 10p each held. On 31 January 2006 a total of
£5,836,679 was returned to shareholders and those shareholders not receiving
full earlier payment will be forwarded return of capital on 1 May 2006,
totalling £1,670,001.50.

The 10p Ordinary Shares of the Company commenced trading on AIM on 2 October
1995 at 15p. Following the Share Capital Re-organisation there are now 7,506,680
20p Ordinary Shares in issue traded on AIM held by approximately 1,500
shareholders. There are also Share Options outstanding over 750,000 20p Ordinary
Shares exercisable at a subscription price of 103.5p per share, over various
periods, expiring 31 December 2012.

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

Copies of the interim results will be available from the offices of Ruegg & Co
Limited, 39 Cheval Place, London SW7 1EW for a period of one month from today's
date.



CHAIRMAN'S INTERIM REVIEW

The results for the six months ended 31 December 2005 show profits before
taxation of £4,810,877 (£4,343,603 after taxation) compared with a loss before
taxation of £80,786 (£91,690 after taxation) for the six months ended 31
December 2004. Turnover for the six months ended 31 December 2005 arising from
the Group's discontinued operations in the North Sea amounted to £1,118 as
compared with £60,090 for the six months ended 31 December 2004.

For the six months ended 31 December 2005 the results include the surplus
realised on the termination of the Group's overriding royalty interest relating
to Licence P.241, North Sea amounting to £1,706,201. Also included in the
profits for the period was the profit realised on the disposal of 40,000,000
Ordinary Shares of Sterling Energy plc ('Sterling') amounting to £3,189,999. No
investments were sold in the corresponding period last year.

As set out in the Circular to Shareholders dated 25 November 2005, following the
sale of the two Investments referred to above, the Company had cash funds
available of approximately £9 million and the Directors were in a position to
recommend return of capital to Shareholders, whilst retaining sufficient funds
for the future growth of the Company. Following the Extraordinary General
Meeting of the Company held on 22 December 2005 it was announced that all
enabling resolutions as set out in the Circular were duly passed and accordingly
Capital of the equivalent of 50p per Ordinary Share totalling approximately
£7,500,000 would be returned to Shareholders. Shareholders would also receive
one Consolidated Ordinary Share of 20p for every two Ordinary Shares of 10p each
held. On 31 January 2006 a total of £5,836,679 was returned to shareholders and
those shareholders not receiving full earlier payment will be forwarded return
of capital on 1 May 2006, totalling £1,670,001.50.

On 19 January 2006 Westmount announced it had provided a £500,000 Convertible
Loan to AIM quoted CDS Oil & Gas Group plc ('CDS') to be utilised solely towards
the funding of its exploration programme in the Chaco Basin in North West
Paraguay. Westmount has the option at any time prior to 29 December 2006 to
elect to apply the Loan by subscribing for and paying up 5 million new ordinary
shares of 1p in CDS at 10p per share and CDS will procure the issue to Westmount
of warrants to subscribe for a further 5 million new ordinary shares of 1p each
in CDS at 10p per share for a period of one year thereafter. In the event
Westmount does not exercise its option or the Loan is not repaid on 29 December
2006, Westmount will apply the Loan by paying up and subscribing for on 29
December 2006, such number of new ordinary shares of 1p each in CDS as shall be
found by dividing the aggregate amount of the Loan and accrued interest by the
average price of an ordinary share of 1p each in CDS as traded on AIM for the
previous 14 trading days, less 5% thereof.

On 22 December 2005, Westmount was pleased to announce the appointment of Paul
Anderson as a director of the Company. Paul is an associate member of the
Institute of Chartered Secretaries and Administrators, a trust manager of Bedell
Group, Jersey, and has been involved with Westmount's business for over 9 years.
On 17 January 2006, the Board announced that Ruegg & Co Limited, which
specialises in the AIM and OFEX markets, had been appointed as Nominated Adviser
and Broker to the Company.

The moves outlined above have been designed to assist in the further development
of Westmount and the growth in value per share for the benefit of Shareholders.

Westmount's investments continue to perform well. Besides the recent investment
in CDS these include, 30,000,000 shares of AIM quoted Sterling, 5,500,000 shares
of AIM quoted Desire Petroleum plc and 244,000 shares of presently unquoted,
Eclipse Energy Company Limited.

The 10p Ordinary Shares of Westmount Energy Limited commenced trading on AIM on
2 October 1995 at 15p. Following the Share Capital Re-organisation there are now
7,506,680 20p Ordinary Shares in issue traded on AIM held by approximately 1,500
shareholders. There are also Share Options outstanding over 750,000 20p Ordinary
Shares, exercisable at a subscription price of 103.5p per share, over various
periods, expiring 31 December 2012.


Derek G. Williams
Chairman


2 March 2006



CONSOLIDATED PROFIT AND LOSS ACCOUNT



                                    Six months to   Six months to       Year to
                                      31 December     31 December       30 June
                                             2005            2004          2005
                                     (unaudited)      (unaudited)      (audited)
                                              £               £              £

Turnover - discontinued
operations                                1,118          60,090        137,925

Operating Costs                               -          (4,411)        (5,927)

Surplus on termination of
North Sea overriding royalty
interest
(before taxation)                     1,706,201               -              -

Profit on disposal of
investments                           3,189,999               -        639,751

Interest Receivable                      73,277          24,670         27,584

Interest Payable                              -         (28,983)       (32,625)

Administration Expenses                (159,718)       (132,152)      (280,841)
                                        ________        ________       ________

Profit (Loss) on ordinary
activities
before taxation                       4,810,877         (80,786)       485,867

Taxation                               (467,274)        (10,904)       (24,505)
                                        ________        ________       ________

Profit (Loss) on ordinary
activities
after taxation                        4,343,603         (91,690)       461,362
                                        ________        ________       ________


Earnings (Loss) per ordinary
share                                     28.93p          (0.61p)         3.07p




CONSOLIDATED BALANCE SHEET


                                            31 December 2005       30 June 2005
                                      Note       (unaudited)          (audited)
                                                          £                  £

FIXED ASSETS

Tangible fixed assets                                     -             32,563
Investments                                       4,882,017          9,482,017
                                                   _________           ________

                                                  4,882,017          9,514,580

CURRENT ASSETS

Debtors                                               2,425             11,779
Cash at bank                                      9,432,825             34,791
                                                   _________           ________

                                                  9,435,250             46,570
CREDITORS

Amounts falling due within one year                (639,471)           (71,060)
                                                   _________           ________

TOTAL ASSETS LESS CREDITORS                      13,677,796          9,490,090
                                                   _________           ________

SHARE CAPITAL AND RESERVES

Share Capital                          1          1,651,470          1,501,336
Share Premium Account                  2          8,024,765            974,248
Profit and Loss Account                3          4,001,561          7,014,506
                                                   _________           ________

SHAREHOLDERS' FUNDS                              13,677,796          9,490,090
                                                   _________           ________




Notes: 
                                                   £
     1.  Share Capital -
         Balance 01.07.2005                1,501,336
         Transfer from Share Premium
         Account:
         15,015,361 'B' Shares of 1p         150,134
                                           _________
         Balance 31.12.2005                1,651,470
                                           _________
     2.  Share Premium Account -
         Balance 01.07.2005                  974,248
         Transfer to Share Capital:
         15,013,261 'B' Shares of 1p        (150,134)
         Transfer from Profit and
         Loss Account
         49p Premium on 'B' Shares         7,356,548
         Expenses of Share Capital          (155,897)
         Reorganisation
                                           _________
         Balance 31.12.2005                8,024,765
                                           _________
     3.  Profit and Loss Account -
         Balance 01.07.2005                7,014,506
         Profit for 6 months ended         4,343,603
         31.12.2005
         Transfer to Share Premium        (7,356,548)
         Account
                                           _________
         Balance 31.12.2005                4,001,561
                                           _________




CONSOLIDATED CASH FLOW STATEMENT


                                    Six months to  Six months to        Year to
                                      31 December    31 December        30 June
                                             2005           2004           2005
                                      (unaudited)    (unaudited)      (audited)
                                               £              £              £

Net cash outflow from operating
activities                              (161,479)       (94,126)       (64,519)

Returns on investment and
servicing of finance                      73,277         95,424         63,813

Taxation paid                                  -              -        (19,605)

Capital expenditure and
financial investment                   9,528,763              -        779,581
                                         ________       ________       ________

Cash inflow before financing           9,440,561          1,298        759,270

Financing                                (42,527)        41,875       (764,174)
                                         ________       ________       ________

Increase (decrease) in cash            9,398,034         43,173         (4,904)
                                         ________       ________       ________

Reconciliation of cash flow to
movement in net funds/(debt)

Increase (decrease) in cash            9,398,034         43,173         (4,904)

Cash outflow from decrease in debt             -              -        764,174

Cash inflow from decrease in
current asset                                  -              -        (94,332)
                                        _________       ________       ________

Change in net funds/(debt)
resulting
from cash flows                        9,398,034         43,173        664,938

Non-cash movements on debt                     -       (602,015)      (575,900)
                                        _________       ________       ________

Movement in net funds/(debt)           9,398,034       (558,842)        89,038

Net funds/(debt) brought forward          34,791        (54,247)       (54,247)
                                        _________       ________       ________

Net funds/(debt) carried forward       9,432,825       (613,089)        34,791
                                        _________       ________       ________






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