Interim Results

Westmount Energy Limited
9 April 2001

Monday, 9th April 2001





                           WESTMOUNT ENERGY LIMITED

                      INTERIM RESULTS FOR THE SIX MONTHS

                            ENDED 31 DECEMBER 2000



Westmount Energy Limited and its subsidiaries ('the Group') today announces
its interim results, as follows:


  * Profit after tax of £122,503 (1999 : £112,968)

  * Turnover of £472,375 (1999 : £82,513)

  * Earnings per share of 0.9p (1999 : 0.9p)

  * The Group's income is derived principally from its overriding royalty
    and working interests in the Gulf of Mexico and its overriding royalty
    interest in the North Sea producing Buchan Oilfield. The profits for 1999
    included £176,047 arising from the sale of certain investments.

  * The Group owns 20 million fully paid ordinary shares in the AIM quoted
    Fusion Oil & Gas plc ('Fusion'), representing approximately 22% of
    Fusion's issued share capital. This investment provides the Group with a
    substantial indirect interest in Fusion's exploration projects offshore
    West Africa in 9 licences across 7 countries.

  * Through its investment of 5,500,000 shares in AIM quoted Desire
    Petroleum plc ('Desire') representing approximately 5.4% of the issued
    share capital of Desire, the Group has a significant continuing interest
    in oil exploration offshore the Falkland Islands as well as the appraisal
    of a gas discovery onshore Portugal.

Commenting on the results, Mr Derek Williams, Chairman stated:

'Turnover has increased substantially due to higher oil and gas prices and the
income from 3 new wells in the Gulf of Mexico. The drilling of 2 wells
offshore Mauritania, in which Fusion is being free carried by farmout, over
the next few months will be of considerable interest to the Group.'


                                          -Ends-

For further information, please contact:
Derek Williams
Chairman, Westmount Energy Limited                     Tel:   [phone]
Andrew Edwards
Investec Henderson Crosthwaite Corporate Finance       Tel:   [phone]
David Simonson
Merlin Financial & Corporate Public Relations          Tel:   [phone]



Attached: Full text of the Chairman's Interim Review plus unaudited
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 2,000 shareholders.

Copies of this Press Release will be available from the offices of Investec
Henderson Crosthwaite Corporate Finance, 2 Gresham Street, London EC2V 7QP up
to and including 1 May 2001.



CHAIRMAN'S INTERIM REVIEW

I am pleased to report profits before taxation for the six months ended 31
December 2000 of £275,863 (£122,503 after taxation) compared with profits
before taxation of £124,715 (£112,968 after taxation) in the first half of
last year. Turnover, arising mainly from the Group's North Sea and Gulf of
Mexico interests, is up to £472,375 for the period under review, compared with
£82,513 for the same period last year and £357,843 for the year ended 30 June
2000.

Trading has improved due to the higher oil and gas prices obtained, a full six
months income for the additional well drilled in the Gulf of Mexico last year
and from two further wells that have recently been brought to production in
the area. The results for the six months were achieved without the benefit
received in the same period last year from profits of £176,047 arising from
the sale of certain investments.

Following the successful flotation and £15 million fundraising by Fusion Oil &
Gas plc ('Fusion') in September 2000, the Group holds approximately 22% of the
entire issued share capital of Fusion. The middle market closing price on 2
April 2001 of a Fusion share was 441/2p placing a current value of £8.9
million on the Group's holding of 20 million fully paid shares, equivalent to
approximately 651/2p for each Westmount 10p share in issue.

The shares in Westmount, of which there are currently 13,576,530 in issue,
commenced trading on AIM on 2 October 1995 at 15p. The last middle market
closing price at the end of the year on 29 December 2000 was 371/2p (30
December 1999: 471/2p) and on 2 April 2001, 48p. The shareholder list contains
approximately 2,000 investors. The daily market price of the Company's shares
is published in the Financial Times, the Daily Mail and the Evening Standard.

Following the adoption of the necessary new Articles of Association by special
resolution of the Company at the Annual General Meeting held on 11 December
2000, the Company's shares have been admitted to the CREST system for
settlement.

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

United Kingdom - 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 2000 totalled 1,130,909 barrels compared with 1,060,398 barrels for
the same period in the previous year. Equipment is now being mobilised for the
continuation of the technically innovative coiled tubing drilling project to
sidetrack existing wells B3 and B6, which is expected to boost output from the
field. On the basis of the ultimate success of the programme, Talisman has
estimated remaining production for the field to be in the order of 30 million
barrels with production continuing to the end of the present decade.

North America - Gulf of Mexico and Onshore Louisiana

The Group owns a 0.6167% overriding royalty on production from the South
Timbalier 176 Field (Block 162) offshore Louisiana in the Gulf of Mexico.
Income is received from BP Amoco, Coastal Oil & Gas and Tri-Union Development
Corporation. Two further wells have recently been brought to production by
Coastal Oil & Gas. The Group also owns up to a 0.375% overriding royalty in
the College Point Field located in St James Parish, Louisiana, operated by
Linder Oil Company. Total income received from these properties for the six
months ended 31 December 2000 was US$140,000 compared with US$28,000 for the
same period last year.

The Group also owns a working interest of 3.125% in the Eugene Island area
(Block 255), Gulf of Mexico, operated by Forest Oil Corporation. Income from
production for the period under review totalled US$417,000 compared with
US$90,000 for the same period last year.

Falkland Islands - South Atlantic and Portugal Onshore

The Company owns 5,500,000 ordinary shares of Desire Petroleum plc ('Desire')
at a carrying cost of approximately 9p per share. The middle market closing
price on 2 April 2001 of a Desire share was 17p, placing a current value of £
935,000 on the Company's holding equivalent to approximately 7p for each
Westmount 10p share in issue. This holding provides the Company with a
significant indirect investment in the North Falkland Basin and the appraisal
of a gas discovery onshore Portugal.

Desire has recently participated in the acquisition of a further 2,000
kilometres of 2D seismic over the North Falkland Basin, to increase the
seismic coverage over some of the major prospects, which is presently being
processed. Desire is also pursuing opportunities to bring new partners into
the project to finance a resumption of drilling in the area.

West Africa

Through its investment in Fusion, the Group holds a substantial indirect
interest in Fusion's exploration projects offshore West Africa. Fusion holds
interests in 9 licences across 7 countries, comprising Mauritania, the Gambia,
Senegal, Guinea Bissau, Ghana, Gabon and Cameroon.

Fusion, along with its joint venture partners, is now participating in its
first drilling programme offshore Mauritania with Woodside Petroleum as
operator.

The semi-submersible drilling rig Saipem Scarabeo 7 is now on location for the
drilling of two wells for which Fusion is free carried under the farmout
arrangements with Woodside and Agip.

The first well Chiguetti-1 is projected to take 30-40 days to reach its
objective. The well will target the Khede prospect. This prospect consists of
stacked tertiary targets draped over a salt diapir in a water depth of 800
metres. The primary target is interpreted as Miocene sand at an approximate
depth of 2,365 to 2,500 metres. The proposed total depth is 2,620 metres below
sea level.

The second well Courbine-1 is projected to take 40-60 days and will target the
Courbine prospect. This prospect consists of an interpreted cretaceous canyon
fill sequence draped over a toe thrust at an approximate depth of 3,720 to
3,920 metres below sea level, in a water depth of 1,200 metres. Base case
total depth is 4,000 metres, however an operationally contingent total depth
of 4,800 metres is carried as an option and would allow a test of a deeper
potential reservoir.

Both wells are designed to provide maximum information about the various
petroleum systems that are thought to be present in the basin while at the
same time testing potentially economic reserves.

Eclipse Venture

After subscribing for 20% of the seed capital raised by Eclipse Energy Company
Limited ('Eclipse'), the Company holds approximately 14.75% of the issued
capital of Eclipse.

Eclipse has formulated a concept to realise value by exploiting stranded
offshore gas reserves and is scheduled to undertake its first project within
the next few months.

Russian Econeft Venture

The Company is still experiencing difficulty in collecting payment for the
conditional sale of this investment which was made in 1994, upon the
introduction by a former director of the Company.

The Board is now reviewing its position to decide the further action it should
take to recover the cost of the investment, which is equivalent to 1.645p for
each Westmount 10p share in issue.

Corporate Strategy

The Company maintains its strategy of holding direct interests in producing
oil and gas fields, principally in the North Sea and the Gulf of Mexico, where
there is also upside potential for reserves to provide continuing cash flow.
At the same time it invests indirectly, through other companies, at low risk
in energy ventures in other parts of the world where there is the possibility
to provide considerable enhancement to shareholder value on the funds
invested.



Derek G. Williams

Chairman

9 April 2001



CONSOLIDATED PROFIT AND LOSS ACCOUNT


                                    Six months to    Six months to      Year to
                                 31 December 2000 31 December 1999 30 June 2000
                                      (unaudited)      (unaudited)    (audited)
                                                £                £            £

Turnover                                  472,375           82,513      357,843
Operating costs                          (53,779)         (17,043)     (97,285)
                                          _______          _______      _______
Operating profit before
administrative expenses                   418,596           65,470      260,558

Administrative expenses                 (148,623)        (121,315)    (244,571)
                                          _______          _______      _______
                                          269,973         (55,845)       15,987

Interest receivable                         5,890            4,513        8,948
Profit on disposal of                           -          176,047      176,047
investments
                                          _______          _______      _______
Profit on ordinary activities
before taxation                           275,863          124,715      200,982

Taxation                                (153,360)         (11,747)     (79,833)
                                          _______          _______      _______
Profit on ordinary activities
after taxation                            122,503          112,968      121,149
                                          _______          _______      _______
Earnings per ordinary share                  0.9p             0.9p         0.9p



CONSOLIDATED BALANCE SHEET


                                               31 December 2000    30 June 2000
                                                    (unaudited)       (audited)
                                                              £               £

FIXED ASSETS
Tangible fixed assets                                   197,682         243,586
Investments                                           1,658,759       1,569,260
                                                       ________        ________
                                                      1,856,441       1,812,846
CURRENT ASSETS
Investments                                             223,339         223,339
Debtors                                                 190,239         210,707
Cash at bank                                            436,634         221,356
                                                       ________        ________
                                                        850,212         655,402
CREDITORS:
Amounts falling due within one year                   (238,306)       (109,792)
                                                       ________        ________

NET CURRENT ASSETS                                      611,906         545,610
                                                       ________        ________
NET ASSETS                                            2,468,347       2,358,456
                                                       ________        ________

SHARE CAPITAL AND RESERVES
Equity share capital                                  1,357,653       1,357,653
Share premium account                                   555,127         555,127
Profit and loss account                                 555,567         445,676
                                                       ________        ________
SHAREHOLDERS' FUNDS                                   2,468,347       2,358,456
                                                       ________        ________