REG - Westmount Energy Ld - Interim Results
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RNS Number : 5371Y Westmount Energy Limited 30 March 2026
30 March 2026
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Interim Results
Westmount Energy Limited (UK AIM: WTE.L), the AIM-quoted oil and gas investing
company focussed on high impact drilling outcomes in emerging basins is
pleased to announce its unaudited Interim Results for the six months ended 31
December 2025.
Copies of the Company's results are available on the Company's website,
www.westmountenergy.com.
CHAIRMAN'S REVIEW
2025 Highlights
· North Falklands Basin - Sea Lion Development FID triggers up-tick
in investee activity driving PL001 farm-in, strategic partnership and
consolidation manoeuvres
· Navitas Petroleum ("Navitas") farms-in to PL001 - becoming
operator with 65% working interest ("W.I.") JHI Associates Inc ("JHI") retains
a 35% W.I. which is 'loan-carried' for activity, including drilling, up to an
aggregate cap of USD$14M
· Eco (Atlantic) Oil & Gas Ltd ("EOG") announces proposed
cashless acquisition of JHI with JHI security holders owning circa 21.8% of
the enlarged entity
· EOG announces a Strategic Partnership with Navitas providing
options to Navitas to farm-in across Eco's portfolio of Atlantic Margin assets
· Canje Block, Guyana - licence lapsed on the 4(th) March 2026 and
is subject to ongoing extension discussions with the Government of Guyana
· Kaieteur Block, Guyana - Farm-down process continues, spearheaded
by operator Ratio Petroleum, in parallel with ongoing discussions pertaining
to the second renewal term with the Government of Guyana
· Orinduik Block, Guyana - Navitas and EOG engage constructively
with the Government of Guyana regarding the continuation of EOG's appraisal
and exploration programme on the block; ExxonMobil announces FID re the
adjacent Hammerhead Discovery, a 150,000 BOPD development targeting first oil
in 2029
· Ratio Energy Partnership Ltd. to vote on proposal to invest up to
an additional USD$50M into Ratio Petroleum
· Company had cash of £0.224M and listed marketable securities of
£0.441M at 31(st) December 2025; no debt
Investment portfolio summary
As of the 31(st) December 2025, Westmount Energy Limited (the "Company") had a
cash balance of £0.224M, listed marketable securities of £0.441M, and is
debt free.
As of the 31st December 2025 Westmount held a total of 5,685,167 shares in JHI
Associates Inc ("JHI") representing approximately 6.24% of the enlarged issued
share capital of JHI. Subsequent to period end, on the 11th March 2026,
Westmount investees Eco (Atlantic) Oil and Gas Ltd. ("EOG") and JHI announced
an Arrangement Agreement pertaining to a 'cashless transaction' under which
EOG will acquire JHI. Details of the transaction will be provided in a
circular to be mailed to JHI shareholders in advance of a special meeting of
shareholders. Completion of the Acquisition of JHI by EOG is subject to
several closing conditions including the approval of two thirds of the votes
cast by JHI Shareholders at the special meeting to approve the Acquisition
which is anticipated to be held within four weeks of the transaction
announcement date.
As of 31(st) December 2025, Westmount holds 474,816 common shares in Cataleya
Energy Corporation ("CEC") representing approximately 4.13% of the issued
shares in CEC, as of 15(th) March 2024.
Westmount continues to hold 1,500,000 shares in Eco (Atlantic) Oil & Gas
Ltd. ("EOG"), representing approximately 0.43% of the common shares in issue
as of 4(th) March 2026.
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 gain for the period is primarily made up of a non-cash gains 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.
Westmount Energy Ltd. - Investment Portfolio - 31st December 2025
Guyana, Falkland Islands & South Africa - Strategic Corporate
Investments
UnListed - Private Corporations Approximate Holding Main Exploration Assets
JHI Associates Inc. 5,685,167 common shares(1) ~6.24% issued shares(1) 100% PL001 (N. Falklands)(2)
17.5% Canje Block(3)
Cataleya Energy Corp. 474,816 common shares(4) ~4.13% issued shares(4) 50% Kaieteur Block(5)
Listed - Public Corporations
Eco Atlantic Oil & Gas Ltd. 1,500,000 common shares ~0.43% issued shares(6) 100% Orinduik Block
5.25% Blk 3B/4B (S. Africa)
75% Block 1 (S. Africa)
Ratio Petroleum LP 89,653 share units ~0.04% issued shares 50% Kaieteur Block(3)
(1)Post completion of Argos voluntary liquidation and distribution of 33,897
'JHI Consideration Shares' to WTE (the 33,897 shares were actually received on
the 29th July 2025). On 11th March 2026 JHI and Eco announced a 'cashless
transaction' under which JHI has agreed to be acquired by Eco. Details of the
transaction will be provided in a circular which will be mailed to JHI
shareholders in advance of a special meeting of JHI shareholders which is
anticipated to occur within 4 weeks of the transaction announcement date.
(2)On 2nd March 2026 JHI announced the execution of a Farm-in Agreement with
Navitas Petroleum under which Navitas will acquire a 65% W.I. and operatorship
of PL001, with JHI retaining a 35% W.I.
(3)On 3rd March 2026 JHI announced that the Canje Licence would reach the end
of its second renewal period on March 4, 2026 and that it had taken proactive
steps to explore options with the Minister of Natural Resources to continue
the Licence.
(4)Post completion of Restructuring Agreement with Cataleya's Noteholder on
15th March 2024
(5)Subject to successful reassignment of interests to original Kaieteur Block
licence holders (CEC & Ratio Petroleum) post withdrawl of ExxonMobil &
Hess from the block, announced on 27th Sept.'23
(6)As of 4th March 2026
Table 1
Summary/Outlook
As expected, in the second half of 2025, the lead up to FID of the Sea Lion
Development turned the investor spotlight on the North Falklands Basin and
follow-on exploration potential in the region. Falkland Island explorers were
substantially re-rated by the market during this period and investor appetite
for North Falkland Island assets was confirmed by the successful execution of
significant equity fundraising by both Navitas Petroleum and Rockhopper.
Industry attention was also drawn to Licence PL001, immediately to the west of
the Sea Lion Development, which triggered an up-tick in Westmount investee
activity - driving a PL001 farm-in, a strategic partnership and consolidation
manoeuvres.
On 2(nd) March 2026 Navitas and JHI announced the execution of a farm-in
agreement under which Navitas will acquire a 65% Working Interest ("W.I.") and
operatorship of PL001 North Falklands Basin Licence ("PL001"). JHI will retain
a 35% W.I. which continues to be held via its wholly owned subsidiary JHI
Falkland Inc. ("JHIF"). As consideration, in addition to payment of its share
of JHIF's past costs in connection with the Licence, Navitas will fund JHI's
35% W.I. share of the costs associated with potential future activities,
including an exploration well and potential appraisal well, up to an aggregate
cap of USD$14M. This funding will be provided via a loan-carry arrangement
repayable from 85% of JHIF's free cash flow from production under the PL001
License. This followed an announcement on the 4(th) December 2025 that Eco
(Atlantic) Oil & Gas Ltd. ("EOG") had entered a Strategic Partnership with
Navitas which includes Navitas paying EOG USD$2M to secure exclusive farm-in
options over the Orinduik Block, offshore Guyana (80% W.I. and operatorship,
subject to additional payment to EOG of USD$2.5M and a loan-carried work
program capped at USD$11M) and over Block 1 CBK, offshore South Africa (47.5%
W.I. and operatorship, subject to additional payment to EOG of USD$4M and a
loan-carried work program capped at USD$7.5M). In addition, the partnership
framework agreement provides Navitas with options to participate in the
remainder of EOG's current portfolio of assets as well as the option to
participate in future new ventures and assets targeted and potentially
acquired by EOG. Following these events, on 11(th) March 2026, EOG announced
the acquisition of 100% of JHI via a cashless transaction and Arrangement
Agreement under which EOG would acquire all JHI shares not already held by EOG
at an exchange ratio of 0.7054 EOG share for each JHI share. Completion of the
acquisition is subject to several closing conditions including the approval of
two thirds of the votes cast by JHI shareholders at a special meeting to be
held to approve the acquisition within four weeks of the announcement date.
Westmount awaits receipt of a circular from JHI which should facilitate a more
detailed review of the proposed transaction.
While the Falklands growth story has captured most attention during this
period, considerable potential remains with respect to investee assets
offshore Guyana. While all three licences - Kaieteur, Canje and Orinduik - are
the subject of ongoing 'extension discussions' with the Government of Guyana,
substantial drill-ready prospects have been high-graded on these blocks for
some time in addition to some un-appraised discoveries. Recent corporate
activity may help to bring some new players and fresh capital to be applied to
these challenges. For example, exercise of the Navitas Farm-in option to the
Orinduik Block will bring a new operator as well as an initial work program
investment of USD$55M which may include the drilling of an exploration well or
the appraising of the Jethro-1 and Joe-1 existing heavy oil discoveries for
potential development and commercialisation. Separately, Ratio Energy
Partnership Ltd., 20% shareholder in Ratio Petroleum, announced its intention
to vote, on the 12(th) April 2026, on a proposal to invest up to an additional
USD$50M into international oil and gas assets via Ratio Petroleum.
While we wait for some of these scenarios to play out, Westmount's continues
to minimise costs and juggle its liquid resources while seeking value creation
for shareholders. Westmount also continues to actively explore project and
consolidation opportunities, both within and without the sector, to deliver
improved shareholder value.
GERARD WALSH
Chairman
27 March 2026
For further information, please contact:
Westmount Energy
Limited
www.westmountenergy.com (http://www.westmountenergy.com)
David King,
Director
Tel: +44 (0) 1534 823000
Cavendish Capital Markets Limited (Nomad and Broker) Tel:
+44 (0) 20 7397 8900
Neil McDonald / Pete Lynch
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
Six months ended Six months ended
31 December 2025 31 December Year ended
(unaudited) 2024 30 June 2025
£ (unaudited) (audited)
£ £
Net fair value gains/(losses) on financial assets held at fair value through 313,843 (95,066) (295,478)
profit or loss
Investment income - 5,889 1,893
Finance income 1,825 762 1,607
Administration expenses (113,012) (138,622) (254,317)
Foreign exchange gains/(losses) 123 (3,229) (5,499)
Operating profit/(loss) 202,779 (230,266) (551,794)
Profit/(loss) before tax 202,779 (230,266) (551,794)
Tax - - -
Comprehensive income/(loss) for the period / year 202,779 (230,266) (551,794)
Basic earnings/(loss) per share (pence) 0.14 (0.16) (0.38)
Diluted earnings/(loss) per share (pence) 0.14 (0.16) (0.38)
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 2025
31 December 2025 31 December 2024 30 June 2025
(unaudited) (unaudited) (audited)
£ £ £
ASSETS
Non-current assets
Financial assets at fair value through profit or loss 3,574,483 4,179,220 3,535,961
3,574,483 4,179,220 3,535,961
Current assets
Financial assets at fair value through profit or loss 441,639 - 153,342
Other receivables 7,642 32,550 38,137
Cash and cash equivalents 224,510 98,886 281,883
673,791 131,436 473,362
Total assets 4,248,274 4,310,656 4,009,323
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 95,083 38,716 58,911
95,083 38,716 58,911
Total liabilities 95,083 38,716 58,911
EQUITY
Share capital 16,652,482 16,652,482 16,652,482
Share option account - 469,670 -
Accumulated deficit (12,499,291) (12,850,212) (12,702,070)
Total equity 4,153,191 4,271,940 3,950,412
Total liabilities and equity 4,248,274 4,310,656 4,009,323
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
Share capital account Share option account Retained earnings Total equity
£ £ £ £
As at 1 July 2024 16,652,482 469,670 (12,619,946) 4,502,206
- (469,670) 469,670 -
Comprehensive Income
Transfer of share-based payment reserve
Loss for the year ended 30 June 2025 - - (551,794) (551,794)
As at 30 June 2025 16,652,482 - (12,702,070) 3,950,412
Comprehensive Income
Income for the period ended 31 December 2025 - - 202,779 202,779
As at 31 December 2025 16,652,482 - (12,499,291) 4,153,191
Share capital account Share option account Retained earnings Total equity
£ £ £ £
As at 1 July 2023 16,652,482 469,670 (11,874,212) 5,247,940
Comprehensive Income
Loss for the year ended 30 June 2024 - - (745,734) (745,734)
As at 30 June 2024 16,652,482 469,670 (12,619,946) 4,502,206
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Six months ended Six months ended Year ended
31 December 2025 31 December 2024 30 June 2025
(unaudited) (unaudited) (audited)
£ £ £
Cash flows from operating activities
Total comprehensive income/(loss) for the period / year 202,779 (230,266)
(551,794)
Adjustments for:
Net fair value loss on financial assets at fair value through profit or loss (313,843) 95,066 295,478
Movement in other receivables 17,520 23,851 18,264
Movement in trade and other payables 36,171 (12,069) 8,127
Net cash outflow from operating activities (57,373) (123,418) (229,925)
Cash flows from investing activities
Proceeds from return of capital on investment - - 289,504
Net cash inflow from operating activities - - 289,504
(57,373) (123,418) 59,579
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period / year 281,883 222,304 222,304
Cash and cash equivalents at the end of the period / year 224,510 98,886 281,883
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1. Accounting Policies
Basis of accounting
The interim financial statements of Westmount Energy Limited (the "Company")
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 2025. 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 2025.
2. Investments
Six months ended Six months ended Year
31 December 2025 31 December 2024 ended
30 June
2025
(unaudited) (unaudited) (audited)
£ £ £
Africa Oil Corp, at market value - 328,342 -
Cost, nil shares - 534,836 -
(31 December 2024: 300,000 shares, 30 June 2025: nil shares)
Cataleya Energy Corporation, at market value 1,378,870 1,480,915 1,353,440
Cost, 474,816 shares 3,751,906 3,751,906 3,751,906
(31 December 2024: 474,816 shares, 30 June 2025: 474,816 shares)
Eco Atlantic Oil & Gas Oil Limited, at market value 436,500 160,500 147,450
Cost, 1,500,000 shares 240,000 240,000 240,000
(31 December 2024: 1,500,000 shares, 30 June 2025: 1,500,000 shares)
JHI Associates Inc, at market value 2,195,613 2,203,996 2,182,521
Cost, 5,685,167 shares 8,080,802 7,770,027 7,770,027
(31 December 2024: 5,651,270 shares, 30 June 2025: 5,651,270 shares)
Ratio Petroleum Energy Limited Partnership shares, at market value 5,139 5,467 5,892
Cost, 89,653 shares 22,256 22,256 22,256
(31 December 2024: 89,653 shares, 30 June 2025: 89,653 shares)
Total market value 4,016,122 4,179,220 3,689,303
Total cost 12,094,964 12,319,025 11,784,189
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025 (CONTINUED)
2. Investments (continued)
Six months ended Six months ended Year
31 December 2025 31 December 2024 ended
30 June
2025
(unaudited) (unaudited) (audited)
£ £ £
Total fair value adjustment (8,078,843) (8,139,806) (8,094,887)
Reverse prior year fair value adjustment 8,094,887 8,044,740 8,044,740
Current period fair value movement 16,044 (95,066) (50,147)
Unrealised loss 16,044 (95,066) (50,147)
Realised gain/(loss) 297,799 - (245,331)
Current period income statement impact 313,843 (95,066) (295,478)
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