Chairman's AGM Statement

Westmount Energy Limited 13 December 1999 WESTMOUNT ENERGY LIMITED AGM STATEMENT At the Annual General Meeting of Westmount Energy Limited ('Westmount') held in Jersey, Channel Islands today, Derek Williams, Chairman, reported to shareholders as follows:- Current Trading and Prospects Current trading in the Westmount Group is significantly improved compared with last year due to higher oil prices which appear to be holding at least for the foreseeable future, the successful drilling of a new producing well in the Gulf of Mexico and the profit realised from the sale of certain investments in its first half accounting period. Progress on Westmount's investments in Fusion Oil & Gas NL ('Fusion') and Desire Petroleum plc ('Desire') Fusion - Following the completion of the recent fund-raising by Fusion (the Perth, Western Australia based oil and gas exploration company) and the issue of additional shares by Fusion in connection with the acquisition of a 38.57% interest in two new petroleum licences offshore Gabon, Westmount now holds 20,000,000 fully paid shares in Fusion representing 33.33% of Fusion's fully paid shares in issue. Fusion has also recently been awarded a 90% interest in a licence offshore Gambia to add to its other exploration interests in Mauritania, the Senegal/Guinea-Bissau Common Zone, Liberia and Ghana. With regard to the Mauritania licence, operated by Woodside, where a 3D seismic survey is in progress, a decision to drill an offshore well in the last quarter of 2000, in which Fusion will be free carried, is expected before the end of this calendar year. Through its investment in Fusion, Westmount has a significant exposure offshore West Africa which is one of the world's most sought after petroleum provinces. Fusion is planning to apply for an introduction for its shares to the AIM market in the second quarter of 2000. Desire - Westmount has retained 5,500,000 ordinary shares of Desire which following the merger of Desire with Gaelic Resources plc that has now been declared unconditional will represent approximately 5.5% of the enlarged share capital of Desire. Through this interest Westmount has a substantial investment in the North Falkland Basin and an interest in the appraisal of a gas discovery onshore Portugal. Desire now holds 100% of Tranches C, D, I and L and 12.5% of Tranche F, equating to an interest in 26 whole Blocks offshore the Falkland Islands. Desire intends to seek new partners early next year with a view to the resumption of further exploration of the area. The first appraisal well on Desire's interest of approximately 25% in the Lusitanian Basin prospect onshore Portugal is expected to commence drilling in mid-January 2000. For further information please contact: Derek Williams - Chairman, Westmount Energy Limited Tel: 0171 351 2925 Andrew Edwards - Investec Henderson Crosthwaite Corporate Finance Tel: 0171 597 5181 Bobby Morse - Merlin Financial & Corporate Public Relations Tel: 0171 606 1244