Interim Results

Westmount Energy Limited
31 March 2003

                                 PRESS RELEASE

                           WESTMOUNT ENERGY LIMITED

                     INTERIM RESULTS FOR THE SIX MONTHS
                            ENDED 31 DECEMBER 2002


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 2002. Highlights are as follows:

•    Turnover of £67,428 (2001: £81,669).

•    Loss after Tax of £138,999, including an exceptional charge of £67,220 for 
     bank facility fees and interest (2001: £33,093 loss, after crediting
     profits of £61,060 from the disposal of investments).

•    Loss per share of 1.02p (2001: 0.24p).

•    As no investments were sold in the six months period ended 31 December 
     2002, no benefit has been included in the results from investment 
     activities. Profits are brought into account when realised.

•    Following the sale of the Company's wholly owned United States subsidiary 
     last year, apart from the Group's overriding royalty based upon 0.5% of 
     oil won and saved from Licence P241 in the central North Sea, including the
     major part of the producing Buchan Oilfield, the Group's investments 
     consist of shareholdings in other companies in the energy sector. The Group 
     invests principally in growing companies which hold the possibility of 
     considerable capital growth on the funds invested.

•    The Group presently owns interests in the issued share capitals of AIM 
     quoted Fusion Oil & Gas plc of 20.36%, Desire Petroleum plc of 5.12% and
     Sterling Energy plc of 1.55% as well as 14.82% of the issued share capital 
     of unquoted Eclipse Energy Company Limited.

•    The market value of the Group's three AIM quoted investments on 31 December 
     2002 totalled £6,810,000 compared with a carrying book value of £1,838,508, 
     showing an unrealised surplus on that date of £4,971,492.

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


                                    - Ends -


For enquiries, please contact:

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

Michael Ansell -     Investec Bank (UK) Limited
                     Tel: [phone]

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


Attached: Full text of the Chairman's Interim Review from the forthcoming
Interim Report, including the 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 shares 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 INTERIM REVIEW

For the six months ended 31 December 2002 the Group sustained a net operating
loss of £87,780 (2001: £83,326 loss). The loss on ordinary activities before
taxation and after charging an exceptional amount of £67,220 for bank facility
fees and interest was £138,216 (£138,999 loss after taxation). This compares
with a loss before taxation in the first half of last year, after crediting
profits of £61,060 from the disposal of investments, of £18,747 (£33,093 loss
after taxation). Turnover for the period under review totalled £67,428 compared
with £81,669 for the same period last year.

Following the sale last year of the Company's wholly owned United States
subsidiary, Westmount Resources, Inc., to Sterling Energy plc, apart from the
Group's overriding royalty based upon 0.5% of oil won and saved from Licence
P241 in the central North Sea, the Group's investments consist of shareholdings
in other companies in the energy sector.

The Group invests, principally in growing companies which hold the possibility
of considerable capital growth on the funds invested. As none of these
investments were sold in the six months ended 31 December 2002, no benefit has
been included in the results from these investment activities. Profits are only
brought to account when an asset is sold. The results for the six months ended
31 December 2001 included profits of £61,060 from the sale of investments.

The market value of the Group's three AIM quoted investments, referred to below,
on 31 December 2002 totalled £6,810,000 compared with a carrying book value of
£1,838,508, showing an unrealised surplus on that date of £4,971,492.

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.

The shares in the Company of which there are currently 13,576,530 in issue, held
by some 1,900 shareholders, commenced trading on AIM on 2 October 1995 at 15p.
The middle market closing share price on 31 December 2002 was 39.5p (31 December
2001: 47p). 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 Group's investments.

Licence P241 - 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 2002
totalled 1,197,158 barrels compared with 1,483,042 barrels for the same period
in the previous year.

On the exploration front Talisman has advised that well J-1 was drilled in the
Buchan area with drilling and testing completed on 4 October 2002. The testing
information is being assessed with input to the simulation model and a well is
now planned for the J-5 area in 2003.

Desire Petroleum plc

The group presently owns 5,500,000 shares of AIM quoted Desire Petroleum plc ('
Desire') representing approximately 5.12% of Desire's issued share capital at a
carrying cost of approximately 9.4p for each Desire share held.

This shareholding provides the Group with a continuing interest in Desire's
exploration, offshore the Falkland Islands. Desire has stated that it hopes to
be in a position to come to shareholders this year with definitive proposals
which would result in the recommencement of drilling in the North Falkland
Basin.

Fusion Oil & Gas plc

The Group owns 20,000,000 fully paid ordinary shares of AIM quoted Fusion Oil &
Gas plc ('Fusion') representing approximately 20.36% of the issued share capital
of Fusion at a carrying cost of approximately 5p for each Fusion share held.
Through this interest the Group has a substantial indirect stake in Fusion's
projects offshore West Africa.

The Group has been a seed capital investor in Fusion since 1999 and has
maintained its holding since that time.

Following Fusion's admission to AIM in September 2000 and the fundraising of
£15,000,000 at that time, Fusion has achieved success by its oil discoveries
offshore Mauritania during 2001 and 2002. Fusion has also achieved by the recent
farmout of certain of its other major properties offshore West Africa, a free
carry of an extensive exploration programme on those projects.

Eclipse Energy Company Limited

The Group owns 14.82% of the issued share capital of Eclipse Energy Company
Limited ('Eclipse') which is presently unquoted. Eclipse has developed an
innovative power generation concept whereby power would be generated from
offshore gas reserves, integrated with power generated from wind turbines in an
offshore generating station and then exported 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.

Eclipse is now in negotiation with third parties regarding the development and
financing of the project. Pending the funding of its financing requirements up
to the construction stage of the development of the project, the Company has
provided a short-term secured loan of £560,000 to Eclipse. The Company has
arranged a secured facility with its bankers to provide this loan.

Sterling Energy plc

The Group has retained 5,500,000 ordinary shares of AIM quoted Sterling Energy
plc ('Sterling'), representing 1.55% of the present issued share capital of
Sterling, which it acquired at 4.5p per share as part of the consideration from
the sale of its United States subsidiary, Westmount Resources Inc., in March
2002.

Sterling has been expanding its interests in the USA, mainly in the Gulf of
Mexico and the investment provides the Group with a continuing interest in an
area in which it had previously operated since 1994.

Interim Results

The comparative figures, shown in the attached Consolidated Profit and Loss
Account, relating to the six months ended 31 December 2001, have been amended
from those previously published on 27 March 2002, to reflect the audited
consolidation adjustments, following the sale in March 2002 of the Company's
United States subsidiary company. These adjustments were reflected in the
audited accounts for the year ended 30 June 2002.


Derek G. Williams
Chairman
31 March 2003


CONSOLIDATED PROFIT AND LOSS ACCOUNT


                                Six months to      Six months to       Year to
                             31 December 2002   31 December 2001  30 June 2002
                                  (unaudited)        (unaudited)     (audited)
                                           £                   £             £

Turnover                              67,428              81,669       165,137

Operating costs                       (5,282)           (11,292)       (15,421)
                                      _______           _______        _______

Operating profit before
administrative expenses               62,146             70,377        149,716

Administrative expenses             (149,926)          (153,703)      (309,621)
                                     _______            _______        _______
                                                       
Net operating loss                   (87,780)           (83,326)      (159,905)

Interest receivable                   16,784              3,519          5,151

Profit on disposal of investments          -             61,060         85,425

Bank facility fees and interest      (67,220)                 -              -
                                     _______            _______        _______

Loss on ordinary activities
before taxation                     (138,216)           (18,747)       (69,329)

Taxation                                (783)           (14,346)       (29,406)
                                     _______            _______        _______

Loss on ordinary activities
after taxation                      (138,999)           (33,093)       (98,735)
                                     _______            _______        _______

Loss per ordinary share                (1.02)p            (0.24)p        (0.73)p



CONSOLIDATED BALANCE SHEET

                                            31 December 2002       30 June 2002
                                                 (unaudited)          (audited)
                                                           £                  £

FIXED ASSETS

     Tangible fixed assets                            53,518            58,800
     Investments                                     941,719           941,719
                                                   _________         _________

                                                     995,237         1,000,519
CURRENT ASSETS

     Investments                                   1,026,987         1,026,987
     Debtors                                         591,902            59,973
     Cash at Bank                                     16,514           117,908
                                                   _________         _________


                                                   1,635,403         1,204,868
CREDITORS

     Amounts falling due within one year:
          Bank Loan                                 (565,650)                -
          Other                                      (74,173)          (75,572)
                                                   _________         _________

                                                    (639,823)          (75,572)
                                                   _________         _________

NET CURRENT ASSETS                                   995,580         1,129,296
                                                   _________         _________

NET ASSETS                                         1,990,817         2,129,815
                                                   _________         _________

SHARE CAPITAL AND RESERVES

     Equity share capital                          1,357,653         1,357,653
     Share premium account                           555,127           555,127
     Profit and loss account                          78,037           217,035
                                                   _________         _________

SHAREHOLDERS' FUNDS                                1,990,817         2,129,815                                          
                                                   _________         _________



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