Westmount Energy Ld - Interim Results
30/03/2026 07:00
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 4th 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 31st December 2025; no debt
Investment portfolio summary
As of the 31st 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 31st 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 15th 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 4th 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 shares1 | ~6.24% issued shares1 | 100% PL001 (N. Falklands)2 |
| 17.5% Canje Block3 | |||
| Cataleya Energy Corp. | 474,816 common shares4 | ~4.13% issued shares4 | 50% Kaieteur Block5 |
| Listed - Public Corporations | |||
| Eco Atlantic Oil & Gas Ltd. | 1,500,000 common shares | ~0.43% issued shares6 | 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 Block3 |
| 1Post 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. | |||
| 2On 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. | |||
| 3On 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. | |||
| 4Post completion of Restructuring Agreement with Cataleya's Noteholder on 15th March 2024 | |||
| 5Subject 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 | |||
| 6As of 4th March 2026 | |||
| Table 1 | |||
| Six months ended 31 December 2025 (unaudited) £ | Six months ended 31 December 2024 (unaudited) £ | Year ended 30 June 2025 (audited) £ | ||||
| Net fair value gains/(losses) on financial assets held at fair value through profit or loss | 313,843 | (95,066) | (295,478) | |||
| 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) | |||
| 31 December 2025 (unaudited) £ | 31 December 2024 (unaudited) £ | 30 June 2025 (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 | ||
| 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 | |
| Comprehensive Income Transfer of share-based payment reserve | - | (469,670) | 469,670 | - | |
| 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 | |
| Six months ended 31 December 2025 (unaudited) £ | Six months ended 31 December 2024 (unaudited) £ | Year ended 30 June 2025 (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 | |||||
| Net (decrease)/increase in cash and cash equivalents | (57,373) | (123,418) | 59,579 | |||||
| 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 | |||||
| Six months ended 31 December 2025 | Six months ended 31 December 2024 | Year 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 | ||
| Six months ended 31 December 2025 | Six months ended 31 December 2024 | Year 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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