REG - Westmount Energy Ld - Interim Results
24/03/2023 07:00
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RNS Number : 0759U Westmount Energy Limited 24 March 2023
24 March 2023
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Interim Results
Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the AIM-quoted oil
and gas investment company focussed on the Guyana-Suriname Basin is pleased to
announce its unaudited Interim Results for the six months ended 31 December
2022.
Copies of the Company's results are available on the Company's website,
www.westmountenergy.com, and will be posted to shareholders shortly.
CHAIRMAN'S REVIEW
2022 Highlights
· Cash balance of £0.86M at Period End, 31 December 2022; no debt
· Post Period End CEC's Return of Capital Transaction yields
additional USD $356k cash
· Canje and Kaieteur JV partners continue to work towards
identification of optimal targets and environmental permitting, with drilling
decisions anticipated from H2 2023
· Sector consolidation manoeuvres - subject to certain conditions,
proposed 'all paper' acquisition by JHI Associates Inc. of 100% interest in
Production Licence PL001 in the North Falkland Basin from Argos Resources Ltd.
The transformation of Guyana has continued apace during this interim period,
with real GDP growth of 62.3% in 2022 and IMF projected growth of 25.2% in
2023 making it one of the fastest growing economies in the world. The influx
of foreign direct investment is mainly flowing to the oil and gas sector which
is currently dominated by an inventory of upstream development projects on the
Stabroek Block operated by ExxonMobil, with Hess Corporation and CNOOC as
partners. Guyana is now established as a significant oil producing nation with
rapidly progressing offshore developments, including the expected installation
of at least 6 Floating Production Storage and Offloading (FPSO) units on the
Stabroek Block by end 2027 (with a production capacity of more than 1 million
BOPD) and the potential for up to 10 FPSOs based upon the current discovered
resource inventory of in excess of 11 billion barrels of oil
equivalent.(1,2,3)
In parallel with the development of the already discovered resource offshore
Guyana, the multi-billion barrels undiscovered upside in the basin continues
to attract aggressive exploration investment, driven by large prospects, low
breakeven costs, low carbon emissions and the energy transition dynamics. It
is anticipated that Guyana's total recoverable oil deposits will increase as
exploration activities expand to deeper plays and other offshore blocks, which
remain underexplored. The Stabroek Block partners reported a total of nine
significant discoveries during 2022 (Fangtooth-1, Lau Lau-1, Patwa-1,
Lukanani-1, Barreleye-1, Seabob-1, Kiru Kiru-1, Yarrow-1 and Sailfin-1)
bringing the total number of discoveries to date, on the Stabroek block to
thirty.(4) The positive outcome at Fangtooth-1 is of particular significance
as this was the first well dedicated to a deep exploration target in the
Stabroek area, with the results indicating the potential for commercial
exploitation of the deeper plays and offering encouragement for the drilling
of deep targets elsewhere in the basin, including on the Kaieteur and Canje
Blocks. The potential for a significant deep discovery at Fangtooth was
confirmed in January 2023 when the Stabroek partners reported that 61 metres
of oil-bearing sandstone reservoirs had been encountered at Fangtooth SE-1,
which was drilled circa 13 kms to the southeast of the original Fangtooth-1
discovery.
Outside of Stabroek, in May 2022, the Joint Venture of CGX Energy Inc. and
Frontera Energy Corporation announced a discovery at Kawa-1 in the north of
the Corentyne Block. Logging of this well indicated 69 metres of net
hydrocarbon pay across multiple Upper Cretaceous reservoirs. Reservoir fluids
are uncertain as MDT fluid samples were not obtained from the well, though
third-party analyses indicated the presence of light oil in the deeper
Santonian and Coniacian reservoirs, and gas condensate in the shallower
Maastrichtian and Campanian, consistent with neighbouring discoveries on the
Stabroek block and in Block 58, Suriname.(5) Kawa-1 was plugged and abandoned
and the commercial potential of the discovery has yet to be determined. After
realignment of stakeholder interests on the Corentyne Block a follow-up joint
exploration/appraisal effort, Wei-1, was spudded on 20 January 2023, targeting
stacked Campanian and Santonian channel sandstone reservoirs and is currently
drilling ahead.
Separately, in December 2022, the Guyanese government launched a Licensing
Round for 14 offshore blocks (3 deepwater and 11 shallow water blocks) under
revised fiscal and contractual terms including biddable signature bonus with a
minimum threshold of USD $20M and $10M for deepwater and shallow water blocks,
respectively. In parallel, the government has indicated that some other
blocks, ex Licensing Round, have been set aside with a view to exploration and
development of these blocks via strategic direct government-to-government
partnerships.
In the Surinamese sector mixed results have been reported during this period.
The Total/Apache consortium increased its discovery count from 4 to 6 with the
announcement of the Krabdagu-1 (Block 58) and Baja-1 (Block 53) discoveries in
February and August 2022, respectively, although non-commercial outcomes were
reported at Rasper-1, Dikkop-1 and Awari-1(6). In contrast, significant light
oil flow test results were achieved from Campanian reservoirs in appraisal
wells at Sapakara South-1, Sapakara South-2 and Krabdagu-1 during this period.
Prior stacked reservoir discoveries on Block 58 reported generally light oil
and gas-condensate pay in shallower Maastrichtian-Campanian reservoirs
overlying light oil pay in deeper Santonian reservoirs - pointing towards some
potential challenges around valorization of large associated gas volumes.
Overall mixed exploration and appraisal drilling results experienced by the
consortium to date is spotlighting a renewed focus on proving up sufficient
oil volumes in the shallower, Campanian, Sapakara and Krabdagu discoveries
while targeting a mid-2023 FID with respect to the first oil development on
Block 58.
Exploration drilling results continue to support the presence of multiple
plays, quality reservoirs and the potential for stacked-pay drilling
opportunities within the basin. Although the Upper Cretaceous
Maastrichtian-Campanian Liza play dominates in terms of number of discoveries
and discovered volumes to date, the deeper Santonian pools on Block 58, in
conjunction with the deeper hydrocarbons reported at Liza-3, Tripletail-1,
Yellowtail-2, Uaru-2, Turbot-2, Longtail-3, Hassa-1, Fangtooth-1 and Fangtooth
SE-1 on the Stabroek Block, together with the hydrocarbon shows reported at
Sapote-1 on the Canje Block, and the logged net pay in the Santonian-Coniacian
intervals at Kawa-1 on the Corentyne Block, all suggest an extensive emerging
deeper play fairway within the basin. Offshore Suriname, oil pay was also
reported from the Zanderij-1 (Shell, Block 42) where the operator was
targeting the Santonian and deeper intervals, with well results currently
under evaluation.(7) Additional deep drilling with multiple targets is
scheduled or ongoing at Wei-1 (CGX Energy Inc., Corentyne Block) and at
Kokwari-1, Tarpon Fish-1, Basher-1 and Lancetfish-1 (ExxonMobil, Stabroek
Block).
It is against this backdrop that the hydrocarbon plays and prospect
inventories on the Kaieteur, Canje and Orinduik blocks are being reassessed -
with a view to the identification of optimal targets for the next phase of
drilling, while progressing the ongoing environmental permitting processes.
Kaieteur Block
The first well on the Kaieteur block, Tanager-1, remains the deepest well
drilled in the Guyana-Suriname Basin to date. It was spudded on 11 August
2020, using the Stena Carron drillship. The well was drilled in a water depth
of 2,900 metres and reached a total depth of 7,633 metres circa mid-November
2020. Evaluation of LWD, wireline logging and sampling data confirmed 16
metres of net oil pay (20(o)API oil) in high-quality sandstone reservoirs of
Maastrichtian age. Although high quality reservoirs were also encountered at
the deeper Santonian and Turonian intervals, initial interpretation of the
reservoir fluids was reported to be equivocal, requiring further analysis -
results of which have yet to be disclosed. Post well analysis and integration
of the data collected continues with a view to high-grading the next drilling
target on the Kaieteur block.
A post-well Netherland, Sewell & Associates Inc. ("NSAI") published CPR
(14 February 2021) indicates that the Tanager-1 Maastrichtian discovery
contains a 'Best Estimate' Unrisked Gross (2C) Contingent Oil Resource of 65.3
MMBBLs (Low to High Estimates 17.7 MMBBLs to 131 MMBBLs) - with a 'Best
Estimate' Unrisked Net (2C) Contingent Oil Resource attributable to the
Kaieteur Block of 42.7 MMBBLs (Low to High Estimates 11.3 MMBBLs to 86
MMBBLs). However, this discovery is currently considered to be non-commercial
as a standalone development.
Subsequent to the Tanager-1 discovery, on 24 May 2021, it was announced that
Hess Corporation ("Hess") had increased its working interest ("WI") in the
Kaieteur Block, offshore Guyana, from 15% to 20% via the farm-down of a 5% WI
by Cataleya Energy Limited ("CEL"). Although the details of this farm-in
transaction were not disclosed this farm-in, by one of the Stabroek block
partners and a leading player in the Guyana-Suriname basin, suggests
confidence in the prospective resource potential of the Kaieteur Block and
augurs well for the continuing exploration of the area.
On 23 August 2021, it was announced that the date for elective nomination, by
the operator, of the prospect target for the 2(nd) well on the Kaieteur Block
has been extended by seven months and on 22 March 2022 a further extension of
the nomination date was agreed to 2 October 2023. The Kaieteur Block partners
agreed to this extension to facilitate continuing geological and geophysical
analysis by the operator and integration of recent and ongoing deep play
drilling program results on adjacent blocks into the Kaieteur prospect
nomination decision. Under a farm-in agreement executed with ExxonMobil
(operator) in 2016, any drilling consequent to the 2(nd) well prospect
nomination decision will commence within nine months of the nomination date.
The operator, as farminee, continues to bear all farmor JV expenses during the
prospect nomination extension period.
In September 2021, the operator, ExxonMobil, submitted an application for
environmental authorization to the Environmental Protection Agency (EPA) to
proceed with an up to 12 well exploration campaign on the Kaieteur Block.
Recent media reports(8) suggest that the Stabroek Block operator, ExxonMobil,
may be looking for tieback opportunities that might provide additional
resources to support the potential development of the Ranger discovery made in
2018 and located circa 100kms to the northwest of the Liza Field. The 2020
Tanager-1 discovery, which straddles the Stabroek/Kaieteur block boundary, and
other prospects in the southern part of the Kaieteur Block are well positioned
in this regard.
The Kaieteur Block is currently operated by an ExxonMobil subsidiary, Esso
Production & Exploration Guyana Limited (35%), with Cataleya Energy
Limited ("CEL") (20%), Ratio Guyana Limited ("RGL") (25%) and a subsidiary of
Hess Corporation, Hess Guyana (Block B) Exploration Limited (20%) as partners.
Westmount retains a holding of approximately 5.3% of the issued share capital
of Cataleya Energy Corporation ("CEC") the parent company of CEL and circa
0.04% of the issued share capital of Ratio Petroleum Energy Limited
Partnership ("Ratio Petroleum") the ultimate holding entity with respect to
RGL.
Canje Block
The first well on the Canje block, Bulletwood-1, was spudded on 31 December
2020 using the Stena Carron drillship and was completed in early March. The
well was safely drilled in a water depth of 2,846 metres to its planned target
depth of 6,690 meters. The primary target in the well was a Campanian age
confined channel complex. The well encountered quality reservoirs but
non-commercial hydrocarbons. There has been limited disclosure of the well
results to date as detailed analysis of the data collected is ongoing.
However, the initial results confirm the presence of the Guyana-Suriname
petroleum system and the potential prospectivity of the Canje Block.
Initial drilling operations at the second well on the Canje block, Jabillo-1,
commenced on 14 March 2021 using the Stena Carron drillship. Previously
published information indicated that Jabillo-1 was targeting a Late
Cretaceous, Liza-age equivalent, basin floor fan. After interruption for a
brief period of maintenance work on the drillship drilling operations at
Jabillo-1 recommenced circa 5 June 2021 and were completed in early July. The
well was safely drilled in a water depth of 2,903 metres to its planned target
depth of 6,475 meters. The well did not encounter commercial hydrocarbons.
The third well on the Canje block, Sapote-1, was spudded circa 29 August 2021,
using the Stena DrillMAX drillship, and reached TD in late October 2021. This
well is located in the southeast of the Canje Block, approximately 60kms north
of the Campanian and Santonian Maka Central-1 stacked pay discovery. The well
was safely drilled in a water depth of 2,549 metres to a total depth of 6,758
meters. It encountered non-commercial hydrocarbons in one of the deeper
exploration targets.
Westmount holds an indirect interest in the Canje Block as a result of its
circa 7.2% interest in the issued share capital of JHI Associates Inc.
("JHI"). The company also holds an additional indirect interest in the Canje
Block as a result of its shareholding in Eco (Atlantic) Oil and Ltd. ("EOG")
and following the investments in JHI Associates Inc. ("JHI") announced by EOG
on 28 June 2021 and 19 January 2022. Subsequent to the initial EOG transaction
and a previous 2018 farm-out to Total, JHI was fully carried/funded for the
2021 three well drilling campaign and is also funded for additional drilling,
with a reported USD$19.7M in cash and cash equivalents as of 31 December
2021.(9)
The Canje Block is currently operated by an ExxonMobil subsidiary, Esso
Exploration & Production Guyana Limited (35%), with TotalEnergies E&P
Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%) and Mid-Atlantic Oil
& Gas Inc. (12.5%) as partners.
Orinduik Block
Westmount continues to hold an indirect interest in the Orinduik Block as a
result of its circa 0.4% interest in the issued share capital of Eco
(Atlantic) Oil and Gas Ltd. ("EOG"). Over the last 12 months the focus of the
Orinduik Block JV partners has continued to be on the analysis and
assimilation of the 2019/20 drilling results and data gathering program, the
reprocessing and re-interpretation of the 3D seismic data, and the highgrading
of the Cretaceous light oil prospect inventory with a view to target selection
for the next drilling campaign on the Orinduik Block. Current guidance
indicates plans to drill at least one well into a light oil Cretaceous target
in the next 12-18 months(9).
The Orinduik Block is currently operated by Tullow Guyana B.V. (60%), with
TOQAP Guyana B.V. (25%) and EOG (15%) as partners. TOQAP Guyana B.V. is
jointly owned by TotalEnergies E&P Guyana B.V. (60%) and Qatar Petroleum
(40%).
With respect to Westmount's indirect interest in EOG's Namibian and South
African assets, on 18 November, 2022, it was reported that the Gazania-1 well,
on Block 2B in the Orange Basin offshore South Africa, had reached target
depth of 2,360m but did not show evidence of commercial hydrocarbons. The well
was subsequently plugged and abandoned with further analysis of the Gazania-1
well data, and the existing AJ-1 light oil discovery, being undertaken by EOG
to determine next steps on the Block(9).
Investment portfolio summary
As of 31 December 2022, Westmount had a cash balance of £0.86M and is debt
free.
Westmount continues to hold a total of 5,651,270 shares in JHI, representing
approximately 7.2% of the issued common shares in JHI as of 31 December 2021.
On 15 December, 2022, a proposed transaction was announced between JHI and
Argos Resources Ltd. ("Argos") with JHI to acquire 100% interest in Production
Licence PL001 in the North Falkland Basin the sole asset of Argos. As
consideration JHI proposes to issue new shares in JHI, which are expected to
represent approximately 9.3 percent of the enlarged share capital in JHI
following completion of the Transaction, plus a cash payment enabling Argos to
settle transaction and corporate expenses(10).
The Transaction remains subject to the satisfactory completion of mutual due
diligence and the parties entering into a binding Sale & Purchase
Agreement ("SPA"). In the event an SPA is agreed, completion of the
Transaction would also be subject to, inter alia, obtaining the necessary
approvals from the Falkland Islands Government and Secretary of State to the
transfer of Licence PL001 to JHI. Accordingly, there is no certainty that the
Transaction will complete on the terms indicated, or at all.
Westmount retains a legacy holding of 1,000,000 shares in Argos, representing
approximately 0.4% of the issued common shares in Argos as of 30 June 2022.
On 9 January 2023, Westmount reported that it had elected to participate in
the pro rata Return of Capital Transaction ("ROC Transaction") offered to the
shareholders of Cataleya Energy Corporation ("CEC") which reduced the number
of outstanding common shares ("Common Shares") in CEC in issue by 16%.
The ROC Transaction was structured such that each Participating Shareholder
effectively received, for each Common Share held prior to the transaction that
is ultimately cancelled pursuant to the ROC Transaction, an amount equal to
approximately USD$3.906 per share. The aggregate amount returned to
participating CEC shareholders via the ROC Transaction was approximately USD
$6,720,000, with these funds being provided to CEC through the issuance of
incremental convertible loan notes to a certain noteholder (the "Noteholder")
that previously advanced USD$35,000,000 to CEC in April 2020.
Prior to the ROC Transaction, Westmount held a total of 567,185 Common Shares
in CEC, representing approximately 5.28% of the issued common shares in CEC.
Post completion of the ROC Transaction, on 6 January 2023, Westmount holds a
total of 474,816 Common Shares in CEC, retaining approximately 5.26% of the
issued common shares of CEC outstanding post the ROC transaction. Westmount
also received a cash return of USD$355,954 (net of expenses).
Westmount continues to hold 1,500,000 shares in EOG, representing
approximately 0.4% of the common shares in issue as of 3 March 2023.
Westmount continues to hold 89,653 shares in Ratio Petroleum representing
approximately 0.04% of the issued share capital.
The complete investment portfolio is summarised in Table 1.
The reported financial loss for the period is primarily made up of a non-cash
loss on financial assets held at fair value through the profit and loss, some
of which is as a result of Foreign Exchange movements on the portfolio
Investments when valued at the period end.
Summary/Outlook
Westmount's strategy remains one of seeking value creation for shareholders
via exposure to high impact drilling outcomes. Westmount is well capitalised
with a minimal cost base and investment exposure to the next round of high
impact drilling opportunities offshore Guyana. While patience has been
required, we anticipate that licence timeframes and relinquishment drivers
should help to crystalise some drilling decisions from the second half of
2023. Our primary investee companies CEC, JHI and EOG are currently well
funded for participation in near term drilling opportunities offshore Guyana.
In some cases, investee portfolio diversification may also offer exposure to
additional high impact drilling events, in particular in the emerging Orange
Basin, South Africa. Furthermore, the launch of the 2022 Guyana Licensing
Round, under less benign fiscal terms, may bring renewed focus on the
incumbent junior players and possible consolidation manoeuvres. We believe all
is yet to play for.
GERARD WALSH
Chairman
23 March 2023
Notes
(1)ExxonMobil 2022 Investor Day Presentation
(2)Hess 2(nd) Quarter 2022 Conference Call Remarks
(3)Hess 4th Quarter 2022 Conference Call Remarks
(4)Hess Goldman Sachs Global Energy and Clean Technology Conference
presentation 5 January 2023
(5)CGX Energy Inc. News Releases 9 May 2022 and 1 March 2023.
(6)APA Corporation News Releases 21 February, 21 June and 23 August 2022.
(7)Hess 3(rd) Quarter 2022 Conference Call Remarks
(8)OILNOW - 13 February 2023 - Exxon looking for tiebacks to support potential
Ranger development offshore Guyana
(9)Eco (Atlantic) Oil & Gas Ltd. News Releases 14 March 2022 and 27
February 2023.
(10)Argos Resources Ltd. News Release 15 December 2022
For further information, please contact:
Westmount Energy
Limited
www.westmountenergy.com (http://www.westmountenergy.com)
David King,
Director
Tel: +44 (0) 1534 823059
Anita Weaver
Cenkos Securities plc (Nomad and Broker) Tel: +44 (0) 20
7397 8900
Neil McDonald / Pete Lynch
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022
Six months ended Six months ended
31 December 2022 31 December Year ended
(unaudited) 2021 30 June 2022
£ (unaudited) (audited)
£ £
Net loss on financial assets held at fair value through profit or loss (2,512,900) (6,895,191) (7,203,727)
Finance income 2,393 - 133
Administration expenses (143,932) (128,466) (247,627)
FX gain 1,985 4,187 23,971
Share options expense - (12,938) -
Operating loss (2,652,454) (7,032,408) (7,427,250)
Loss before tax (2,652,454) (7,032,408) (7,427,250)
Tax - - -
Comprehensive loss for the period / year (2,652,454) (7,032,408) (7,427,250)
Basic loss per share (pence) (1.84) (4.88) (5.16)
Diluted loss per share (pence) (1.84) (4.87) (5.16)
All results are derived from continuing operations.
The Company had no items of other comprehensive income during the period /
year.
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022 31 December 2021 30 June 2022
(unaudited) (unaudited) (audited)
£ £ £
ASSETS
Non-current assets
Financial assets at fair value through profit or loss 4,449,684 7,570,440 7,261,904
4,449,684 7,570,440 7,261,904
Current assets
Other receivables 300,562 4,519 10,146
Cash and cash equivalents 864,768 1,094,101 1,003,090
1,165,330 1,098,620 1,013,236
Total assets 5,615,014 8,669,060 8,275,140
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 45,258 39,070 52,930
45,258 39,070 52,930
Total liabilities 45,258 39,070 52,930
EQUITY
Share capital 16,652,482 16,652,482 16,652,482
Share option account 469,670 482,608 469,670
Retained earnings (11,552,396) (8,505,100) (8,899,942)
Total equity 5,569,756 8,629,990 8,222,210
Total liabilities and equity 5,615,014 8,669,060 8,275,140
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
Share capital account Share option account Retained earnings Total equity
£ £ £ £
As at 1 July 2021 16,652,482 469,670 (1,472,692) 15,649,460
- - (7,427,250) (7,427,250)
Comprehensive Income
Loss for the year ended 30 June 2022
As at 30 June 2022 16,652,482 469,670 (8,899,942) 8,222,210
Comprehensive Income
Loss for the period ended 31 December 2022 - - (2,652,454) (2,652,454)
As at 31 December 2022 16,652,482 469,670 (11,552,396) 5,569,756
Share capital account Share option account Retained earnings Total equity
£ £ £ £
As at 1 July 2020 13,955,623 443,793 (456,473) 13,942,943
Comprehensive Income
Loss for the year ended 30 June 2021 - - (1,016,219) (1,016,219)
Share issue 2,696,859 - - 2,696,859
Transactions with owners
Share options expense - 25,877 - 25,877
As at 30 June 2021 16,652,482 469,670 (1,472,692) 15,649,460
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Six months ended Six months ended Year ended
31 December 2022 31 December 2021 30 June 2022
(unaudited) (unaudited) (audited)
£ £ £
Cash flows from operating activities
Total comprehensive loss for the period / year (2,652,454) (7,032,408)
(7,427,250)
Adjustments for:
Net loss on financial assets at fair value through profit or loss 2,512,900 6,895,191 7,203,727
Share options expense - 12,938 -
Movement in other receivables (290,416) (78) (5,704)
Movement in trade and other payables (7,672) (464) 13,395
Proceeds from sale of investments 299,320 - -
Net cash out flow from operating activities (138,322) (124,821) (215,832)
(138,322) (124,821) (215,832)
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the period / year 1,003,090 1,218,922 1,218,922
Cash and cash equivalents at the end of the period / year 864,768 1,094,101 1,003,090
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
1. Accounting Policies
Basis of accounting
The interim financial statements have been prepared in accordance with the
International Accounting Standard ("IAS") 34, Interim Financial Reporting.
The interim financial statements do not include all the information and
disclosures required in the annual financial statements and should be read in
conjunction with the Company's annual financial statements for the year ended
30 June 2022. The annual financial statements have been prepared in accordance
with International Financial Reporting Standards ("IFRS").
The same accounting policies and methods of computation are followed in the
interim financial statements as in the Company's annual financial statements
for the year ended 30 June 2022.
2. Investments
Six months ended Six months ended Year
31 December 2022 31 December 2021 ended
30 June
2022
(unaudited) (unaudited) (audited)
£ £ £
Argos Resources Limited, at market value 9,900 12,400 17,400
Cost, 1,000,000 shares 310,775 310,775 310,775
(31 December 2021: 1,000,000 shares, 30 June 2022: 1,000,000 shares)
Cataleya Energy Corporation, at market value 1,973,660 4,204,032 4,670,297
Cost, 474,816 shares 4,218,895 4,518,215 4,518,215
(31 December 2021: 567,185, 30 June 2022: 567,185 shares)
Eco Atlantic Oil & Gas Oil Limited, at market value 276,750 273,000 384,750
Cost, 1,500,000 shares 240,000 240,000 240,000
(31 December 2021: 1,500,000 shares, 30 June 2022: 1,500,000 shares)
JHI Associates Inc, at market value 2,182,520 3,072,878 2,182,520
Cost, 5,651,270 shares 7,770,027 7,770,027 7,770,027
31 December 2021: 5,651,270 shares, 30 June 2022: 5,651,270 shares)
Ratio Petroleum Energy Limited Partnership shares, at market value 6,854 8,130 6,937
Cost, 89,653 shares 22,256 22,256 22,256
(31 December 2021: 89,653 shares, 30 June 2022: 89,653 shares)
Total market value 4,449,684 7,570,440 7,261,904
Total cost 12,561,953 12,861,273 12,861,273
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022 (CONTINUED)
2. Investments (continued)
Six months ended Six months ended Year
31 December 2022 31 December 2021 ended
30 June
2022
(unaudited) (unaudited) (audited)
£ £ £
Total fair value adjustment (8,112,269) (5,290,833) (5,599,369)
Reverse prior year fair value adjustment 5,599,369 (1,604,358) (1,604,358)
Current period fair value movement (2,512,900) (6,895,191) (7,203,727)
Unrealised loss (2,512,900) (6,895,191) (7,203,727)
Current period income statement impact (2,512,900) (6,895,191) (7,203,727)
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AnnouncementREG - Westmount Energy Ld - CEC - Complete Redemption of Loan Notes
AnnouncementREG - Westmount Energy Ld - Block 3B/4B Orange Basin – Investees’ Farm-down
AnnouncementREG - Westmount Energy Ld - Africa Oil Corp. update
Announcement