Half Yearly Report

RNS Number : 9593V

Westmount Energy Limited

23 January 2012

Westmount Energy Limited

Interim Results to 31 December 2011

CHAIRMAN'S REVIEW

The past six months have been one of change for your Company.

Having repaid a total of 160p to shareholders since flotation in 1995 it was your board's agreed strategy to seek a new direction and future for its shareholders.

On the 30^th November 2011 we announced that we had issued 2.2 million new shares at 20p to Gerard Walsh and Thomas O'Gorman who were both appointed directors of Westmount on the same date as the Issue. The new directors have considerable experience in the financing of the oil exploration industry and will seek new Investment opportunities for your Company while reviewing our existing investment portfolio.

I have also to report that Paul Anderson, who has been involved in Westmount's business since 1996, has resigned as a director and will cease providing company secretarial support in order to pursue his professional career and we would like to record our thanks for all his efforts over the past years and wish him well for the future. David King of Dominion Corporate Services Limited ("DCG") has been appointed as director and DCG as company secretary, to replace Paul and Bedell's, and we welcome him to the board.

The expenses for the half year include a larger than usual non cash item which relates to the formal requirement of IFRS to account for the options granted coincident with recent board appointments. The actual cash expenses for the six month period were £143,000 as compared with £154,000 for the same period in 2010.

We look forward a new and interesting phase of your Company's future.

Mervyn Bradlow

Chairman

Date: 20 January 2012



WESTMOUNT ENERGY LIMITED


CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2011
(Expressed in United Kingdom Sterling)

		Six months ended	Six months ended	Year ended
		31 Dec 2011	31 Dec 2010	30 June 2011
		(unaudited)	(unaudited)	(audited)
		£	£	£


Realised (loss)/gain on disposal of investments		(962,745)	1,466,481	1,499,314
Unrealised gain/(loss) on financial assets at fair value through profit or loss		911,865	(2,880,250)	(4,488,522)
Administration expenses		(359,020)	(175,909)	(334,523)
Operating loss		(409,900)	(1,589,678)	(3,323,731)
Interest receivable		42	3,275	4,429
Loss before tax		(409,858)	(1,586,403)	(3,319,302)

Taxation		-	-	-
Comprehensive loss for the period		(409,858)	(1,586,403)	(3,319,302)


Basic loss per share (pence)		(5.19)	(22.73)	(46.06)

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 2011
(Expressed in United Kingdom Sterling)

		Six months ended	Six months ended	Year ended
		31 Dec 2011	31 Dec 2010	30 June 2011
		(unaudited)	(unaudited)	(audited)
		£	£	£
ASSETS
Non current assets
	Financial assets at fair value through profit and loss	891,301	3,012,375	1,298,215

Current assets
	Trade receivables	4,816	4,754	7,228
	Cash and cash equivalents	787,281	3,450,124	291,519

		792,097	3,454,878	298,747

Total assets		1,683,398	6,467,253	1,596,962

LIABILITIES AND EQUITY
Current liabilities
	Trade and other payables	118,730	234,692	278,302

EQUITY

	Share Capital	1,946,060	1,396,060	1,506,060
	Share Premium Account	248,524	261,682	248,524
	Share Option Account	550,071	298,717	334,205
	Profit and Loss Account	(1,179,987)	4,276,102	(770,129)

Total equity		1,564,668	6,232,561	1,318,660

Total liabilities and equity		1,683,398	6,467,253	1,596,962


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 2010	1,396,060		261,682	277,210	5,862,505		7,797,457

Total comprehensive income
Loss for the period ended 31 December 2010	-		-	-	(1,586,403)		(1,586,403)

Transaction with owners
Costs of share options	-		-	21,507	-		21,507
	-		-	21,507	-		21,507

At 31 December 2010	1,396,060		261,682	298,717	4,276,102		6,232,561

Total comprehensive income
Loss for the period ended 30 June 2011		-	-	-	(1,732,899)		(1,732,899)

Transaction with owners
Issue of ordinary shares	110,000		-	-		-	110,000
Premium on ordinary shares	-		89,250	-		-	89,250
Issue of B shares	75,303		(75,303)	-		-	-
Redemption of B shares	(75,303)		-	-	(3,313,332)		(3,388,635)
Redemption costs	-		(27,105)	-		-	(27,105)
Cost of share options	-		-	35,488		-	35,488
	110,000		(13,158)	35,488	(3,313,332)		(3,181,002)

At 30 June 2011	1,506,060		248,524	334,205	(770,129)		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
Cost of share options	-		-	215,866	-		215,866
	440,000		-	215,866	-		655,866

At 31 December 2011	1,946,060		248,524	550,071	(1,179,987)		1,564,668


WESTMOUNT ENERGY LIMITED


CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2011
(Expressed in United Kingdom Sterling)

		Six months ended	Six months ended	Year ended
		31 Dec 2011	31 Dec 2010	30 June 2011
		(unaudited)	(unaudited)	(audited)
	Notes	£	£	£

Net cash outflows from operating activities	1	(300,314)	(127,956)	(209,946)

Purchase of investments		-	(1,024,785)	(1,024,786)
Sale of investments		356,034	2,083,991	2,222,713
Interest received		42	3,275	4,429
Net cash generated from investing activities		356,076	1,062,481	1,202,356

Ordinary shares issued		440,000	-	199,250
Redemption of B shares		-	-	(3,415,740)
Net cash generated/(used) in financing activities		440,000	-	(3,216,490)



Net increase/(decrease) in cash and cash equivalents		495,762	934,526	(2,224,080)


Cash and cash equivalents at the beginning of the period		291,519	2,515,599	2,515,599

Cash and cash equivalents at the end of the period		787,281	3,450,124	291,519


WESTMOUNT ENERGY LIMITED


NOTES TO THE UNAUDITED INTERIM RESULTS
FOR THE PERIOD ENDING 31 DECEMBER 2011

1	Cash flow statement
	Reconciliation of net cash flow from operating activities
			Six months ended	Six months ended	Year ended
			31 Dec 2011	31 Dec 2010	30 June 2011
			(unaudited)	(unaudited)	(audited)

	Total comprehensive loss for the period		(409,858)	(1,586,403)	(3,319,302)
	Adjustment for interest income		(42)	(3,275)	(4,429)
	Adjustment for net (gain)/loss on investments at fair value through profit or loss		(911,865)	2,880,250	4,488,522
	Adjustment for costs attributable to share options		215,866	21,507	56,995
	Adjustments for realised gains on investments at fair value through profit or loss		962,745	(1,466,481)	(1,499,314)
	Decrease/(increase) in prepayments and accrued income		2,412	2,261	(213)
	(Decrease)/increase in creditors and accrued expenses		(159,572)	24,185	67,795
	Net cash outflow from operating activities		(300,314)	(127,956)	(209,946)

2	Investments
			Six months ended	Six months ended	Year ended
			31 Dec 2011	31 Dec 2010	30 June 2011
			(unaudited)	(unaudited)	(audited)
			£	£	£

	Desire PLC, at market value		430,000	1,217,625	423,115
	Cost, 2 million shares		874,643	1,115,174	1,071,438
	(31 December 2010: 2.55 million, 30 June 2011: 2.45 million shares)

	Sterling Energy, at market value		340,001	1,263,750	592,500
	Cost, 0.85 million shares		1,467,208	2,589,192	2,589,192
	(31 Dec 2010: 1.5 million, 30 June 2011: 1.5 million shares)

	Argos Resources Limited, at market value		121,300	531,000	282,600
	Cost, 1 million shares		310,775	372,930	310,775
	(31 Dec 2010: 1.2 million, 30 June 2011: 1 million shares)

		Total market value	891,301	3,012,375	1,298,215

		Total cost	2,652,626	4,077,293	3,971,405

		Current period movement	(1,761,325)	(1,064,918)	(2,673,190)
		Reverse prior year FV adjustment	2,673,190	(1,815,332)	(1,815,332)

		Current period income statement impact	911,865	(2,880,250)	(4,488,522)