TIDMWTE
RNS Number : 0759U
Westmount Energy Limited
24 March 2023
24 March 2023
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 investment company focussed on the
Guyana-Suriname Basin is pleased to announce its unaudited Interim
Results for the six months ended 31 December 2022.
Copies of the Company's results are available on the Company's
website, www.westmountenergy.com, and will be posted to
shareholders shortly.
CHAIRMAN'S REVIEW
2022 Highlights
-- Cash balance of GBP0.86M at Period End, 31 December 2022; no debt
-- Post Period End CEC's Return of Capital Transaction yields additional USD $356k cash
-- Canje and Kaieteur JV partners continue to work towards
identification of optimal targets and environmental permitting,
with drilling decisions anticipated from H2 2023
-- Sector consolidation manoeuvres - subject to certain
conditions, proposed 'all paper' acquisition by JHI Associates Inc.
of 100% interest in Production Licence PL001 in the North Falkland
Basin from Argos Resources Ltd.
The transformation of Guyana has continued apace during this
interim period, with real GDP growth of 62.3% in 2022 and IMF
projected growth of 25.2% in 2023 making it one of the fastest
growing economies in the world. The influx of foreign direct
investment is mainly flowing to the oil and gas sector which is
currently dominated by an inventory of upstream development
projects on the Stabroek Block operated by ExxonMobil, with Hess
Corporation and CNOOC as partners. Guyana is now established as a
significant oil producing nation with rapidly progressing offshore
developments, including the expected installation of at least 6
Floating Production Storage and Offloading (FPSO) units on the
Stabroek Block by end 2027 (with a production capacity of more than
1 million BOPD) and the potential for up to 10 FPSOs based upon the
current discovered resource inventory of in excess of 11 billion
barrels of oil equivalent.(1,2,3)
In parallel with the development of the already discovered
resource offshore Guyana, the multi-billion barrels undiscovered
upside in the basin continues to attract aggressive exploration
investment, driven by large prospects, low breakeven costs, low
carbon emissions and the energy transition dynamics. It is
anticipated that Guyana's total recoverable oil deposits will
increase as exploration activities expand to deeper plays and other
offshore blocks, which remain underexplored. The Stabroek Block
partners reported a total of nine significant discoveries during
2022 (Fangtooth-1, Lau Lau-1, Patwa-1, Lukanani-1, Barreleye-1,
Seabob-1, Kiru Kiru-1, Yarrow-1 and Sailfin-1) bringing the total
number of discoveries to date, on the Stabroek block to thirty.(4)
The positive outcome at Fangtooth-1 is of particular significance
as this was the first well dedicated to a deep exploration target
in the Stabroek area, with the results indicating the potential for
commercial exploitation of the deeper plays and offering
encouragement for the drilling of deep targets elsewhere in the
basin, including on the Kaieteur and Canje Blocks. The potential
for a significant deep discovery at Fangtooth was confirmed in
January 2023 when the Stabroek partners reported that 61 metres of
oil-bearing sandstone reservoirs had been encountered at Fangtooth
SE-1, which was drilled circa 13 kms to the southeast of the
original Fangtooth-1 discovery.
Outside of Stabroek, in May 2022, the Joint Venture of CGX
Energy Inc. and Frontera Energy Corporation announced a discovery
at Kawa-1 in the north of the Corentyne Block. Logging of this well
indicated 69 metres of net hydrocarbon pay across multiple Upper
Cretaceous reservoirs. Reservoir fluids are uncertain as MDT fluid
samples were not obtained from the well, though third-party
analyses indicated the presence of light oil in the deeper
Santonian and Coniacian reservoirs, and gas condensate in the
shallower Maastrichtian and Campanian, consistent with neighbouring
discoveries on the Stabroek block and in Block 58, Suriname.(5)
Kawa-1 was plugged and abandoned and the commercial potential of
the discovery has yet to be determined. After realignment of
stakeholder interests on the Corentyne Block a follow-up joint
exploration/appraisal effort, Wei-1, was spudded on 20 January
2023, targeting stacked Campanian and Santonian channel sandstone
reservoirs and is currently drilling ahead.
Separately, in December 2022, the Guyanese government launched a
Licensing Round for 14 offshore blocks (3 deepwater and 11 shallow
water blocks) under revised fiscal and contractual terms including
biddable signature bonus with a minimum threshold of USD $20M and
$10M for deepwater and shallow water blocks, respectively. In
parallel, the government has indicated that some other blocks, ex
Licensing Round, have been set aside with a view to exploration and
development of these blocks via strategic direct
government-to-government partnerships.
In the Surinamese sector mixed results have been reported during
this period. The Total/Apache consortium increased its discovery
count from 4 to 6 with the announcement of the Krabdagu-1 (Block
58) and Baja-1 (Block 53) discoveries in February and August 2022,
respectively, although non-commercial outcomes were reported at
Rasper-1, Dikkop-1 and Awari-1(6) . In contrast, significant light
oil flow test results were achieved from Campanian reservoirs in
appraisal wells at Sapakara South-1, Sapakara South-2 and
Krabdagu-1 during this period. Prior stacked reservoir discoveries
on Block 58 reported generally light oil and gas-condensate pay in
shallower Maastrichtian-Campanian reservoirs overlying light oil
pay in deeper Santonian reservoirs - pointing towards some
potential challenges around valorization of large associated gas
volumes. Overall mixed exploration and appraisal drilling results
experienced by the consortium to date is spotlighting a renewed
focus on proving up sufficient oil volumes in the shallower,
Campanian, Sapakara and Krabdagu discoveries while targeting a
mid-2023 FID with respect to the first oil development on Block
58.
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,
Uaru-2, Turbot-2, Longtail-3, Hassa-1, Fangtooth-1 and Fangtooth
SE-1 on the Stabroek Block, together with the hydrocarbon shows
reported at Sapote-1 on the Canje Block, and the logged net pay in
the Santonian-Coniacian intervals at Kawa-1 on the Corentyne Block,
all suggest an extensive emerging deeper play fairway within the
basin. Offshore Suriname, oil pay was also reported from the
Zanderij-1 (Shell, Block 42) where the operator was targeting the
Santonian and deeper intervals, with well results currently under
evaluation.(7) Additional deep drilling with multiple targets is
scheduled or ongoing at Wei-1 (CGX Energy Inc., Corentyne Block)
and at Kokwari-1, Tarpon Fish-1, Basher-1 and Lancetfish-1
(ExxonMobil, Stabroek Block).
It is against this backdrop that the hydrocarbon plays and
prospect inventories on the Kaieteur, Canje and Orinduik blocks are
being reassessed - with a view to the identification of optimal
targets for the next phase of drilling, while progressing the
ongoing environmental permitting processes.
Kaieteur Block
The first well on the Kaieteur block, Tanager-1, remains the
deepest well drilled in the Guyana-Suriname Basin to date. It was
spudded on 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 2020. 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 high-grading 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.
Subsequent to the Tanager-1 discovery, on 24 May 2021, it was
announced that Hess Corporation ("Hess") had increased its working
interest ("WI") in the Kaieteur Block, offshore Guyana, from 15% to
20% via the farm-down of a 5% WI by Cataleya Energy Limited
("CEL"). Although the details of this farm-in transaction were not
disclosed this farm-in, by one of the Stabroek block partners and a
leading player in the Guyana-Suriname basin, suggests confidence in
the prospective resource potential of the Kaieteur Block and augurs
well for the continuing exploration of the area.
On 23 August 2021, it was announced that the date for elective
nomination, by the operator, of the prospect target for the 2(nd)
well on the Kaieteur Block has been extended by seven months and on
22 March 2022 a further extension of the nomination date was agreed
to 2 October 2023. The Kaieteur Block partners agreed to this
extension to facilitate continuing geological and geophysical
analysis by the operator and integration of recent and ongoing deep
play drilling program results on adjacent blocks into the Kaieteur
prospect nomination decision. Under a farm-in agreement executed
with ExxonMobil (operator) in 2016, any drilling consequent to the
2(nd) well prospect nomination decision will commence within nine
months of the nomination date. The operator, as farminee, continues
to bear all farmor JV expenses during the prospect nomination
extension period.
In September 2021, the operator, ExxonMobil, submitted an
application for environmental authorization to the Environmental
Protection Agency (EPA) to proceed with an up to 12 well
exploration campaign on the Kaieteur Block.
Recent media reports(8) suggest that the Stabroek Block
operator, ExxonMobil, may be looking for tieback opportunities that
might provide additional resources to support the potential
development of the Ranger discovery made in 2018 and located circa
100kms to the northwest of the Liza Field. The 2020 Tanager-1
discovery, which straddles the Stabroek/Kaieteur block boundary,
and other prospects in the southern part of the Kaieteur Block are
well positioned in this regard.
The Kaieteur Block is currently operated by an ExxonMobil
subsidiary, Esso Production & Exploration Guyana Limited (35%),
with Cataleya Energy Limited ("CEL") (20%), Ratio Guyana Limited
("RGL") (25%) and a subsidiary of Hess Corporation, Hess Guyana
(Block B) Exploration Limited (20%) as partners. Westmount retains
a holding of approximately 5.3% of the issued share capital of
Cataleya Energy Corporation ("CEC") the parent company of CEL and
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
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 14 March 2021 using the Stena Carron
drillship. Previously published information indicated that
Jabillo-1 was targeting a Late Cretaceous, Liza-age equivalent,
basin floor fan. After interruption for a brief period of
maintenance work on the drillship drilling operations at Jabillo-1
recommenced circa 5 June 2021 and were completed in early July. The
well was safely drilled in a water depth of 2,903 metres to its
planned target depth of 6,475 meters. The well did not encounter
commercial hydrocarbons.
The third well on the Canje block, Sapote-1, was spudded circa
29 August 2021, using the Stena DrillMAX drillship, and reached TD
in late October 2021. This well is located in the southeast of the
Canje Block, approximately 60kms north of the Campanian and
Santonian Maka Central-1 stacked pay discovery. The well was safely
drilled in a water depth of 2,549 metres to a total depth of 6,758
meters. It encountered non-commercial hydrocarbons in one of the
deeper exploration targets.
Westmount holds an indirect interest in the Canje Block as a
result of its circa 7.2% interest in the issued share capital of
JHI Associates Inc. ("JHI"). The company also holds an additional
indirect interest in the Canje Block as a result of its
shareholding in Eco (Atlantic) Oil and Ltd. ("EOG") and following
the investments in JHI Associates Inc. ("JHI") announced by EOG on
28 June 2021 and 19 January 2022. Subsequent to the initial EOG
transaction and a previous 2018 farm-out to Total, JHI was fully
carried/funded for the 2021 three well drilling campaign and is
also funded for additional drilling, with a reported USD$19.7M in
cash and cash equivalents as of 31 December 2021.(9)
The Canje Block is currently operated by an ExxonMobil
subsidiary, Esso Exploration & Production Guyana Limited (35%),
with TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI)
Inc. (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 0.4% interest in the issued share
capital of Eco (Atlantic) Oil and Gas Ltd. ("EOG"). Over the last
12 months the focus of the Orinduik Block JV partners has continued
to be on the analysis and assimilation of the 2019/20 drilling
results and data gathering program, the reprocessing and
re-interpretation of the 3D seismic data, and the highgrading of
the Cretaceous light oil prospect inventory with a view to target
selection for the next drilling campaign on the Orinduik Block.
Current guidance indicates plans to drill at least one well into a
light oil Cretaceous target in the next 12-18 months(9) .
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 TotalEnergies E&P Guyana
B.V. (60%) and Qatar Petroleum (40%).
With respect to Westmount's indirect interest in EOG's Namibian
and South African assets, on 18 November, 2022, it was reported
that the Gazania-1 well, on Block 2B in the Orange Basin offshore
South Africa, had reached target depth of 2,360m but did not show
evidence of commercial hydrocarbons. The well was subsequently
plugged and abandoned with further analysis of the Gazania-1 well
data, and the existing AJ-1 light oil discovery, being undertaken
by EOG to determine next steps on the Block(9) .
Investment portfolio summary
As of 31 December 2022, Westmount had a cash balance of GBP0.86M
and is debt free.
Westmount continues to hold a total of 5,651,270 shares in JHI,
representing approximately 7.2% of the issued common shares in JHI
as of 31 December 2021.
On 15 December, 2022, a proposed transaction was announced
between JHI and Argos Resources Ltd. ("Argos") with JHI to acquire
100% interest in Production Licence PL001 in the North Falkland
Basin the sole asset of Argos. As consideration JHI proposes to
issue new shares in JHI, which are expected to represent
approximately 9.3 percent of the enlarged share capital in JHI
following completion of the Transaction, plus a cash payment
enabling Argos to settle transaction and corporate expenses(10)
.
The Transaction remains subject to the satisfactory completion
of mutual due diligence and the parties entering into a binding
Sale & Purchase Agreement ("SPA"). In the event an SPA is
agreed, completion of the Transaction would also be subject to,
inter alia, obtaining the necessary approvals from the Falkland
Islands Government and Secretary of State to the transfer of
Licence PL001 to JHI. Accordingly, there is no certainty that the
Transaction will complete on the terms indicated, or at all.
Westmount retains a legacy holding of 1,000,000 shares in Argos,
representing approximately 0.4% of the issued common shares in
Argos as of 30 June 2022.
On 9 January 2023, Westmount reported that it had elected to
participate in the pro rata Return of Capital Transaction ("ROC
Transaction") offered to the shareholders of Cataleya Energy
Corporation ("CEC") which reduced the number of outstanding common
shares ("Common Shares") in CEC in issue by 16%.
The ROC Transaction was structured such that each Participating
Shareholder effectively received, for each Common Share held prior
to the transaction that is ultimately cancelled pursuant to the ROC
Transaction, an amount equal to approximately USD$3.906 per share.
The aggregate amount returned to participating CEC shareholders via
the ROC Transaction was approximately USD $6,720,000, with these
funds being provided to CEC through the issuance of incremental
convertible loan notes to a certain noteholder (the "Noteholder")
that previously advanced USD$35,000,000 to CEC in April 2020.
Prior to the ROC Transaction, Westmount held a total of 567,185
Common Shares in CEC, representing approximately 5.28% of the
issued common shares in CEC. Post completion of the ROC
Transaction, on 6 January 2023, Westmount holds a total of 474,816
Common Shares in CEC, retaining approximately 5.26% of the issued
common shares of CEC outstanding post the ROC transaction.
Westmount also received a cash return of USD$355,954 (net of
expenses).
Westmount continues to hold 1,500,000 shares in EOG,
representing approximately 0.4% of the common shares in issue as of
3 March 2023.
Westmount continues to hold 89,653 shares in Ratio Petroleum
representing approximately 0.04% of the issued share capital.
The complete investment portfolio is summarised in Table 1.
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, some of which is as a result of Foreign
Exchange movements on the portfolio Investments when valued at the
period end.
Summary/Outlook
Westmount's strategy remains one of seeking value creation for
shareholders via exposure to high impact drilling outcomes.
Westmount is well capitalised with a minimal cost base and
investment exposure to the next round of high impact drilling
opportunities offshore Guyana. While patience has been required, we
anticipate that licence timeframes and relinquishment drivers
should help to crystalise some drilling decisions from the second
half of 2023. Our primary investee companies CEC, JHI and EOG are
currently well funded for participation in near term drilling
opportunities offshore Guyana. In some cases, investee portfolio
diversification may also offer exposure to additional high impact
drilling events, in particular in the emerging Orange Basin, South
Africa. Furthermore, the launch of the 2022 Guyana Licensing Round,
under less benign fiscal terms, may bring renewed focus on the
incumbent junior players and possible consolidation manoeuvres. We
believe all is yet to play for.
GERARD WALSH
Chairman
23 March 2023
Notes
(1) ExxonMobil 2022 Investor Day Presentation
(2) Hess 2(nd) Quarter 2022 Conference Call Remarks
(3) Hess 4th Quarter 2022 Conference Call Remarks
(4) Hess Goldman Sachs Global Energy and Clean Technology
Conference presentation 5 January 2023
(5) CGX Energy Inc. News Releases 9 May 2022 and 1 March
2023.
(6) APA Corporation News Releases 21 February, 21 June and 23
August 2022.
(7) Hess 3(rd) Quarter 2022 Conference Call Remarks
(8) OILNOW - 13 February 2023 - Exxon looking for tiebacks to
support potential Ranger development offshore Guyana
(9) Eco (Atlantic) Oil & Gas Ltd. News Releases 14 March
2022 and 27 February 2023.
(10) Argos Resources Ltd. News Release 15 December 2022
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
Neil McDonald / Pete Lynch
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 31 DECEMBER 2022
Six months Six months
ended ended
31 December 31 December Year ended
2022
(unaudited) 2021 30 June
2022
GBP (unaudited) (audited)
GBP GBP
Net loss on
financial
assets held at
fair
value through
profit
or loss (2,512,900) (6,895,191) (7,203,727)
Finance income 2,393 - 133
Administration (247,627)
expenses (143,932) (128,466)
FX gain 1,985 4,187 23,971
Share options -
expense - (12,938)
------------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
Operating loss (2,652,454) (7,032,408) (7,427,250)
Loss before tax (2,652,454) (7,032,408) (7,427,250)
Tax - - -
Comprehensive
loss
for the period
/ year (2,652,454) (7,032,408) (7,427,250)
========================================================================= ==================================================================== ===================================================================
Basic loss per
share
(pence) (1.84) (4.88) (5.16)
------------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
Diluted loss
per share
(pence) (1.84) (4.87) (5.16)
------------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
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 2022
31 December 31 December 30 June
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current
assets
Financial
assets at
fair
value
through
profit or
loss 4,449,684 7,570,440 7,261,904
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------
4,449,684 7,570,440 7,261,904
Current assets
Other 10,146
receivables 300,562 4,519
Cash and 1,003,090
cash
equivalents 864,768 1,094,101
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------
1,165,330 1,098,620 1,013,236
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------
Total assets 5,615,014 8,669,060 8,275,140
================================================================================================================================= ================================================================================================================================= ==================================================================
LIABILITIES AND EQUITY
Current liabilities
Trade and 52,930
other
payables 45,258 39,070
45,258 39,070 52,930
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------
Total 52,930
liabilities 45,258 39,070
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------
EQUITY
Share 16,652,482
capital 16,652,482 16,652,482
Share option 469,670
account 469,670 482,608
Retained (8,899,942)
earnings (11,552,396) (8,505,100)
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------
Total equity 5,569,756 8,629,990 8,222,210
--------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------
Total 8,275,140
liabilities
and equity 5,615,014 8,669,060
================================================================================================================================= ================================================================================================================================= ==================================================================
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 DECEMBER 2022
Share capital Share option Retained
account account earnings Total equity
GBP GBP GBP GBP
----------------------------- --------------- -------------- -------------- --------------
As at 1 July 2021 16,652,482 469,670 (1,472,692) 15,649,460
Comprehensive Income Loss
for the year ended 30
June 2022 - - (7,427,250) (7,427,250)
As at 30 June 2022 16,652,482 469,670 (8,899,942) 8,222,210
------------------------------ --------------- -------------- -------------- --------------
Comprehensive Income
Loss for the period ended
31 December 2022 - - (2,652,454) (2,652,454)
As at 31 December
2022 16,652,482 469,670 (11,552,396) 5,569,756
------------------------------ --------------- -------------- -------------- --------------
Share capital Share option Retained Total
account account earnings equity
GBP GBP GBP GBP
--------------------------- --------------- -------------- ------------- -------------
As at 1 July 2020 13,955,623 443,793 (456,473) 13,942,943
Comprehensive Income
Loss for the year ended
30 June 2021 - - (1,016,219) (1,016,219)
Share issue 2,696,859 - - 2,696,859
Transactions with owners
Share options
expense - 25,877 - 25,877
As at 30 June
2021 16,652,482 469,670 (1,472,692) 15,649,460
---------------------------- --------------- -------------- ------------- -------------
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODED 31 DECEMBER 2022
Six months Six months
ended ended Year ended
31 December 31 December 30 June
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating
activities
Total comprehensive loss for
the period / year (2,652,454) (7,032,408) (7,427,250)
Adjustments for:
Net loss on financial assets
at fair value through profit
or loss 2,512,900 6,895,191 7,203,727
Share options expense - 12,938 -
Movement in other receivables (290,416) (78) (5,704)
Movement in trade and other
payables (7,672) (464) 13,395
Proceeds from sale of investments 299,320 - -
--------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- ------------------------------------------------------------------
Net cash out flow from operating
activities (138,322) (124,821) (215,832)
--------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- ------------------------------------------------------------------
Net decrease in cash and cash
equivalents (138,322) (124,821) (215,832)
Cash and cash equivalents
at the beginning of the period
/ year 1,003,090 1,218,922 1,218,922
--------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- ------------------------------------------------------------------
Cash and cash equivalents
at the end of the period /
year 864,768 1,094,101 1,003,090
--------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- ------------------------------------------------------------------
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIODED 31 DECEMBER 2022
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 2022. 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 2022.
2. Investments
Six
months Year
Six months ended ended
ended 31 30
31 December December June
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
Argos Resources
Limited, at market
value 9,900 12,400 17,400
Cost, 1,000,000
shares 310,775 310,775 310,775
(31 December 2021:
1,000,000 shares,
30 June 2022:
1,000,000 shares)
Cataleya Energy
Corporation, at
market
value 1,973,660 4,204,032 4,670,297
Cost, 474,816
shares 4,218,895 4,518,215 4,518,215
(31 December 2021:
567,185, 30 June
2022: 567,185
shares)
Eco Atlantic Oil &
Gas Oil Limited,
at market value 276,750 273,000 384,750
Cost, 1,500,000
shares 240,000 240,000 240,000
(31 December 2021:
1,500,000 shares,
30 June 2022:
1,500,000 shares)
JHI Associates Inc,
at market value 2,182,520 3,072,878 2,182,520
Cost, 5,651,270
shares 7,770,027 7,770,027 7,770,027
31 December 2021:
5,651,270 shares,
30 June 2022:
5,651,270 shares)
Ratio Petroleum
Energy Limited
Partnership
shares, at market
value 6,854 8,130 6,937
Cost, 89,653 shares 22,256 22,256 22,256
(31 December 2021:
89,653 shares,
30 June 2022:
89,653 shares)
Total market value 4,449,684 7,570,440 7,261,904
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Total cost 12,561,953 12,861,273 12,861,273
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022 (CONTINUED)
2. Investments (continued)
Six
months Year
Six months ended ended
ended 31 30
31 December December June
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
Total fair
value
adjustment (8,112,269) (5,290,833) (5,599,369)
Reverse
prior year
fair value
adjustment 5,599,369 (1,604,358) (1,604,358)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Current
period
fair value
movement (2,512,900) (6,895,191) (7,203,727)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Unrealised
loss (2,512,900) (6,895,191) (7,203,727)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Current
period
income
statement
impact (2,512,900) (6,895,191) (7,203,727)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
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END
IR FLFSDVFIVFIV
(END) Dow Jones Newswires
March 24, 2023 03:00 ET (07:00 GMT)
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Westmount Energy (LSE:WTE)
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