Interim Results - 6 Months to 31 December 1999

Westmount Energy Limited
27 April 2000


       CONTACTS:

       Derek Williams -   Chairman, Westmount Energy Limited
                          Tel: [phone]
       Andrew Edwards -   Investec Henderson Crosthwaite Corporate Finance
                          Tel: [phone]
       Paul Downes -      Merlin Financial 
                          Tel: [phone]



WESTMOUNT ENERGY LIMITED

INTERIM RESULTS FOR THE SIX MONTHS 
ENDED 31 DECEMBER 1999

Westmount Energy Limited ('Westmount') today announces its interim results, as
follows:

-Turnover arising from the Group's North Sea and Gulf of Mexico interests     
 increased to £82,513 (1998: £61,200).

-Profit after tax of £112,968 (1998: Loss after tax of £35,509).

-Earnings per share of 0.9p (1998: Loss of 0.3p).

-Trading has improved due to higher oil prices, the drilling of a successful  
 well in the Gulf of Mexico and the profit realised from the sale of certain  
 investments in the first half accounting period.

-The principal focus has been the increased investment in Fusion Oil & Gas NL 
 ('Fusion') to 33% of Fusion's fully paid shares in issue to fund the further 
 development of Fusion's oil and gas exploration assets offshore West Africa.

-Westmount has recently agreed to invest an initial £130,000 for 20% of the   
 seed capital being raised by Eclipse Energy Company Limited ('Eclipse').     
 Eclipse has entered into a joint venture with Independent Energy Resources   
 Limited to exploit 'stranded' gas offshore accumulations by means of new     
 technological and business concepts.

-Through its interest of approximately 5.5% in the issued share capital of the
  AIM quoted Desire Petroleum plc ('Desire'), Westmount has retained an       
  important interest in the exploration of the North Falkland Basin and in the
  appraisal of a gas discovery onshore Portugal.

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

    'With improved oil prices, the forthcoming expected flotation of Fusion on
     the AIM market later this year, the new venture with Eclipse and the     
     activity from Desire's drilling in Portugal, the next six months will be 
     particularly active.  Westmount has assets for creating excellent value  
     for its shareholders over the coming years.'

Attached: Full text of the Chairman's Interim Review plus unaudited
Consolidated Profit and Loss Account and Consolidated Balance Sheet.

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 17 May 2000.


CHAIRMAN'S INTERIM REVIEW

I am pleased to report profits before taxation for the six months ended 31
December 1999 of £124,715 (£112,968 after taxation) compared with a loss
before taxation of £33,303 (£35,509 after taxation) in the first half of last
year.  Turnover, arising from the Group's North Sea and Gulf of Mexico
interests, is up to £82,513 for the period under review, compared with £61,200
for the same period last year and £97,485 for the year ended 30 June 1999.

As indicated in the announcement made following the Company's Annual General
Meeting on 13 December 1999, trading has improved significantly since the end
of the last financial year due to higher oil prices, the drilling of a
successful new well in the Gulf of Mexico and the profit realised from the
sale of certain investments in the first half accounting period.

The principal focus for the Group during the period has been the investment in
Fusion Oil & Gas NL ('Fusion') where earlier in the year it subscribed for
one-third of the initial seed capital raised by Fusion, to fund the continuing
development of Fusion's oil and gas exploration assets, offshore West Africa. 
On 11 October 1999, the Group increased its shareholding in Fusion through a
further fund raising of that company and now holds 20,000,000 fully paid
shares and 500,000 partly paid shares, representing approximately 33% and 6%
respectively of the relevant shares in issue, being an overall 30% of the
total issued shares of Fusion.  The investment has been included in the
Company's accounts at cost.  It is Fusion's present intention to apply for its
shares to be admitted to the Alternative Investment Market ('AIM') of the
London Stock Exchange later this year.

The Company has agreed to invest an initial £130,000 in Eclipse Energy Company
Limited ('Eclipse') by subscribing for 20% of the seed capital being raised by
Eclipse.  After completion of this fundraising, Westmount will hold
approximately 15% of the issued share capital of Eclipse.  Eclipse has entered
into a joint venture with Independent Energy Resources Limited to exploit
'stranded' gas offshore accumulations by means of new technological and
business concepts.

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 middle market closing
price on 30 December 1999 was 47.5p (30 December 1998, 20.5p) and on 25 April
2000 was 48p.  The shareholder list contains approximately 1,800 investors. 
The daily market price of the Company's shares is published in the Financial
Times, the Daily Mail and the Evening Standard.

Set out below is a review of the Group's present 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.  Oil won
and saved from the P241 area in the six months ended 31 December 1999 totalled
1,060,398 barrels compared with 1,312,573 barrels for the same period in the
previous year.  There was a shutdown for 70 days in the third quarter of 1999
due to the installation of flexible risers and upgrading work for the
sub-structure.  Assuming the success of the well sidetract drilling programme,
the Operator now estimates remaining production for the field in the range of
31 million barrels based on an abandonment date around the end of 2010.

North America - Gulf of Mexico & Onshore Louisiana

The Group owns a 0.617% overriding royalty interest in the South Timbalier 176
Field (Block 162) offshore Louisiana in the Gulf of Mexico and a 0.375%
overriding royalty interest in the College Point Field, located in St James
Parish, Louisiana.

Total production from the properties for the period under review was
approximately 1.5 billion cubic feet ('BCF') of gas, with remaining proved
developed producing reserves of approximately 23.5 BCF of gas.

As previously reported in the Eugene Island area (Block 255), Gulf of Mexico
that was farmed out to Forest Oil Corporation, a successful well has been
drilled on the property which came on production in July 1999.  This well has
been producing on average 13 million cubic feet of gas per day and 600 barrels
of oil per day.  The Group holds a 1.25% overriding royalty increasing to 1.5%
after payout of the well.  It has been estimated the farmed out area could
contain reserves in the range of 50 BCF of gas and 5 million barrels of oil.

Falkland Islands - South Atlantic
& 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 25 April 2000 of a Desire share was 31.5p.  This holding provides the
Company with a significant indirect investment in the North Falkland Basin and
the appraisal of a gas discovery onshore Portugal.

The analysis of the results from the first drilling programme in the North
Falkland Basin has confirmed the richness of the oil source rock encountered
by all the six wells drilled.  It has been reported that possibly up to 60
billion barrels of oil have been generated but that the exploration wells
drilled targeted potential oil fields above the source rock, whereas new
geological modelling suggests that there may be more success in drilling below
the source rock.  With the improvement in the level of oil prices it is hoped
new companies will be encouraged to farm-in to existing licences and promote a
further drilling programme.

Desire has announced that an appraisal well Aljubarrota 3 in Portugal was
spudded on 11 April 2000 and the results of the well should be known during
May 2000.

West Africa

Through its investment in Fusion the Group holds a substantial indirect
interest in Fusion's exploration projects in West Africa, which area is
emerging as one of the world's most sought after exploration provinces. 
Fusion holds interests offshore Mauritania, the Republic of Gambia, the
Republic of Ghana, Gabon, the Joint Agency of Senegal and Guinea-Bissau and
the Republic of Liberia.  With regard to the Mauritania licences, operated by
Woodside, where a 3D seismic survey has recently been in progress, under the
terms of a farmout agreement a deep water well is planned early in 2001.  This
will be the first of possibly two wells where Fusion will be free-carried.

It has been estimated that Fusion's risked reserves across the Mauritania
licences are approximately 35 million barrels of oil.  The nature of the
prospects in Mauritania are such that in the event of exploration success
there is the possibility of making multiple discoveries.

An indication of the perceived value of the Group's investment in Fusion will
be evidenced by the expected forthcoming flotation of Fusion later this year.

New Venture

Through its recent investment in Eclipse the Company is participating in a
venture involving the development of the concept for realising the value of
'stranded' reserves from small offshore gas accumulations.  Eclipse has
identified a number of candidate 'stranded' reserves with which to exploit the
concept.

Future Plans

The Board intends to continue with its strategy of holding interests in
producing oil and gas fields, principally in the North Sea and the Gulf of
Mexico which provide a steady annual cash flow.  At the same time, it will
continue to seek selected participations in other companies in the oil sector
mainly at the initial capital raising stage to maximise the return on its
investments.

The Group's present portfolio of assets have potential value significantly in
excess of their carrying costs.


Derek G. Williams
Chairman
27 April 2000


CONSOLIDATED PROFIT AND LOSS ACCOUNT


                      Six months to       Six months to       Twelve months to
                   31 December 1999    31 December 1998           30 June 1999
                        (unaudited)         (unaudited)              (audited)
                                  £                   £                      £


Turnover                     82,513              61,200                 97,485

Operating Costs            (17,043)            (45,836)               (53,632)

Operating profit before
administrative expenses      65,470              15,364                 43,853

Administrative expenses   (121,315)           (110,493)              (244,827)


                           (55,845)            (95,129)              (200,974)


Interest receivable           4,513              20,285                 30,743
Profit on disposal of fixed 
assets                            -                   -                 28,367
Profit on disposal of 
investments                 176,047              41,541                 50,211


                            180,560              61,826                109,321


Profit (Loss) on ordinary 
activities before taxation  124,715            (33,303)               (91,653)

Taxation                   (11,747)             (2,206)                 33,202

Profit (Loss) on ordinary 
activities after taxation   112,968            (35,509)               (58,451)

Earnings (Loss) per ordinary 
share                          0.9p              (0.3p)                 (0.5p)



CONSOLIDATED BALANCE SHEET


                                       31 December 1999           30 June 1999
                                            (unaudited)              (audited)
                                                      £                      £


FIXED ASSETS
  Tangible fixed assets                         314,181                331,224
  Investments                                 1,494,765                815,397

                                              1,808,946              1,146,621



CURRENT ASSETS
  Investments                                   223,339                223,339
  Debtors                                        50,521                 43,167
  Cash at bank                                  277,389                417,809

                                                551,249                684,315


CREDITORS:
  Amounts falling due within one year            59,918                 56,970

NET CURRENT ASSETS                              491,331                627,345

TOTAL ASSETS LESS LIABILITES                  2,300,277              1,773,966




SHARE CAPITAL AND RESERVES
  Equity share capital                        1,349,653              1,149,653
  Share premium account                         513,127                289,127
  Profit and loss account                       437,497                335,186

EQUITY SHAREHOLDERS' FUNDS                    2,300,277              1,773,966