Final Results

Westmount Energy Limited
11 November 2002


                                   WESTMOUNT ENERGY LIMITED



                                                              Registered Office:
                                                                     PO Box 298
                                                             23-25 Broad Street
                                                                      St Helier
                                                                 Jersey JE4 8TL
                                                                Channel Islands





11 November 2002

CONTACTS:

Derek Williams -            Chairman, Westmount Energy Limited
                            Tel: [phone]

Derek Rawlings -            Investec Bank (UK) Limited
                            Tel: [phone]

Paul Downes/ -              Merlin Financial & Corporate Public Relations
Dominic Barretto            Tel: [phone]





                                 PRESS RELEASE



                            WESTMOUNT ENERGY LIMITED



              PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2002



The Board of Westmount Energy Limited ('the Company') today announces the
preliminary results of the Company and its subsidiaries ('the Group') for the
year to 30 June 2002. Highlights are as follows:



•          Loss after tax of £98,735 (2001: £109,282).



•          Turnover of £165,137 (2001: £689,294).



•          Basic and diluted loss per share of 0.73p (2001: 0.80p).



•          The reduced turnover, reflecting the sale of the Company's wholly
owned United States subsidiary, Westmount Resources, Inc. during the year to
Sterling Energy plc (formerly LEPCO plc), includes income from the Group's
overriding royalty in the Buchan Oilfield, North Sea, and income from the Gulf
of Mexico oil and gas interests held for part of the year.



•          The main focus of the Company has remained in providing capital to
growing companies in the energy sector which hold the possibility of
considerable capital growth on the funds invested. The benefit from these
activities is only brought to profits when an asset is realised.



•          The combined worth of the Company's investments, including
shareholdings in AIM quoted Desire Petroleum plc, Fusion Oil & Gas plc and
Sterling Energy plc at the year end is much in excess of the carrying book
value.



•          It is the Board's intention to return capital to shareholders as and
when any substantial profits are realised upon the sale of a major asset.



Commenting on the Group's outlook, Mr Derek Williams, Chairman, stated:



'In spite of the continuing uncertainty in general market conditions since 9/11
the Company, in terms of asset value, has made further progress. The Board will
continue to rationalise the business of the Group to provide the maximum return
to shareholders and take advantage of opportunities for further benefit to the
Group.'





Attached: Full text of the Chairman's Review from the forthcoming Annual Report,
plus Report of the Directors, 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 of which there are
presently 13,576,530 in issue, held by some 1,900 shareholders. There are also
outstanding share options over 875,000 shares exercisable at 33.5p per share by
31 December 2004.



Copies of this Press Release will be available from the offices of Investec Bank
(UK) Limited, 2 Gresham Street, London EC2V 7QP for a period of one month from
today's date.



Chairman's Review



For the year ended 30 June 2002 the group sustained a loss before taxation of
£69,329 (£98,735 loss after taxation). This compares with profits before
taxation of £65,007 (£109,282 loss after taxation) for the year ended 30 June
2001.



Turnover arising mainly from the group's overriding royalty interest in the
Buchan Oilfield, North Sea and income from the Gulf of Mexico oil and gas
interests owned for part of the year, amounted to £165,137. This compares with
turnover of £689,294 for the previous year. The fall in turnover reflects the
sale of the group's Gulf of Mexico interests, which were held through the
Louisiana based subsidiary, Westmount Resources, Inc. This subsidiary was sold
to LEPCO plc (now renamed Sterling Energy plc) ('Sterling') for a total
consideration of £495,000, satisfied by the issue and allotment of 6,500,000 new
fully paid shares of Sterling to the company at 4.5p per share and £202,500 in
cash.



This sale was in line with the board's policy of concentrating the company's
business on entirely non-operated investment activities.



The main focus of the company to date has remained in providing capital to
growing companies in the energy sector which hold the possibility of
considerable capital growth on the funds invested. The benefit from these
activities is only brought to profits when an asset is realised.



The group now holds five major investments. These comprise its overriding
royalty interest in the producing Buchan Oilfield held though its wholly owned
UK based subsidiary, Westmount Petroleum UK Limited, the investments held
directly by the company in Desire Petroleum plc ('Desire'), Eclipse Energy
Company Limited ('Eclipse') and Sterling, and the interest held through the
company's Jersey based subsidiary, Westmount Resources Limited in the share
capital of Fusion Oil & Gas plc ('Fusion').



The combined worth of the company's investments at the end of the financial year
is much in excess of their carrying book value. This is evidenced by the
continued successful performance of the Buchan Oilfield, the market values of
the investments in Desire, Fusion and Sterling quoted on AIM and the progress
made by Eclipse, which is presently unquoted. Subject to the partial change in
investment policy below, it remains the board's intention to return capital to
shareholders as and when any substantial profits are realised upon the sale of a
major asset.



Having regard to present market conditions in the energy sector and the
company's own position, the board considers that there is some potential benefit
to the company and its shareholders by a partial change in the group's
investment policy by acquiring investments for the short term to form part of
the company's trading portfolio, in addition to the company's investments held
for the medium or long term. The company's subsidiary Westmount Resources
Limited is being used for this trading activity with effect from the end of the
last financial year and such activity will hopefully generate additional income
for the group. Investments held by this subsidiary will be retained normally for
only up to twelve months with the commencing date of 30 June 2002, and in the
case of subsequent investments from the date of acquisition. These investments
will be carried at the lower of cost or market value.



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



Buchan Oilfield, 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. Oil won and
saved from the P241 area in the year ended 30 June 2002 totalled 2,418,823
barrels, compared with 1,904,929 barrels in the previous financial year. The
interest was purchased in 1995 for a total cost of £143,379 and after provision
for amortisation is being carried at a book value of £58,800. In the period of
ownership up to the end of June 2002 this investment has produced gross income
of £780,370 being a return of over five times the cost of the investment. There
has been continuing good production performance with upgrading of reserves and
extension of life of the field.

Desire Petroleum plc



Since June 1996, the company has invested a total of £684,915 in the issued
share capital of Desire for which it has acquired 7,320,830 ordinary shares.
Desire's shares were admitted to AIM on 17 April 1998, and from June 1998 the
company has realised £745,100 from the sale of 1,829,830 ordinary shares. This
has resulted in the return of all the funds invested along with a surplus cash
flow of £60,185. The company has generated profits from the proceeds of the
shares sold of £328,781, £50,211, £176,047 and £24,365 respectively, in the four
financial years ended 30 June 1998, 1999, 2000 and 2002, totalling £579,404. The
company retains 5,500,000 ordinary shares representing 5.12% of the present
issued share capital of Desire, with a carrying book value of £519,219,
equivalent to approximately 9.4p for each Desire share held. The middle market
closing price on 4 November 2002 of a Desire share was 11.25p. This shareholding
provides the company with a significant indirect investment in exploration of
the North Falkland Basin, South Atlantic.



Of the six wells drilled offshore in the North Falkland Basin in 1998, five
recorded oil, or oil and gas, shows. The first phase of drilling has
demonstrated that this basin contains a working, hydrocarbon system. Desire has
identified 8 major prospects with a total, unrisked, recoverable-reserve
potential exceeding 2 billion barrels of oil. Desire holds licence interests in
tranches C, D, F, I and L and has been in discussions with other licence holders
in tranche F and tranche A.  A consortium may be formed to unitize the various
interests and it is probable that as Desire is the holder of the largest
interest in the Basin, it would become the operator of the next phase of
exploration. Desire has stated that early next year it hopes to be in a position
to come to shareholders with a definitive proposal which would result in the
recommencement of drilling in the North Falkland Basin, possibly in the austral
summer of 2003.



Fusion Oil & Gas plc



Since February 1999, the group has invested a total of £1,026,789 in the issued
share capital of Fusion. These investment funds were utilised partly from the
cash proceeds of sale of certain Desire shares, referred to in this review and
partly from the proceeds of £500,000 arising from a share placing of 2,000,000
new shares by the company at 25p in August 1999. Following the admission of
Fusion's shares to AIM on 28 September 2000, the group owns 20,000,000 fully
paid ordinary shares in Fusion representing 21.48% of the issued share capital
of that company at 30 June 2002. Accordingly, the carrying value in the books of
the group of this shareholding is equivalent to approximately 5p for each Fusion
share held. The middle market closing price on 4 November 2002 of a Fusion share
was 33p. This investment in Fusion provides the group with a substantial
indirect interest in Fusion's projects offshore West Africa.



Fusion holds interests in 8 exploration licences across 6 countries, comprising
Mauritania, The Gambia, Senegal, Guinea-Bissau, Cameroon and Gabon. In the
period April/July 2001, Fusion, along with its joint venture partners,
participated in its first drilling programme offshore Mauritania with Woodside
as operator, for which Fusion was free carried for its 6% interest under the
farmout arrangements with Woodside and Agip. This 2 well drilling programme
resulted in an oil discovery on Fusion's maiden well. The success of the first
well, Chinguetti-1, offshore Mauritania opened up a new oil producing province.
The second well, Courbine-1A ST, was a sub-commercial gas discovery.



Following the assessment of these results and the carrying out of further
seismic, a three well drilling campaign for 2002 during the period July/October
on the Mauritania acreage has resulted in further success. The step out
exploration well Chinguetti-4-2 encountered several oil-bearing Tertiary
sandstones over a gross hydrocarbon column of 94 metres in the upthrown block.
Drilling of the Chinguetti-4-3 exploration well then followed on a completely
separate geological feature, known as the Banda prospect, which lies in the same
Tertiary reservoir fairway as the originally drilled Chinguetti accumulation and
is located in Licence PSC A in which Fusion holds a 3% interest. Chinguetti-4-3
encountered a 133 metre gross hydrocarbon column. Following the completion of
this well, the Mauritania PSC A and PSC B joint venture commenced drilling the
appraisal well Chinguetti-4-4 located in the southern sector of the Chinguetti
structure in PSC B. The Chinguetti-4-4 well and the original Chinguetti-1 well
have together proven a minimum gross oil column of 280 metres in the downthrown
block. These results provide sufficient encouragement for the joint venture to
proceed with further planning for the commercial development of the Chinguetti
accumulation.




Fusion has also recently completed the farmout of its operated deepwater
licences in The Gambia, AGC (Senegal/Guinea Bissau) and Cameroon to Amerada Hess
and will retain a 20% interest in these licences and be free carried for 3D
seismic and for the drilling of up to two wells on each licence.



Fusion remains active as well in the pursuit of new ventures in the region and
has announced the signature of a technical co-operation agreement with the
Government of the Saharawi Arab Democratic Republic ('SADR'). Fusion will
conduct a detailed evaluation of the offshore area of Western Sahara immediately
north of Mauritania and subsequently will have the right to licence up to three
exploration blocks, contingent upon SADR's admission to the United Nations.



Eclipse Energy Company Limited



By subscribing for 20% of the seed capital raised by Eclipse founded in February
1999, the company owns 14.82% of the issued share capital of Eclipse, which is
presently unquoted. Eclipse has developed an innovative power generation concept
whereby power would be generated from stranded offshore gas reserves, integrated
with power generated from wind turbines in an offshore generating station and
then exported as electricity by cable to the National Grid.



Eclipse holds licences over blocks 113/28 and 113/29 off Barrow-in-Furness in
the East Irish Sea and is formulating a plan for this first development project.
This will involve further interim financing and the company may provide up to a
maximum of £1.2 million towards this fundraising. Pending completion of the
arrangements the company has advanced to Eclipse £500,000 on a short-term basis.



Sterling Energy plc



Following the sale of the company's United States subsidiary to Sterling
(formerly LEPCO), the company owns 6,500,000 ordinary shares of Sterling, which
it acquired at 4.5p per share. The middle market price of a Sterling share on 4
November 2002 was 5.25p.



Sterling Energy Limited was reversed into Sterling recently and as a result the
company's shareholding represents 2.47% of the enlarged share capital of
Sterling. With the new management team at Sterling and the expansion of its
interests in the USA, mainly in the Gulf of Mexico, this investment provides the
company with a continuing interest in the area where the group had carried on
business since 1994.



Outlook



In spite of the continuing uncertainty in general market conditions since 9/11
the company, in terms of asset value, has made further progress. The board will
continue to rationalise the business of the group to provide the maximum return
for shareholders and take advantage of opportunities for further benefit to the
group.





Derek G. Williams
Chairman
11 November 2002








REPORT OF THE DIRECTORS
TO THE MEMBERS OF WESTMOUNT ENERGY LIMITED


1.      The directors have pleasure in presenting the audited financial
statements of the company and of the group for the year ended 30 June 2002.

2.      The result for the year is set out on page 11 in the profit and loss
account.  The directors do not recommend the payment of a dividend in respect of
these accounts.

3.      Development of the group's activities and its prospects are reviewed in
the chairman's review on pages 4 to 6.
4.      The directors during the year were as follows:

         D G Williams (USA)
         P J Richardson
         M S D Yates

         Biographical Information

         Derek G Williams, Chairman, age 71, a founding director of the company,
appointed 18 November 1992, has many years experience in the international oil
industry and is a chartered accountant.  He was appointed to the board of
Charterhall PLC in 1965 and became chairman and chief executive in 1969, a
position he held for seventeen years. Charterhall was a British independent oil
company and a member of the consortium which discovered the North Sea producing
Buchan Oilfield in 1974.

         Charterhall was active in the UK offshore and onshore areas and in the
USA, Canada and Australia with offices in London, Denver, Calgary and Melbourne.
 Derek retired as chief executive of Charterhall in July 1986, upon the change
in control of Charterhall and left the board in July 1988.  Upon leaving
Charterhall and until he joined the company in 1992, he acted as an
international petroleum consultant.  After living for several years in Houston,
he became a US citizen in March 1994.

         He was appointed a non-executive director of Fusion Oil & Gas NL in
April 1999 and a non-executive    director of Fusion Oil & Gas plc in June 2000.
 In July 2002 he was appointed a non-executive director of Eclipse Energy
Company Limited.

         Peter J Richardson, age 46, a Jersey resident, and a director of the
company since 25 June 1998, is a director of fund management and special purpose
vehicle administration companies.  He was formerly for six years Corporate Trust
Manager of The Royal Bank of Scotland Trust Company (Jersey) Limited and for the
previous twenty years held senior positions with four major international banks,
including ten years in the role of trust officer for clients and ten years in
general banking and management.

         Marc S D Yates, age 42, a Jersey resident, and a director of the
company since 1 October 1998, is a partner in the Jersey based law firm, Ogier &
Le Masurier, and an advocate of the Royal Court of Jersey as well as an English
barrister of twenty years standing.  He also holds a number of public company
directorships.

5.      The secretary of the company throughout the year was The Royal Bank of
Scotland Trust Company (Jersey) Limited.

6.      The principal activity of the company is, and continues to be,
investment holding and of the group, investment holding and investment in oil
and gas exploration and production.


7.      The directors and their families have the following interests in the
shares and options over shares of the company.

                                  Ordinary shares of 10p each                     Share options
                               11 November      30 June      30 June     11 November     30 June      30 June
                                      2002         2002         2001            2002        2002         2001

         D G Williams (a)        1,510,000    1,510,000    1,510,000         250,000     250,000      250,000
         P J Richardson                  -            -            -         250,000     250,000      250,000
         M S D Yates                     -            -            -         250,000     250,000      250,000

        a) Including non-beneficial holdings of 675,000 shares at 30 June 2002 (675,000 at 30 June 2001).

8.      At 11 November 2002 notification had been received of the following
holdings of more than 3% of the issued capital of the company:

                                                        Number              %

         D G Williams                                  1,510,000          11.12
         J D Saville                                     817,500           6.02

9.      There are no service contracts with directors.  However, Ridge House
Resources Limited, a company in which D G Williams is interested is entitled to
a commission of 3% of profits arising from the group's current interest held
through Desire Petroleum plc and any future interests in the Falkland Islands. 
Further details are contained in note 4 to the financial statements on page 20.

10.     The company is not resident in the United Kingdom and is, therefore, not
a close company within the meaning of the United Kingdom Income and Corporation
Taxes Act 1988.

11.     The movements in fixed assets are shown in notes 7 and 8 to the
financial statements on pages 22 to 24.

12.     The group does not follow any specified code or standard on payment
practice.  However, it is group policy to settle all debts owing on a timely
basis, taking account of the credit period given by each supplier.  The group
has few trade creditors and the majority of year end credit was due to
professional advisers.  For this reason, the directors consider that the
publication of the number of creditor days would not provide meaningful
information.

13.     On 8 July 2002 the company entered into an agreement with The Royal Bank
of Scotland plc ('the Bank') under the terms and conditions of which the Bank
agreed to make available to the company a loan up to a maximum of £1,270,000 to
assist with the purchase of shares in Eclipse Energy Company Limited up to
£1,200,000 and associated costs.  This loan has been secured on various assets
of the company and its subsidiaries.  In addition D G Williams has provided a
personal guarantee to the Bank to enable the company to obtain the facility.

         Under the terms of an agreement dated 8 July 2002 between the company
and D G Williams in consideration of him agreeing to providing a guarantee to
The Royal Bank of Scotland plc of £500,000 together with interest on that sum
and expenses, the company has agreed to pay D G Williams a fee equal to 3 % of
profits realised by the company on the investment in Eclipse Energy Company
Limited.

         Other significant post balance sheet events are described in detail in 
the chairman's review.


14.     Company law requires the directors to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of
the company and of the group and of the profit or loss of the group for that
year.  In preparing these financial statements, the directors are required to:

•         Select suitable accounting policies and then apply them consistently;
•         Make judgements and estimates that are reasonable and prudent;
•         State whether applicable accounting standards have been followed, 
          subject to any material departures disclosed and explained in the 
          financial statements;
•         Prepare the financial statements on the going concern basis unless it 
          is inappropriate to assume that the company will continue in business.

         The directors are responsible for keeping proper accounting records
which disclose with reasonable accuracy at any time the financial position of
the company and of the group and to enable them to ensure that the financial
statements comply with the Companies (Jersey) Law 1991.  They are also
responsible for safeguarding the assets of the group and hence for taking
reasonable steps for the prevention and detection of fraud, error and non-
compliance with laws and regulations.



         The directors confirm that they have complied with these requirements
and, at the time of approving these financial statements, have a reasonable
expectation that the group has adequate resources to continue in operational
existence as a going concern for the foreseeable future.  For this reason they
continue to adopt the going concern basis in preparing the financial statements.


15.     A resolution to re-appoint the auditors, Moore Stephens, and authorising
the directors to fix their remuneration will be submitted to the forthcoming
annual general meeting.


                                                                      By Order of the Board

                                                                       For and on behalf of
                                                                 The Royal Bank of Scotland Trust
                                                                     Company (Jersey) Limited


                                                                          L M G THEBAULT

                                                                            Secretary


PO Box 298
23-25 Broad Street
St Helier
Jersey
JE4 8TL
Channel Islands



11 November 2002




CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2002


(Expressed in United Kingdom Sterling)


                                                                            2002                               2001
                                                             £                 £                 £                £

Turnover
  Continuing operations                                137,900                             154,039
  Discontinued operations                               27,237                             535,255
                                                                        165,137                            689,294

Operating costs                                                         (15,421)                          (115,285)
Operating profit before
administrative
expenses                                                                149,716                            574,009
Administrative expenses                                                (309,621)                          (299,575)

Net operating (loss)/profit
  Continuing operations                              (176,944)                           (164,656)
  Discontinued operations                              17,039                             439,090
                                                                       (159,905)                           274,434

Interest receivable                                     5,151                              13,911
Amount written off investment                             (1)                            (223,338)
Profit on disposal of subsidiary
undertaking                                            61,060                                   -
Profit on disposal of investments                      24,366                                   -
                                                                         90,576                           (209,427)
Net (loss)/profit on ordinary
activities
before taxation                                                         (69,329)                            65,007
Tax on net income on ordinary
activities                                                              (29,406)                          (174,289)
Loss for the year                                                       (98,735)                          (109,282)

Basic and diluted loss per share                                         (0.73)p                            (0.80)p







STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 JUNE 2002                                           2002                              2001
                                                                             £                                 £

Loss for the year                                                     (98,735)                         (109,282)
Currency translation differences on
foreign currency net investments                                       (8,012)                          (12,612)
Total recognised losses relating to the year                         (106,747)                         (121,894)


There is no material difference between the (loss) profit for the year on ordinary activities before taxation
and the (loss) for the year as stated above, and their historical cost equivalents.




CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2002

(Expressed in United Kingdom Sterling)

                                                                    2002                             2001
                                                             £                £               £               £



FIXED ASSETS
Tangible fixed assets                                  58,800                           142,199
Investments                                           941,719                         1,708,760
                                                                     1,000,519                        1,850,959

CURRENT ASSETS

Investments                                         1,026,987                                -
Debtors                                                59,973                           51,134
Cash at bank                                          117,908                          536,427
                                                    1,204,868                          587,561
CREDITORS: amounts falling due
within one year                                       (75,572)                        (201,958)
NET CURRENT ASSETS                                                    1,129,296                         385,603


TOTAL ASSETS LESS CURRENT
LIABILITIES                                                           2,129,815                       2,236,562






SHARE CAPITAL AND RESERVES
Equity share capital                                                  1,357,653                       1,357,653
Share premium account                                                   555,127                         555,127
Profit and loss account                                                 217,035                         323,782


EQUITY SHAREHOLDERS' FUNDS                                            2,129,815                       2,236,562




These financial statements were approved by the Board of Directors on 11 
November 2002


D G WILLIAMS

Director











                      This information is provided by RNS
            The company news service from the London Stock Exchange