Westmount Energy Limited
18 August 2005
Announcement of transaction by subsidiary
The Board of Westmount Energy Limited ('the Company' with its subsidiary 'the
Group') announces the following transaction:
The Company's wholly owned subsidiary, Westmount Petroleum UK Limited, has
concluded an agreement with the payors of the overriding royalty relating to its
interest in Licence P241 North Sea. Future payment of royalty beyond the end of
the first quarter of 2005, based on oil won and saved from the Licence area for
the overriding royalty was terminated by the payors making an immediate payment
in full settlement of any future royalty payable.
After taking into account the costs incurred in completing the transaction and
allowing for corporation tax payable in due course, the net return to the Group
to be taken to profits in the current financial year ending 30 June 2006 amounts
to approximately £1.2 million.
Westmount Energy Limited Tel: 01534 814209
Derek G. Williams, Chairman
Oriel Securities Limited Tel: 020 7710 7600
Andrew Edwards
Scott Richardson Brown
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