Business
Half Yearly Report
Half Yearly Report.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n \nRNS Number : 4493T Westmount Energy Limited 30 March 2016 \n\nWestmount Energy Limited\n(\"Westmount\" or the \"Company\")\n \nInterim Results\n \nThe Company is pleased to announce its Interim Results for the six months ended 31 December 2015. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders shortly.\n \nCHAIRMAN'S REVIEW\nThe period under review has been an active one for your Company. \n \nLast December your Company successfully raised a total of £509,602 by way of an Open Offer to existing shareholders and a Placing with two new investors, Mr John Craven and Mr Dermot Corcoran. Following the Annual General Meeting on 11 December 2015, the share capital was also amended to Nil Par Value. The amendments to our share capital, addition to our working capital and strengthening of our shareholder base has provided a strong platform to enhance shareholder value going forward.\n \nSince the period end the oil price has continued to be volatile, hitting lows in January not seen since 2003. More recently, the oil price has recovered from the lows and according to the International Energy Agency, the oil price may have bottomed out. Opportunities are emerging as a result of distressed situations, divestments from medium and large oil and gas exploration and production companies and due to cut backs in exploration budgets. We are focusing on repositioning your Company as a niche exploration and production investor in the conventional oil and gas sector, focusing on value creation in the low price environment, utilising the distressed environment to re-house high quality assets and to position investors to benefit from a likely price upswing in the next two to five years.\n \nWe continue to identify and assess investment opportunities in line with the above strategy which may take time to emerge but I believe that our patience should be rewarded. \n \nPortfolio\n \nYour Company's portfolio of energy shares is mainly focused on the Falkland Islands. In spite of positive news events, valuations have suffered as a result of the poor oil price environment and negative sentiment in the sector. Your Company recorded a loss in the portfolio of £284,950 which arose mainly from market depreciation in our holding in Falk...