TIDMWTE
RNS Number : 8714T
Westmount Energy Limited
30 March 2021
30(th) March 2021
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Interim Results
Westmount Energy Limited (UK AIM: WTE.L, USA OTCQB: WMELF), the
AIM-quoted oil and gas investing company focussed on the
Guyana-Suriname Basin is please to announce its unaudited Interim
Results for the six months ended 31 December 2020.
Copies of the Company's interim results are avaiable on the
Company's website, www.westmountenergy.com , and wil be posted to
shareholders shortly.
2020 Highlights
-- High quality reservoirs and hydrocarbons identified in first
wells on Kaieteur and Canje blocks - confirming extension of the
Cretaceous petroleum system outboard of the Liza trend
-- Tanager-1 Discovery contains gross 65.3 MMbbls (42.7 MMbbls
Net to Kaieteur Block) contingent resources (2C, unrisked)(1) in
high quality Maastrichtian reservoir - but is non-commercial as a
standalone development
-- Detailed analysis of the data collected at the recently
completed Bulletwood-1 well, the first well on the Canje Block, is
ongoing
-- Initial Drilling activities have commenced at Jabillo-1, an
independent circa 1bn bbl prospect(2) , and the second of three
wells scheduled for drilling on the Canje Block in 2021
-- Investment portfolio rebalancing to reflect changing risk
profile and optimise exposure to 2021 drilling activity
-- Shares commenced cross trading on the US OTCQB market under the ticker symbol "WMELF"
-- Cash balance of GBP2.2M at period end
Chairman's Review
Five years on since the world-class Liza-1 discovery, the
Guyana-Suriname Basin continues to manifest the hallmarks of a
prolific emerging hydrocarbon province. With more than 50 wells
drilled in the basin since 2015, in excess of 10 billion oil
equivalent barrels discovered between Stabroek and Block 58 (with
estimated 70% oil or liquids)(3) and a total basin potential now
estimated to be more than twice the discovered resource(4) , the
basin continues to be an outlier in terms of global exploration
performance and investment growth. Further testimony to the
accelerating activity levels is provided by the current deployment
of seven drillships and one semi-submersible rig across the basin
by three operators.
Nevertheless, the backdrop to the oil and gas exploration sector
for much of 2020 was dominated by the global pandemic, an oil price
crash and a sharpening focus on accelerating the energy transition.
After the economic shocks and oil price collapse observed in the
first half of 2020 the second half of the year has witnessed a
period of steady improvement in demand and price recovery -
notwithstanding persistent concerns of the potential for slow
vaccine rollout and the still spreading Covid-19, with new
variants, to delay global economic and oil demand recovery. Oil
prices have shown a continued upward trend from circa $40/bbl Brent
in early November 2020 to above $65/bbl Brent in mid-March 2021.
This move has been supported by a reduction in global inventories
due to OPEC+ production curbs, US cold weather events, a weakening
US Dollar, optimism about Covid-19 vaccinations, a US$1.9tn
coronavirus relief package in the US and growing economic activity
in Europe - all pointing towards a tighter oil market. Near term
price outlook is likely to be determined by the rate of re-opening
of OECD economies, the rate of loosening of production supply
constraints by OPEC+, increasing US rig count and geopolitical
considerations including whether or not sanctions on Iran are
lifted.
Notwithstanding the challenging macro environment, in the second
half of the year, Guyana continued its transformation towards a
significant oil producing nation - with Liza Phase 1 reaching its
plateau production rate of 120,000 BOPD, Liza Phase 2 development
is on track to achieve first oil in early 2022, with a capacity of
220,000 BOPD and with a third field development, Payara, also with
220,000 BOPD capacity, now sanctioned and targeting first oil in
2024. In addition, it is anticipated that the Stabroek consortium
will submit to the Guyanese government a 4th development plan, for
the Yellowtail discoveries, by the end of 2021.
Also, during this period estimates of gross discovered resources
to date on the Stabroek Block were revised upwards to 9 billion
barrels of oil equivalent with exploration drilling continuing
apace. New discoveries were reported at Redtail-1 and Yellowtail-2
bringing the total number of reported discoveries to date on the
Stabroek Block to eighteen. In addition, circa 15m of oil bearing,
Santonian, sandstone was recently reported in the Hassa-1 well,
which is located proximal to the Canje block boundary.
At the south-eastern end of the basin two additional stacked pay
discoveries were announced by the Total/Apache consortium in Block
58, during this period - Kwaskwasi-1 and East Keskesi-1 - bringing
the number of reported discoveries on the block to four. These
discoveries reported light oil and gas-condensate pay in the
shallower Campanian reservoirs overlying light oil pay in deeper
Santonian reservoirs. Appraisal of these discoveries has now
commenced, with Total as operator, targeting FID for the first
development in early 2022 and first oil by the end of 2025. In
addition, in December, Petronas announced a discovery at the
Sloanea-1 exploration well on Block 52, where several
hydrocarbon-bearing sandstone packages with good reservoir
qualities were encountered in the Campanian.
Exploration drilling results continue to support the presence of
multiple plays, quality reservoirs and the potential for
stacked-pay drilling opportunities within the basin. Although the
Upper Cretaceous Maastrichtian-Campanian Liza play dominates in
terms of number of discoveries and discovered volumes to date the
deeper Santonian pools on Block 58, in conjunction with the deeper
hydrocarbons reported at Liza-3, Tripletail-1, Yellowtail-2 and
Hassa-1 on the Stabroek Block, suggest an extensive emerging deeper
play fairway within the basin.
It is against this backdrop that the first 'large step-out play
extension wells' have been drilled on the Kaieteur and Canje blocks
during the last 7 months. High quality reservoirs and hydrocarbons
have been reported from both the Tanager-1 and Bulletwood-1 wells -
confirming the extension of the Cretaceous petroleum system
outboard of the Liza trend.
Kaieteur Block
The first well on the Kaieteur block, Tanager-1, is the deepest
well drilled in the Guyana-Suriname Basin to date. It was spudded
on the 11 August 2020, using the Stena Carron drillship. The well
was drilled in a water depth of 2,900 metres and reached a total
depth of 7,633 metres circa mid-November 2021. Evaluation of LWD,
wireline logging and sampling data confirmed 16 metres of net oil
pay (20(o) API oil) in high-quality sandstone reservoirs of
Maastrichtian age. Although high quality reservoirs were also
encountered at the deeper Santonian and Turonian intervals, initial
interpretation of the reservoir fluids was reported to be
equivocal, requiring further analysis - results of which have yet
to be disclosed. Post well analysis and integration of the data
collected continues with a view to highgrading the next drilling
target on the Kaieteur block.
A post-well Netherland, Sewell & Associates Inc. ("NSAI")
published CPR (14 February 2021) indicates that the Tanager-1
Maastrichtian discovery contains a 'Best Estimate' Unrisked Gross
(2C) Contingent Oil Resource of 65.3 MMBBLs (Low to High Estimates
17.7 MMBBLs to 131 MMBBLs) - with a 'Best Estimate' Unrisked Net
(2C) Contingent Oil Resource attributable to the Kaieteur Block of
42.7 MMBBLs (Low to High Estimates 11.3 MMBBLs to 86 MMBBLs).
However, this discovery is currently considered to be
non-commercial as a standalone development.
The Kaieteur Block is currently operated by an ExxonMobil
subsidiary, Esso Production & Exploration Guyana Limited (35%),
with Cataleya Energy Limited ("CEL") (25%), Ratio Guyana Limited
("RGL") (25%) and a subsidiary of Hess Corporation (15%) as
partners. Westmount retains a holding of approximately 5.3% of the
issued share capital of Cataleya Energy Corporation the parent
company of CEL and after recent portfolio rebalancing circa 0.04%
of the issued share capital of Ratio Petroleum Energy Limited
Partnership ("Ratio Petroleum") the ultimate holding entity with
respect to RGL.
Canje Block
The first well on the Canje block, Bulletwood-1, was spudded on
the 31 December 2020 using the Stena Carron drillship and was
completed in early March. The well was safely drilled in a water
depth of 2,846 metres to its planned target depth of 6,690 meters.
The primary target in the well was a Campanian age confined channel
complex. The well encountered quality reservoirs but non-commercial
hydrocarbons. There has been limited disclosure of the well results
to date as detailed analysis of the data collected is ongoing.
However, the initial results confirm the presence of the
Guyana-Suriname petroleum system and the potential prospectivity of
the Canje Block.
Initial drilling operations at the second well on the Canje
block, Jabillo-1, commenced on the 14 March 2021 using the Stena
Carron drillship. After interruption for a brief period of
maintenance work on the drillship it is anticipated that drilling
operations at Jabillo-1 will recommence in mid-late May 2021.
Previously published information indicated that Jabillo-1 is a
circa 1,000 MMbbl oil prospect targeting a Late Cretaceous,
Liza-age equivalent, basin floor fan(2) .
The third well on the Canje block, Sapote-1, will evaluate a
large independent prospect in the south east of the block and is
currently scheduled for drilling, using the Stena DrillMax
drillship, in Q3 2021.
Westmount holds an indirect interest in the Canje Block as a
result of its circa 7.7% interest in the issued share capital of
JHI Associates Inc. ("JHI"). Following a 2018 farm-out to Total,
JHI is carried for the drilling of the Bulletwood-1 and Jabillo-1
wells and is funded for the drilling of additional wells. The Canje
Block is currently operated by an ExxonMobil subsidiary, Esso
Exploration & Production Guyana Limited (35%), with Total
(35%), JHI (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%) as
partners.
Orinduik Block
Westmount continues to hold an indirect interest in the Orinduik
Block as a result of its circa 0.8% interest in the issued share
capital of Eco (Atlantic) Oil and Gas Ltd. ("EOG"). Exploration
drilling did not occur on the Orinduik Block during 2020 but EOG
remains fully funded for its 15% working interest share of the next
two well drilling campaign on the block, which is expected to
target substantial Cretaceous prospects. The Orinduik Block is
currently operated by Tullow Guyana B.V. (60%), with TOQAP Guyana
B.V. (25%) and EOG (15%) as partners. TOQAP Guyana B.V. is jointly
owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum
(40%).
Block 47, Suriname
Westmount retains a minor indirect interest in Block 47,
Suriname, via its circa 0.04% holding in Ratio Petroleum. The first
well on Block 47, the Goliathberg-Voltzberg North-1 ("GVN-1") well
was spudded circa 25 January 2021, using the Stena Forth Drillship
and was reported by the operator Tullow Oil to have reached total
depth on 18 March 2021. The well was drilled to a total depth of
5,060 metres in a water depth of 1,856 metres and was targeting
Turonian-Cenomanian stacked reservoirs. The well is reported to
have encountered good quality reservoir with minor oil shows and is
being plugged and abandoned. Block 47 is operated Tullow Suriname
B.V. (50%), with Petroandina Resources Corporation N.V (30%) and
Ratio Suriname Ltd. (20%) as partners.
Portfolio Effect
The period under review has provided the first exposure of
Westmount's investment strategy to a portfolio of drilling outcomes
on the Kaieteur and Canje blocks, offshore Guyana. While the
initial results at Tanager-1 and Bulletwood-1 have yielded
non-commercial hydrocarbons, we are encouraged by the data
collected in these 'large step-out' wells which confirms the
presence of high-quality reservoirs and the Cretaceous petroleum
system in the southern Kaieteur and north Canje areas. We remain
hopeful that the portfolio effect provided by drilling a sequence
of prospects in this prolific basin will win out over individual
prospect risks and we look forwards to the drilling results from
the large independent prospects, Jabillo-1 and Sapote-1, during
2021. Current guidance from the various deepwater operators
offshore Guyana indicates that Westmount remains the only US OTCQB
and London listed junior player offering exposure to drilling
offshore Guyana in 2021.
Investment portfolio rebalancing and optimisation of exposure to
2021 drilling activity
During the period under review your Company executed a number of
transactions with a view to rebalancing the investment portfolio
and optimising exposure to the more immediate and material drilling
activity - the three well campaign scheduled for the Canje Block in
2021.
On 10 September the Company announced that it had purchased
1,550,000 common shares in JHI by way of the issue of 18,290,000
new ordinary shares of no par value in Westmount ("New Ordinary
Shares"), representing approximately 12.7% of Westmount's enlarged
issued share capital. This share exchange transaction was agreed
with the counterparties on the basis of a share swap metric of 11.8
new ordinary shares in Westmount for each common share in JHI -
with Westmount shares being valued at 14.745p per share and JHI
shares being valued at CAD$3 per share.
Two additional 'cash only' JHI share purchase transactions were
also entered into by Westmount during and immediately post the
period under review. On 22 December 2020 the Company announced that
it had purchased 250,000 common shares in JHI at an aggregate cost
of USD$400,000. On 18 January 2021 the Company further announced
that it had purchased 287,500 common shares at an aggregate cost of
CAD$718,750. Following these purchases, Westmount holds a total of
5,651,270 shares in JHI, representing approximately 7.7% of the
issued common shares in JHI as of 13 November 2019.
On 17 November 2020 Westmount sold 1,200,000 shares in Ratio
Petroleum for an aggregate consideration of ILS 1,514,681
(GBPGBP338,480 after costs). On the same date the Company sold
300,000 WL2 Warrants for an aggregate consideration of ILS 69,251
(GBPGBP15,282 after costs). A residual holding of 89,653 WL2
warrants were exercised on 14 January 2021 for an aggregate
consideration of ILS 116,280 (GBPGBP27,378). After rebalancing and
the WL2 warrants exercise, Westmount continues to hold 89,653
shares in Ratio Petroleum representing approximately 0.04% of the
issued share capital.
Westmount continues to hold a total of 567,185 common shares in
CEC, representing approximately 5.3% of the issued share capital of
CEC as of 10 August 2020.
Westmount continues to hold 1,500,000 shares in EOG,
representing approximately 0.8% of the common shares in issue as of
31 December 2020.
The reported financial loss for the period is primarily made up
of a non-cash loss on financial assets held at fair value through
the profit and loss, the majority of which is as a result of
foreign exchange movements on the portfolio Investments when valued
at the period end.
US OTCQB Cross Trading Facility
On 1 December 2020 we announced that the Company's ordinary
shares of no par value each ("Ordinary Shares") commenced
cross-trading on the "OTCQB Market" in New York, U.S., under the
ticker symbol "WMELF".
The cross-trading facility on the OTCQB Market will allow
Westmount's Ordinary Shares to be traded in US Dollars by
broker-dealers in the United States. Westmount's Ordinary Shares
continue to trade on the AIM market of the London Stock Exchange
with the ticker symbol "WTE".
Summary/Outlook
After a bumpy ride in the first half of 2020, increasing
economic activity and oil demand, combined with OPEC+ supply
discipline, has witnessed an oil price rally which has gained
momentum in recent months. Drilling activity in the Guyana-Suriname
basin continues to accelerate driven by the industry's focus on
'advantaged barrels' as a result of the unique combination of
prospect sizes, reservoir quality, low carbon intensity and low
breakeven metrics ($25/bbl-$35/bbl), available offshore Guyana. In
this context, and in spite of the access challenges, your Board
remains focused on investment opportunities and deployment of
capital that gives additional exposure to drilling in this prolific
emerging basin.
The current year is shaping up to be a significant period for
exploration and appraisal operations in the Guyana-Suriname basin
with in excess of 12 exploration and appraisal wells scheduled for
the Guyanese sector alone. Westmount's strategy remains one of
offering shareholders exposure to high impact drilling outcomes in
the Guyana-Suriname Basin via material indirect holdings in some
key licences.
The Company's current investment portfolio is now focused on the
continuing 2021 ExxonMobil operated drilling campaign on the Canje
Block - with the drilling outcome of two additional large
independent prospects, Jabillo-1 and Sapote-1, due to be revealed
over the coming months. Westmount remains the only US OTCQB and
London listed junior player offering exposure to drilling offshore
Guyana in 2021, where commercial discovery in one of these wells
could result in transformational value changes for the Company.
GERARD WALSH
Chairman
Notes
(1) CPR by Netherland, Sewell & Associates Inc. ("NSAI")
dated 14 February 2021- published by Ratio Petroleum
(2) JHI's Website https://www.jhiassociates.com
(3) Westwood Global Energy Group
(4) ExxonMobil 2021 Investor Day Presentation
For further information, please contact:
Westmount Energy Limited www.westmountenergy.com
David King, Director Tel: +44 (0) 1534 823059
Anita Weaver
Cenkos Securities plc (Nomad and Broker) Tel: +44 (0) 20 7397 8900
Nicholas Wells/Neil McDonald (Corporate Finance)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 31 DECEMBER 2020
Six months Six months Year ended
ended ended
31 Dec 2020 31 Dec 2019 30 Jun 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net (loss) / gain
on
financial assets
held
at fair value
through
profit or loss (954,021) (756,794) 201,252
Net (loss) / gain
on
financial
liabilities
held at fair
value through
profit or loss (13,370) 93,169 75,419
Impairment of
intangible
assets - - (33,333)
Finance costs (21,980) (37,189) (54,575)
Administration (319,297)
expenses (165,217) (200,460)
FX (loss) / gain (89,482) (53,036) 17,988
Share options 1,053
(expense)/credit (998) (1,500)
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Operating loss (1,245,068) (955,810) (111,493)
Loss before tax (1,245,068) (955,810) (111,493)
Tax - - -
Comprehensive
loss for
the period /
year (1,245,068) (955,810) (111,493)
================================================================================================================================== ==================================================================== ====================================================================
Basic loss per
share
(pence) (0.91) (1.01) (0.11)
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Diluted loss per
share
(pence) (0.91) (1.01) (0.11)
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
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 2020
31 Dec 2020 31 Dec 2019 30 Jun 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current
assets
Intangible
assets - 33,333 -
Financial
assets at
fair
value
through
profit or
loss 13,766,866 8,644,384 12,079,736
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
13,766,866 8,677,717 12,079,736
Current assets
Other -
receivables 1,106 1,109
Cash and 2,435,664
cash
equivalents 2,245,047 2,618,986
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
2,246,153 2,620,095 2,435,664
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Total assets 16,013,019 11,297,812 14,515,400
================================================================================================================================== ================================================================================================================================== ===================================================================
LIABILITIES AND EQUITY
Non-current liabilities
Derivative
financial
instruments - 113,684 -
Borrowings - 362,651 -
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
- 476,335 -
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Current liabilities
Trade and
other
payables 55,885 54,595 46,406
Derivative
financial
instruments 146,703 1,900 133,333
Borrowings 414,699 12,683 392,718
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
617,287 69,178 572,457
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Total
liabilities 617,287 545,513 572,457
EQUITY
Share 13,955,623
capital 16,652,482 11,606,743
Share option 443,793
account 444,791 446,346
Retained (456,473)
earnings (1,701,541) (1,300,790)
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Total equity 15,395,732 10,752,299 13,942,943
Total
liabilities
and equity 16,013,019 11,297,812 14,515,400
================================================================================================================================== ================================================================================================================================== ===================================================================
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 DECEMBER 2020
Share capital Share option Retained
account account earnings Total equity
GBP GBP GBP GBP
----------------------------- --------------- -------------- ------------- --------------
As at 1 July 2019 5,829,872 444,846 (344,980) 5,929,738
Comprehensive Income Loss
for the year ended 30
June 2020 - - (111,493) (111,493)
Share issue 8,125,751 - - 8,125,751
Transactions with owners
Share options credit - (1,053) - (1,053)
As at 30 June 2020 13,955,623 443,793 (456,473) 13,942,943
------------------------------ --------------- -------------- ------------- --------------
Comprehensive Income
Loss for the period ended
31 December 2020 - - (1,245,068) (1,245,068)
Share issue 2,696,859 - - 2,696,859
Transactions with owners
Share options expensed - 998 - 998
As at 31 December
2020 16,652,482 444,791 (1,701,541) 15,395,732
------------------------------ --------------- -------------- ------------- --------------
Share capital Share option Retained Total
account account earnings equity
GBP GBP GBP GBP
---------------------------- --------------- -------------- ------------- -----------
As at 1 July 2018 4,244,166 363,993 (2,358,395) 2,249,764
Comprehensive Income
Profit for the year ended
30 June 2019 - - 2,013,415 561,080
Share issue 1,585,706 - - 1,585,706
Transactions with owners
Share options
expensed - 80,853 - 80,853
As at 30 June
2019 5,829,872 444,846 (344,980) 5,929,738
----------------------------- --------------- -------------- ------------- -----------
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODED 31 DECEMBER 2020
Six months Six months
ended ended Year ended
31 Dec 31 Dec
2020 2019 30 Jun 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating
activities
Total comprehensive loss for
the period / year (1,245,068) (955,810) (111,493)
Adjustments for:
Net loss / (gain) on financial
assets at fair value through
profit or loss 954,021 756,794 (201,252)
Net loss / (gain) on financial
liabilities at fair value
through profit or loss 13,370 (93,169) (75,419)
Impairment of intangible assets - - 33,333
Interest on borrowings 21,980 37,189 54,575
Share options expense/(credit) 998 1,500 (1,053)
Movement in other receivables (1,106) 5,892 7,001
Movement in trade and other 984
payables 9,479 9,173
Purchase of investments (2,997,161) (2,655,381) (5,132,689)
Proceeds from sale of investments 356,011 - -
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Net cash out flow from operating
activities (2,887,476) (2,893,812) (5,426,013)
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Cash flows from financing
activities
Proceeds from issue of ordinary
shares 2,696,859 5,449,424 7,798,303
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Net cash generated from financing
activities 2,696,859 5,449,424 7,798,303
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Net (decrease) / increase
in cash and cash equivalents (190,617) 2,555,612 2,372,290
Cash and cash equivalents
at the beginning of the period
/ year 2,435,664 63,374 63,374
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Cash and cash equivalents
at the end of the period /
year 2,245,047 2,618,986 2,435,664
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIODED 31 DECEMBER 2020
1. Accounting Policies
Basis of accounting
The interim financial statements 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 2020. 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 2020.
2. Investments
Six
months Year
Six months ended ended
ended 31 30
31 December December June
2020 2019 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
Argos Resources
Limited, at market
value 21,300 28,300 24,800
Cost, 1,000,000
shares 310,775 310,775 310,775
(31 December 2019:
1,000,000 shares,
30 June 2020:
1,000,000 shares)
Cataleya Energy
Corporation, at
market
value 4,149,230 4,281,697 4,590,523
Cost, 567,185
shares 4,518,215 4,518,215 4,518,215
(31 December 2019:
567,185, 30 June
2020: 567,185
shares)
Eco Atlantic Oil &
Gas Oil Limited,
at market value 348,000 799,500 359,250
Cost, 1,500,000
shares 240,000 240,000 240,000
(31 December 2019:
1,500,000 shares,
30 June 2020:
1,500,000 shares)
JHI Associates Inc,
at market value 9,245,741 2,577,471 6,353,344
Cost, 5,363,770
shares 7,355,249 2,009,210 4,358,088
31 December 2019:
2,213,770 shares,
30 June 2020:
3,563,770 shares)
Ratio Petroleum
Energy Limited
Partnership
shares, at market
value - 872,306 643,446
Cost, nil shares - 252,144 252,144
(31 December 2019:
1,200,000 shares,
30 June 2020:
1,200,000 shares)
Ratio Petroleum
Energy Limited
Partnership
warrants, at
market value 2,595 85,110 108,373
Cost, 89,653
warrants 48,200 81,060 209,489
(31 December 2019:
166,063, 30 June
2020: 389,653)
Total market value 13,766,866 8,644,384 12,079,736
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Total cost 12,472,439 7,411,404 9,888,711
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Total fair value
adjustment 1,294,427 1,232,980 2,191,025
Reverse prior year
fair value
adjustment (2,191,025) (1,989,774) (1,989,774)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Current period fair
value movement (896,598) (756,794) 201,251
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Realised loss (57,423) - -
Unrealised (loss) /
gain (896,598) (756,794) 201,251
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Current period
income statement
impact (954,021) (756,794) 201,251
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
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