Interim Results

Westmount Energy Limited
27 March 2002




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

Derek Rawlings -                Investec Henderson Crosthwaite Corporate Finance
                                Tel: [phone]

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

27th March 2002


                                 PRESS RELEASE

                            WESTMOUNT ENERGY LIMITED

                       INTERIM RESULTS FOR THE SIX MONTHS
                             ENDED 31 DECEMBER 2001

The Board of Westmount Energy Limited ('the Company') today announces the
interim results of the Company and its subsidiaries ('the Group') for the six
months to 31 December 2001. Highlights are as follows:

•         Profit after tax of £127,121 (2000: £122,503).

•         Turnover of £81,669 (2000: £472,375).

•         Earnings per share of 0.9p (2000: 0.9p).

•         The interim results reflect the sale of the Company's wholly owned
          United States subsidiary, Westmount Resources, Inc to AIM quoted LEPCO
          plc ('LEPCO'), announced on 28 February 2002, as the transaction was 
          effective from 31 December 2001.

•         Turnover for 2001 relates mainly to the Group's income from its
          overriding royalty interest in the North Sea producing Buchan 
          Oilfield.

•         The Group owns 20 million fully paid ordinary shares in AIM quoted
          Fusion Oil & Gas plc ('Fusion'), representing 21.6% 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 8 licences across 6 countries.

•         Through its investment of 5,500,000 shares in AIM quoted Desire
          Petroleum plc ('Desire') representing 5.3% of the issued share capital
          of Desire, the Group has a significant continuing interest in oil 
          exploration offshore the Falkland Islands.

•         The Group owns approximately 14.75% of the issued share capital of
          the presently unquoted Eclipse Energy Company Limited ('Eclipse'). 
          Eclipse is now preparing a Field Development Plan for its first 
          project in the East Irish Sea, whereby power would be generated from 
          the gas reserves, integrated with power generated from wind turbines 
          in an offshore generating station and exported by cable to the 
          National Grid.

•         As a result of the sale of Westmount Resources, Inc the Group now
          owns 6,500,000 ordinary shares of LEPCO, representing 14.27% of 
          LEPCO's issued ordinary share capital. Through this shareholding the 
          Group retains an ongoing interest in the USA.

CHAIRMAN'S INTERIM REVIEW

I am pleased to report profits before taxation for the six months ended 31
December 2001 of £237,373 (£127,121 after taxation) compared with profits before
taxation of £275,863 (£122,503 after taxation) in the first half of last year.
These results reflect the sale announced on 28 February 2002 of the Company's
wholly owned Louisiana based United States subsidiary company, Westmount
Resources, Inc to AIM quoted oil and gas company LEPCO plc ('LEPCO') for a total
consideration of £495,000, satisfied by the issue and allotment of 6,500,000 new
fully paid ordinary shares of LEPCO to the Company at 4.5p per share and
£202,500 in cash.

Turnover for the period under review arising mainly from the Group's North Sea
and Gulf of Mexico interests was reduced from £472,375 to £81,669, compared with
the same period last year. This is due to reduced production from the United
States properties and the substantially reduced gas prices obtained. The results
include, however, the profit of £317,180 realised on the sale to LEPCO. This
sale is in line with the Board's current strategy of streamlining the Company's
business into entirely non-operated investment activities. Production arising
from the overriding royalty and working interests in oil and gas properties
offshore Louisiana, Gulf of Mexico and the overriding royalty interests onshore
Louisiana had been exceptionally profitable in recent years but were in decline.
There remains, however, the possibility of workovers and additional wells being
drilled on the properties in the future. The sale to LEPCO, with its recently
appointed new management team and planned expansion of its interests in the USA,
provides the Company with an ongoing interest in the USA and a significant stake
in LEPCO at an early stage of its future growth.

Turning to Westmount, the shares in the Company of which there are currently
13,576,530 in issue, held by some 2,000 shareholders, commenced trading on AIM
on 2 October 1995 at 15p. The middle market closing price on 31 December 2001
was 47p (29 December 2000: 37.5p) and on 21 March 2002 was 52.5p. There are also
outstanding share options over 875,000 shares exercisable at 33.5p per share by
31 December 2004.

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

United Kingdom - North Sea

The Company, through its wholly owned subsidiary company Westmount Petroleum UK
Limited, 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 2001
totalled 1,483,042 barrels compared with 1,130,909 barrels for the same period
in the previous year.

Work on the technically innovative coiled tubing drilling project over existing
wells B3 and B6 designed to boost production from the field continued. Talisman
remains optimistic that these operations will prove successful. The B3 well is
to be revisited and involves a re-entry and further drilling and the completion
of the drilling of B6 will also take place in 2002.

Falkland Islands - South Atlantic

The Company presently owns 5,500,000 ordinary shares of AIM quoted Desire
Petroleum plc ('Desire') representing approximately 5.3% of the issued share
capital of Desire, at a carrying cost of approximately 9.4p per share. The
middle market closing price of a Desire share on 31 December 2001 was 20.75p (29
December 2000: 20p) and on 21 March 2002 was 16.25p.

This holding provides the Company with a significant indirect investment in oil
exploration in the North Falkland Basin. Progress is continuing with farmout
opportunities with a view to bringing new partners into the project to finance a
resumption of drilling in the area.

West Africa

Through its wholly owned subsidiary company Westmount Resources Limited, the
Company owns 20,000,000 fully paid ordinary shares of AIM quoted Fusion Oil &
Gas plc ('Fusion') representing approximately 21.6% of the issued share capital
of Fusion at a carrying cost of approximately 5p per share. This investment
provides an indirect interest in the projects of Fusion in 8 oil exploration
licences across 6 countries of West Africa, comprising Mauritania, the Gambia,
Senegal, Guinea-Bissau, Cameroon and Gabon. The middle market closing price of a
Fusion share on 31 December 2001 was 35p (29 December 2000: 30p) and on 21 March
2002 was 30p.

Fusion's first drilling campaign offshore Mauritania in mid-2001, operated by
Woodside, resulted in one oil and gas discovery, the Chinguetti discovery well,
and one sub-commercial gas discovery. These wells have provided data that has
improved both the understanding and prospectivity of not just the Mauritanian
acreage but also the Fusion acreage in the Gambia and the Senegal/Guinea-Bissau
common zone. The results of the 2001 Mauritania exploration drilling programme
have now been fully evaluated and have encouraged the joint venture to acquire
additional 3D seismic which is currently in progress. In July or August this
year, the drilling of one or possibly two appraisal wells on the Chinguetti oil
and gas accumulation and a contingent exploration well on a nearby prospect will
commence. Progress is also being made in Fusion's other licence areas where
several seismic exploration programmes have now been completed and continue to
be evaluated. Fusion is currently in discussions with several international oil
companies who have expressed interest in contributing by farm-in to further
exploration of certain of Fusion's licences.

Eclipse Venture

By subscribing for 20% of the seed capital raised by Eclipse Energy Company
Limited ('Eclipse') the Company owns approximately 14.75% of the issued share
capital of Eclipse, presently unquoted.

Eclipse was founded in February 1999 with the objective of developing known
hydrocarbon accumulations in offshore reservoirs using what the directors of
Eclipse believe to be both a practical and innovative technical and business
concept. The concept devised by Eclipse is to integrate power generation from '
fallow' gas reserves with that from wind turbines in an offshore generating
station. By so doing, sub-commercial or 'fallow' hydrocarbon discoveries can be
developed and an opportunity provided to accelerate commercial offshore wind
farming, through use of shared infrastructure and aggregation of supply. Eclipse
has identified a number of potential development projects to which this concept
could be applied. The 'fallow' accumulations in East Irish Sea Blocks 113/28 and
113/29 were identified as a priority project on the United Kingdom Continental
Shelf. Eclipse has expended significant costs to date on independent
environmental and engineering studies that support the belief that the two
fallow fields in Blocks 113/28 and 113/29 provide an optimal opportunity for
demonstrating this concept. The award of licences for these blocks in August
2001 was therefore very significant to the future success of the Eclipse
development concept and its application to both this and other energy projects
on the UK Continental Shelf.

Eclipse is now formulating a development plan for the next stage of its East
Irish Sea project as well as researching follow-up projects, which have already
been identified.

LEPCO

Following the sale of the Company's United States subsidiary to LEPCO as
referred to above, the Company now owns 6,500,000 ordinary shares of LEPCO,
which it acquired at 4.5p per share, representing 14.27% of the issued ordinary
share capital of that company. The middle market closing price of a LEPCO share
on 21 March 2002 was 4.75p. LEPCO's other oil and gas interests include a small
portfolio of producing interests in North America, an 89.5% interest in Block 47
/9c in the UK Southern Gas Basin and small exploration interests in acreage
onshore UK and the Netherlands.

Interim Accounts

The following unaudited consolidated profit and loss account for the six months
to 31 December 2001 and unaudited consolidated balance sheet at 31 December 2001
reflect the sale of the Company's wholly owned subsidiary company, Westmount
Resources, Inc which was completed on 6 March 2002.

Derek G. Williams
Chairman
27 March 2002


CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                                             Six months to           Six months to          Year to
                                                          31 December 2001        31 December 2000     30 June 2001
                                                               (unaudited)             (unaudited)        (audited)
                                                                         £                       £                £
Turnover                                                            81,669                 472,375          689,294
Operating costs                                                   (11,292)                (53,779)        (115,285)
                                                                   _______                 _______          _______
Operating profit before
administrative expenses                                             70,377                 418,596          574,009

Administrative expenses                                          (153,703)               (148,623)        (299,575)
                                                                   _______                 _______          _______
                                                                  (83,326)                 269,973          274,434

Interest receivable                                                  3,519                   5,890           13,911

Profit on disposal of investment                                   317,180                       -                -

Amount written off investment                                            -                       -        (223,338)
                                                                   _______                 _______          _______


                                                                   320,699                   5,890        (209,427)
                                                                   _______                 _______          _______

Profit on ordinary activities
before taxation                                                    237,373                 275,863           65,007

Taxation                                                         (110,252)               (153,360)        (174,289)
                                                                   _______                 _______          _______

Profit (Loss) on ordinary activities
after taxation                                                     127,121                 122,503        (109,282)
                                                                   _______                 _______          _______

Earnings (Loss) per ordinary share                                    0.9p                    0.9p           (0.8p)



CONSOLIDATED BALANCE SHEET                                     31 December 2001             30 June 2001 
                                                                    (unaudited)                (audited)
                                                                              £                        £
FIXED ASSETS
Tangible fixed assets                                                    62,928                  142,199
Investments                                                           2,001,260                1,708,760
                                                                       ________                 ________


                                                                      2,064,188                1,850,959

CURRENT ASSETS
Debtors                                                                  35,051                   51,134
Cash at bank                                                            184,950                  536,427
                                                                       ________                 ________


                                                                        220,001                  587,561

CREDITORS:
Amounts falling due within one year                                   (183,909)                (201,958)
                                                                       ________                 ________

NET CURRENT ASSETS                                                       36,092                  385,603
                                                                       ________                 ________

NET ASSETS                                                            2,100,280                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                                                 187,500                  323,782
                                                                       ________                 ________

SHAREHOLDERS' FUNDS                                                   2,100,280                2,236,562
                                                                       ________                 ________


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