Interim Results

Westmount Energy Limited
29 March 2005




CONTACTS:

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

Oriel Securities Limited                        Tel: [phone]
Andrew Edwards
Scott Richardson Brown

Merlin                                          Tel: [phone]
Paul Downes / Tom Randell


29 March 2005


                             WESTMOUNT ENERGY LIMITED


           INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2004


The Board of Westmount Energy Limited ('the Company') today announces the
interim results of the Company and its subsidiary for the six months ended 31
December 2004. Highlights are as follows:

   • Turnover of £60,090 (2003: £69,342).


   • Loss after tax of £91,690 (2003: Net profit after tax of £6,556,561).


   • Loss per share of 0.61p (2003: Earnings per share of 47.85p).


   • As no investments were sold in the six months period ended 31 December
     2004, no benefit has been included in the results from investment
     activities. Profits are brought into account when realised. (2003 includes
     profit of £6,635,500 from the sale of the Company's subsidiary undertaking,
     Westmount Resources Limited).


   • The market value of the Company's two AIM quoted investments, Sterling
     Energy plc and Desire Petroleum plc on 31 December 2004 totalled £14,572,500
     compared with a carrying book value of £8,890,469, showing an unrealised
     gross surplus on that date of £5,682,031.


Attached: Full text of the Chairman's Interim Review from the forthcoming
Interim Report, including the Consolidated Profit and Loss Account, Consolidated
Balance Sheet and Consolidated Cash Flow Statement.
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 15,013,361 fully paid shares in issue held by some 1,600 shareholders.
No share options are currently outstanding.

Copies of this Press Release will be available from the offices of Oriel
Securities Limited, 4 Wood Street, London EC2V 7JB for a period of one month
from today's date.

                Registered in Jersey, Channel Islands. No. 53623


CHAIRMAN'S INTERIM REVIEW

For the six months ended 31 December 2004 the Group sustained a loss on ordinary
activities before taxation of £80,786 (£91,690 loss after taxation). This
compares with a net profit before taxation of £6,569,071 (£6,556,561 net profit
after taxation) in the previous period. Turnover for the period under review,
arising from the Group's 0.5 percent overriding royalty interest in Licence
P241, North Sea, totalled £60,090, compared with £69,342 for the same period
last year. Production from the Buchan Oilfield within Licence P241 for the six
months ended 31 December 2004 totalled 999,780 barrels compared with 1,212,801
barrels for the same period in the previous year. It is expected the new
discovery, Tweedsmuir, also located within Licence P241, will commence producing
oil, with Talisman as operator, in late 2006.

The Group profit in the same period last year arose from the sale of the
Company's subsidiary undertaking, Westmount Resources Limited, including its
West African assets, to AIM quoted Sterling Energy plc ('Sterling'). Sterling
now has two principal geographical areas of operation, namely production in the
Gulf of Mexico and exploration and development offshore West Africa.

The Group invests principally in companies which hold the possibility of
considerable capital growth on the funds invested. Profits are only brought to
account when an investment is sold. The Group's investments continue to perform
well. The market value of the Group's two AIM quoted investments, namely,
Sterling and Desire Petroleum plc ('Desire') at 31 December 2004 totalled
£14,572,500 compared with a carrying book value of £8,890,469, showing an
unrealised gross surplus on that date of £5,682,031.

Since 31 December 2004 the Group has sold 5 million of its shares in Sterling
and the Group's shareholding in Sterling now stands at 70 million shares. The
proceeds were utilised in repaying the Group's Bank Loan and the Group is now
debt free.

The Group continues to hold 5.5 million shares of Desire. Through this
investment the Group has a continuing interest in Desire's exploration offshore
the Falkland Islands. Desire has recently completed an issue of new shares at
45p each to raise approximately £24.4 million. Desire intends to utilise the
proceeds to conduct a three-well exploration drilling programme on Tranches C
and D in the North Falkland Basin.

The remaining significant event to report is the further progress with the
Group's investment in unquoted Eclipse Energy Company Limited ('Eclipse').
Eclipse continues with the planning of its Ormonde hybrid wind and natural gas
powered electricity generation project in the East Irish Sea. The Group
subscribed for an additional 100,000 shares of Eclipse with effect from 31
December 2004 at £5 per share, thereby increasing its shareholding to 230,000
shares, in consideration of the satisfaction and discharge of £500,000 of the
outstanding loan which amounted to £599,477 as at 31 December 2004. The standing
in cost of this total share investment is £630,000. Eclipse is now raising
approximately £5 million by way of a placing of new shares at £7.50 per share.
The Group has agreed to subscribe in the placing for additional shares at the
placing price of £7.50 per share in satisfaction of the remaining principal
indebtedness of £99,477 and accrued interest since 1 January 2005. Eclipse
expects Ormonde Project Consent in Quarter 4 2005 with first production Quarter
2 2007.

The shares in Westmount Energy Limited commenced trading on AIM on 2 October
1995 at 15p. The middle market closing share price on 31 December 2004 was 88.5p
(31 December 2003: 48.5p). There are presently 15,013,361 fully paid shares in
issue held by approximately 1,600 shareholders. No share options are currently
outstanding.

Derek G. Williams

Chairman

29 March 2005

CONSOLIDATED PROFIT AND LOSS ACCOUNT


                                  Six months to     Six months to       Year to
                               31 December 2004  31 December 2003  30 June 2004
                                     (unaudited)      (unaudited)      (audited)
                                              £                £              £


Turnover                                 60,090          69,342        137,092

Operating costs                          (4,411)         (5,351)       (10,576)
                                        _______         _______        _______

Operating profit before
administration expenses                  55,679          63,991        126,516

Administration expenses                (132,152)       (128,479)      (277,235)

Profit on disposal of
subsidiary
undertaking                                   -       6,635,500      6,635,500

Profit on disposal of
investments                                   -               -        123,931

Interest and similar fees
receivable                               24,670          72,066         94,417

Bank loan interest and charges
payable                                 (28,983)        (74,007)      (150,428)
                                        ________        ________       ________

(Loss) Profit on ordinary
activities before
taxation                                (80,786)      6,569,071      6,552,701

Taxation                                (10,904)        (12,510)        (3,476)
                                       ________        ________       ________

(Loss) Profit on ordinary

activities after taxation               (91,690)      6,556,561      6,549,225
                                       ________        ________       ________

(Loss) Earnings per
ordinary share                            (0.61p)         47.85p         45.62p



CONSOLIDATED BALANCE SHEET

                                           31 December 2004       30 June 2004
                                                 (unaudited)          (audited)
                                                          £                  £

FIXED ASSETS

Tangible fixed assets                                34,078             38,490
Investments                                       9,520,469          9,020,469
                                                   ________           ________

                                                  9,554,547          9,058,959

CURRENT ASSETS

Debtors                                             153,211            762,839
Cash at Bank                                         82,868             39,695
                                                   ________           ________

                                                    236,079            802,534

CREDITORS

Amounts falling due within one year:

Bank Loan                                          (795,434)          (764,174)
Other                                               (58,154)           (68,591)
                                                   ________           ________

                                                   (853,588)          (832,765)
                                                   ________           ________

NET ASSETS                                        8,937,038          9,028,728
                                                   ________           ________


SHARE CAPITAL AND RESERVES

Equity share capital                              1,501,336          1,501,336
Share premium account                               974,248            974,248
Profit and loss account                           6,461,454          6,553,144
                                                   ________           ________

EQUITY SHAREHOLDERS' FUNDS                        8,937,038          9,028,728
                                                   ________           ________



CONSOLIDATED CASH FLOW STATEMENT

                                                  Six months to        Year to
                                               31 December 2004   30 June 2004
                                                     (unaudited)      (audited)
                                                              £              £


Net cash outflow from operating activities              (94,126)      (136,989)

Returns on investment and servicing of
finance                                                  95,424            707

Taxation paid                                                 -        (19,832)

Capital expenditure and financial investment                  -        208,306

Disposals                                                     -        (66,244)
                                                        _______        _______

Cash inflow (outflow) before financing                    1,298        (14,052)

Financing                                                41,875              -
                                                        _______        _______

Increase (decrease) in cash                              43,173        (14,052)
                                                        _______        _______


Reconciliation of cash flow to movement in net
debt


Increase (decrease) in cash                              43,173        (14,052)
                                                        _______        _______

Change in net debt resulting from cash flows             43,173        (14,052)

Non-cash movements in debt                             (602,015)       (57,019)
                                                        _______        _______

Movement in net debt                                   (558,842)       (71,071)

Net (debt) funds brought forward                        (54,247)        16,824
                                                        _______        _______

Net debt carried forward                               (613,089)       (54,247)
                                                        _______        _______




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