Westmount Energy : 25 November 2016 – Final Results

25 November 2016 Westmount Energy Limited ("Westmount" or the "Company") Final Results

The Company is pleased to announce its Final Results for the year ended 30 June 2016. A copy of the results is available on the Company's website, www.westmountenergy.com, and will be posted to shareholders today.

Notice is hereby given that the Annual General Meeting of Westmount will be held at No 2 The Forum, Grenville Street, St Helier, Jersey JE1 4HH, Channel Islands on 20 December 2016 at 11:00 am.

CHAIRMAN'S REVIEW

The Year under review has been another difficult and volatile year for the Oil & Gas industry and in particular the junior E & P sector in which your Company invests.

As previously reported, last 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 move the Company forward and continue to assess investment opportunities within the energy sector.

The Financial Statements show a loss for the year of £434,023, the majority of which relates to a reduction in value of our investment portfolio. The reduction is a non cash item and I comment on the portfolio separately below. Administrative expenses of £173,112 include legal and secretarial costs relating to the share subscription and Open Offer documentation, referred to above. The Company's corporate overhead has been reduced as much as possible to an annual rate of approximately £100,000 and myself and fellow board member Tom O'Gorman, who invested significantly in the December 2015 Open Offer, have in an effort to preserve cash and save on costs, provided our services free of charge to the Company for the past three years while we actively seek and evaluate an appropriate transaction for the Company.

Portfolio

As reported at the interim stage your Company's portfolio of energy shares is mainly focused on the Falkland Islands. Following an all share merger in January 2016, our holding in Falkland Oil & Gas was exchanged for a holding in Rockhopper Exploration plc. In spite of positive news events and the recent improved oil price, the valuations have not recovered. Your Company recorded a paper loss in the portfolio of £260,911 which arose mainly in the first half of the year from the market depreciation in our holding in Falkland Oil and Gas/Rockhopper. The share price performance has been very disappointing, should the share prices of the portfolio increase in the future, the valuations uplift will be shown in our income statement.

FUTURE

The oil price has recovered from the recent lows set in January of this year and recently traded in the

$45-$55 range. There is hope that short term supply issues can be resolved by an agreement at the forthcoming OPEC meeting. The recent commodity price improvement and market stability has helped investor sentiment. We have recently seen significant and successful fundraisings from companies such as Providence and Hurricane, which I would have thought was not possible only a short time ago. These fundraising efforts and other such examples in our sector provide confidence that on finding the right opportunity, funding should be available.

When Messrs Craven and Corcoran joined the share register last December, we indicated that we would focus on repositioning your Company as a niche exploration and production investor in the conventional oil and gas sector, to position investors to benefit from a likely price upswing in the next two to five years.

We have reviewed a number of investment and corporate opportunities and shown them to our new shareholders Messrs Craven and Corcoran, for some technical evaluation and input. While we have identified a number of opportunities, including opportunities in the Atlantic Margin arena, we have been unable to conclude a transaction to date.

Westmount has sufficient cash resources on hand to continue to evaluate new opportunities and will revert to shareholders when we have a transaction that we feel will increase shareholder value, has the support of our key shareholders, advisors and importantly can be financed in the market place.

GERARD WALSH

Chairman

Enquiries:-

David King

Westmount Energy Limited Tel: [phone]

Nicholas Wells/Elizabeth Bowman Nomad and Broker

Cenkos Securities plc Tel: [phone] www.cenkos.com STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016

Year ended

30 June

2016

Year ended

30 June

2015

Note £ £

Net loss on financial assets held at fair value through profit

or loss (260,911) (95,485)

Administrative expenses (173,112) (126,754)

Operating loss (434,023) (222,239) Loss before and after tax (434,023) (222,239) Comprehensive loss for the year (434,023) (222,239)

Basic loss per share (pence) 4 (2.59) (2.26)

Diluted loss per share (pence) 4 (2.59) (2.26)

All results are derived from continuing operations.

The Company has no items of other comprehensive income.

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

As at As at

30 June

2016

30 June

2015

Notes £ £

ASSETS Non-Current Assets

Financial assets at fair value through profit or loss 5 216,299 536,821

Current Assets

Other receivables	6	10,023	9,721
Cash and cash equivalents	7	402,716	7,291
412,739	17,012
Total assets	629,038	553,833
LIABILITIES AND EQUITY Current Liabilities Trade and other payables	8	31,387	31,760

EQUITY

Share capital	9	3,027,221	1,966,060
Share premium account	10	-	551,560
Share option account	10	349,906	349,906
Retained earnings	(2,779,476)	(2,345,453)

Total equity 597,651 522,073

Total liabilities and equity 629,038 553,833 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2016

Share

Share premium

Share

option Retained Total

capital account account earnings equity

£ £ £ £ £

As at 1 July 2014 Comprehensive income	1,966,060	516,778	349,906	(2,123,214)	709,530
Loss for the year ended 30 June 2015	-	-	-	(222,239)	(222,239)
Transaction with owners
Expired redemption of B shares not
taken up	-	34,782	-	-	34,782
At 30 June 2015	1,966,060	551,560	349,906	(2,345,453)	522,073
Comprehensive income
Loss for the year ended 30 June 2016	-	-	-	(434,023)	(434,023)
Transaction with owners
Open offer at 4p per 20p ordinary share	509,601	-	-	-	509,601
Conversion of 20p ordinary shares to nil
par value shares	551,560	(551,560)	-	-	-
At 30 June 2016	3,027,221	-	349,906	(2,779,476)	597,651

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2016

Year ended 30 June 2016

Year ended 30 June 2015

Note £ £

Cash flows from operating activities

Total comprehensive loss for the year (434,023) (222,239)

Adjustment for net loss on financial assets at fair value

through profit or loss 260,911 95,485

Increase in other receivables (302) (2,114)

Decrease in trade and other payables (373) (26,071) Proceeds from sale of investments 59,611 50,582

Net cash outflows from operating activities (114,176) (104,357)

Cash flows from financing activities