TIDMWTE
RNS Number : 2963G
Westmount Energy Limited
29 March 2022
29 March 2022
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 2021.
Copies of the Company's interim results are available on the
Company's website, www.westmountenergy.com , and will be posted to
shareholders shortly.
2021 Highlights
-- Groundwork continues for the next drilling campaigns on the
Kaieteur and Canje blocks via detailed analysis and integration of
sub-surface data acquired in the 2020-2021 drilling campaign and
the reassessment of play and prospect risks
-- Environmental permitting process is ongoing at the Guyanese
EPA with respect to potential new drilling programs on the Canje
and Kaieteur blocks from 2022
-- High quality reservoirs identified in first drilling campaign
on Kaieteur and Canje blocks - but no standalone commercial
discoveries to date
-- Tanager-1 Discovery contains gross 65.3 MMbbls (42.7 MMbbls
Net to Kaieteur Block) contingent resources (2C, unrisked)(2) in
high quality Maastrichtian reservoir - but is non-commercial as a
standalone development
-- Cash balance of GBP1.1M at 31 December 2021; no debt
-- Sector consolidation manoeuvres - proposed 'all paper'
acquisition of JHI Associates Inc. by Eco (Atlantic) Oil & Gas
Ltd.
CHAIRMAN'S REVIEW
Although the COVID-19 pandemic continued to ebb and flow
throughout the 2(nd) half of 2021 a rapid global economic recovery
was underway by year end, sparking tightening supply chains,
increased inflationary pressures and rising interest rates. Within
the oil sector these forces translated into robust demand,
struggling supply even within the OPEC+ disciplinary framework and
dwindling stockpiles. With the booming demand for oil and gas,
accentuated in part by poor regional performance of some renewable
sources of energy, outpacing supply, prices continued to surge with
Brent settling above USD$91/bbl by the end of January 2022. All of
this prior to the emergence of geopolitical turmoil sparked by the
Russian invasion of Ukraine on 24 February 2022, with increased
volatility and oil price rises accelerating thereafter, briefly
touching USD$140/bbl for Brent in early March. Oil prices continue
to rally on the back of coordinated sanctions imposed by western
governments and businesses, including an outright ban on Russian
energy imports by the US administration, a phasing out of Russian
oil imports by the UK before year end and ongoing discussions
within the EU where some members risk considerable economic pain if
such a ban is agreed.
During the second half of the year Guyana has continued its
journey towards becoming a significant oil producing nation with
rapidly progressing offshore developments, including the expected
installation of at least six Floating Production Storage and
Offloading (FPSO) units on the Stabroek Block by 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 10 billion barrels of oil
equivalent.(1,2) Three of these FPSOs are already operating or are
under construction - with the Liza Phase 1 (Destiny FPSO) expected
to reach a production rate of 140,000 BOPD during 2022 (20,000 BOPD
above nameplate capacity), Liza Phase 2 (Unity FPSO) on stream
since February 2022 with ramp-up to its full production capacity of
220,000 BOPD expected later in the year and with a third field
development, Payara (Prosperity FPSO), also with 220,000 BOPD
capacity, on track for start-up in 2024. In addition, the Stabroek
consortium has submitted a 4(th) development plan for government
and regulatory review, with respect to the Yellowtail discoveries,
targeting a gross production capacity of 250,000 BOPD and first oil
in 2025. A number of follow-on developments are also envisaged,
including a 5th project centred on the Uaru discovery(1) , subject
to government approvals and project sanctioning.
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. In October
2021, on the back of a string of exploration successes, estimates
of gross discovered resources on the Stabroek Block were revised
upwards to approximately 10 billion barrels of oil equivalent. The
preceding exploration drilling 'purple patch' included discoveries
at Redtail-1, Yellowtail-2, Uaru-2, Mako-2, Longtail-3, Turbot-2,
Whiptail-1, Whiptail-2, Pinktail-1 and Cataback-1 bringing the
total number of reported significant discoveries to date on the
Stabroek Block to twenty-one. This successful run has continued
into the new year with two further discoveries (Fangtooth-1 and Lau
Lau-1) announced in early January 2022.(2) 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. Furthermore, a follow-up well, Tarpon-1,
has been spudded on Stabroek circa 100 kms to the northwest of the
Liza Field targeting Lower Campanian clastics and a deeper Jurassic
carbonate play. This is one of 12 exploration and appraisal wells
scheduled for drilling on the Stabroek Block in 2022(2) -
signalling continued aggressive evaluation of the multi-billion
barrels exploration potential in the basin within fixed prospecting
licence timeframes.
Separately, in January 2022, the Joint Venture of CGX Energy
Inc. and Frontera Energy Corporation reported the Kawa-1 discovery
located in the north of the Corentyne Block. This well was spudded
in a water depth of 355 metres and drilled to a Total Depth of
6,578 metres. Wireline logging indicates that the well encountered
61m of net hydrocarbon bearing reservoirs within Maastrichtian,
Campanian, Santonian and Coniacian intervals. Reservoir fluids are
uncertain as MDT fluid samples were not obtained from the well,
though the presence of liquid hydrocarbons has been interpreted in
the Santonian reservoir, from other analyses.(3) Kawa-1 was plugged
and abandoned and the commercial potential of the discovery has yet
to be determined. The Joint Venture is planning to follow-up with
the Wei-1 exploration well, in the second half of 2022, targeting
stacked Campanian and Santonian channel sandstone reservoirs.
In the Surinamese sector, the Total/Apache consortium has
increased the number of discoveries on Block 58 from four to five
with the announcement of the Krabdagu-1 discovery in February
2022(4) . Prior stacked reservoir discoveries on Block 58 reported
generally light oil and gas-condensate pay in shallower Campanian
reservoirs overlying light oil pay in deeper Santonian reservoirs -
pointing towards some potential challenges around valorization of
large associated gas volumes. The Krabdagu-1 well encountered 90
metres of net oil pay in good quality Maastrichtian and Campanian
reservoirs and is currently undergoing flow testing. Total, as
operator, continues to focus on appraisal of the shallower
Maastrichtian-Campanian reservoirs with a view to progression
towards FID for the initial standalone oil development on Block 58.
Results at Sapakara South-1 appraisal well, drilled 4 kms east of
the Sapakara-1 discovery well, were announced in November 2021 -
confirming the presence of 30m net high-quality black oil in
Maastrichtian-Campanian sandstones which flowed 4,800 BOPD during a
restricted flow test, with analysis indicating a connected in-place
resource of more than 400 MMbbls in a single reservoir. However,
disappointing Maastrichtian-Campanian appraisal outcomes were
reported during the period on the eastern side of Kwaskwasi and at
Keskesi South-1.(4) In addition, during November 2021, the
Total/Apache consortium reported a non-commercial discovery at the
Bonboni-1 exploration well in the north of Block 58. This well
encountered high quality water bearing reservoirs in the primary
Maastrichtian-Campanian targets though a single Maastrichtian
sandstone contained 16m of net oil pay with an estimated 25(o) API
oil gravity.
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 and Fangtooth-1 on the
Strabroek 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.
Additional deep drilling with multiple targets is scheduled for
2022 at Beebei Potaro-1 (Repsol, Kanuku Block), at Wei-1 (CGX
Energy Inc., Corentyne Block), at Rasper-1 (Apache, Block 53) and
at Zanderij-1 (Shell, Block 42) where the operator is targeting the
Santonian and deeper intervals.
It is against this backdrop that the hydrocarbon plays and
prospect inventories on the Kaieteur and Canje blocks are being
reassessed - by integrating the analysis of the extensive core and
fluid samples collected during the 2020-2021 drilling campaigns, by
updating the regional petroleum system models and by high grading
prospects for the next phase of drilling.
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 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.
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 a 12 well exploration
campaign on the Kaieteur Block.
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 2021. 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(2) . After interruption for a brief period of
maintenance work on the drillship drilling operations at Jabillo-1
recommenced circa the 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 investment in JHI Associates Inc. ("JHI") announced by EOG on
28 June 2021. Subsequent to this 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.
On 14 March 2022, EOG announced that it had signed a
Commercially Binding Term Sheet to acquire 100% of JHI, including
its wholly owned subsidiary JHI Associates (BVI) Inc., via a
cashless transaction.(5)
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 0.7% interest in the issued share
capital of Eco (Atlantic) Oil and Gas Ltd. ("EOG"). Over the last
nine months the focus of the Orinduik Block JV partners has been 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.
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%).
Portfolio Effect
Westmount's investment strategy has been to provide shareholders
exposure to a portfolio of drilling outcomes in the Guyana-Suriname
Basin. Since 2019, we have participated, indirectly via our
investee companies, in six wells (Jethro-1, Joe-1, Tanager-1,
Bulletwood-1, Jabillo-1 and Sapote-1), offshore Guyana, which have
yielded three oil discoveries (Jethro, Joe and Tanager), but no
standalone commercial success to date. While these initial drilling
outcomes are below our expectations for the portfolio, the results
provide encouragement and must be viewed in the context of 'large
step-out' wells evaluating giant stratigraphic prospects while
seeking to establish the perimeter of the multiple Tertiary and
Cretaceous play fairways both to the northeast and southwest of the
prolific Stabroek block.
In any case, the drilling to date has confirmed the presence of
high-quality reservoirs of various stratigraphic ages in the
Kaieteur, Canje and Orinduik areas, which are capable of supporting
deep-water developments when containing commercial volumes of light
oil. Recent public domain presentation and commentary suggests that
trap adequacy and hydrocarbon migration/timing are the key
exploration risks inferred from these initial drilling results,
outwith of the Stabroek Block sweet-spot. These results together
with the analysis and synthesis of the extensive well data
gathering programs executed by the respective operators should
improve understanding of the plays, reduce sub-surface risk and
inform prospect selection for the next round of drilling on these
blocks. We remain hopeful that the geoscience learning curve
combined with the portfolio effect provided by drilling an extended
sequence of prospects in this prolific basin will win out over
individual prospect risks to yield a commercial discovery. We look
forward to the next drilling campaign across these blocks which
will commence as soon as the re-evaluation groundwork has been
completed. ExxonMobil, the operator of the Kaieteur and Canje
blocks, has already submitted an application for environmental
authorization to the Environmental Protection Agency (EPA) with
respect to potential 12 well drilling programs on both the Kaieteur
and Canje blocks.
Investment portfolio summary
As of 31 December 2021, Westmount had a cash balance of GBP1.1M
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 28 June 2020.
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 0.75% of the common shares in issue as
of 6 September 2021.
Westmount continues to hold 89,653 shares in Ratio Petroleum
representing approximately 0.04% of the issued share capital.
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.
The proposed 'all paper' acquisition of JHI by EOG, announced on
14 March 2022, offers a consideration to JHI shareholders of 1.1994
new common shares in EOG for each JHI share held, which would lead,
upon completion, to JHI shareholders holding approximately 34% of
the enlarged issued share capital of EOG.(5) At the time of going
to press we are awaiting receipt of an information circular from
JHI with further details of the proposed transaction.
Summary/Outlook
Notwithstanding unprecedented volatility, some forecasters are
predicting USD$185/bbl by year end if Russian supply continues to
be disrupted though price rises in the near term might be tempered
via 'demand destruction' and/or a revived Iran nuclear deal and/or
the re-emergence of COVID-19 regional lockdowns in China. Longer
term the conflicting challenges of growing the global energy supply
by about 20 percent over the next 20 years while reaching net zero
emissions by 2050 is being undermined by underinvestment in the oil
and gas sector. As the 'unintended consequences' in 2021 have shown
energy transition is complex and multi-dimensional which suggests
that reliable sources of energy such as low cost, low carbon oil
and gas that can be rapidly commercialised, will have a role to
play in the energy system for decades to come.
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), that is available offshore Guyana. While the
initial drilling outcomes from the Westmount portfolio have yet to
deliver a standalone commercial discovery, the results to date
provide encouragement and must be viewed in the context of initial
'large step-out' wells evaluating giant stratigraphic prospects
while seeking to establish the perimeter of the multiple play
fairways both to the northeast and southwest of the prolific
Stabroek block. We are also heartened by the industry's continuing
appetite for exploration acreage in the Guyana-Suriname basin -
such as the Hess 5% farm-in on the Kaieteur Block (post Tanager-1)
and the award of three blocks in the Surinamese Shallow Offshore
Bid Round 2020/21 to Chevron (Block 5) and TotalEnergies + Qatar
Petroleum (Blocks 6 and 8). Furthermore, the applications for
environmental authorisation submitted to the Guyanese EPA by
ExxonMobil the operator of the Canje and Kaieteur blocks augurs
well for potentially extensive new drilling programs on these
blocks after the re-evaluation groundwork is completed.
Westmount's strategy remains one of offering shareholders
exposure to high impact drilling outcomes. Our primary investee
companies CEC, JHI and EOG are well funded for participation in
near term drilling opportunities. Consolidation manoeuvres may
bring book value realignment while offering risk diversification
and exposure to multiple additional high impact drilling events. 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 emerging
basins. There are likely to be more consolidation opportunities
amongst the junior players within the Guyana-Suriname Basin, as
exploration matures and in response to risk management demands of
investor capital.
GERARD WALSH
Chairman
28 March 2022
Notes
(1) ExxonMobil 2022 Investor Day Presentation.
(2) Hess 4(th) Quarter 2021 Conference Call Remarks.
(3) CGX Energy Inc. News Releases 2 March 2022 and 4 March
2022.
(4) APA Corporation News Releases 29 July, 29 September and 16
November 2021; 21 February 2022.
(5) Eco (Atlantic) Oil & Gas Ltd. News Release 14 March
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 Tel: +44 (0) 20 7397 8900
Broker)
Nicholas Wells / Neil McDonald (Corporate
Finance)
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 31 DECEMBER 2021
Six months Six months Year ended
ended ended
31 Dec 2021 31 Dec 2020 30 Jun 2021
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net loss on
financial
assets held at
fair
value through
profit
or loss (6,895,191) (954,021) (692,288)
Net (loss) /
gain on
financial
liabilities
held at fair
value through
profit or loss - (13,370) 103,205
Finance costs - (21,980) (33,702)
Administration (267,397)
expenses (128,466) (165,217)
FX gain / (100,160)
(loss) 4,187 (89,482)
Share options (25,877)
expense (12,938) (998)
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Operating loss (7,032,408) (1,245,068) (1,016,219)
Loss before tax (7,032,408) (1,245,068) (1,016,219)
Tax - - -
Comprehensive
loss for
the period /
year (7,032,408) (1,245,068) (1,016,219)
================================================================================================================================== ==================================================================== ====================================================================
Basic loss per
share
(pence) (4.88) (0.91) (0.72)
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
Diluted loss
per share
(pence) (4.87) (0.91) (0.69)
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- --------------------------------------------------------------------
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 2021
31 Dec 2021 31 Dec 2020 30 Jun 2021
(unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
Non-current
assets
Financial
assets at
fair
value
through
profit or
loss 7,570,440 13,766,866 14,465,631
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
7,570,440 13,766,866 14,465,631
Current assets
Other 4,441
receivables 4,519 1,106
Cash and 1,218,922
cash
equivalents 1,094,101 2,245,047
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
1,098,620 2,246,153 1,223,363
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Total assets 8,669,060 16,013,019 15,688,994
================================================================================================================================== ================================================================================================================================== ===================================================================
LIABILITIES AND EQUITY
Current liabilities
Trade and
other
payables 39,070 55,885 39,534
Derivative
financial
instruments - 146,703 -
Borrowings - 414,699 -
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
39,070 617,287 39,534
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Total
liabilities 39,070 617,287 39,534
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
EQUITY
Share 16,652,482
capital 16,652,482 16,652,482
Share option 469,670
account 482,608 444,791
Retained (1,472,692)
earnings (8,505,100) (1,701,541)
---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------
Total equity 8,629,990 15,395,732 15,649,460
Total
liabilities
and equity 8,669,060 16,013,019 15,688,994
================================================================================================================================== ================================================================================================================================== ===================================================================
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 DECEMBER 2021
Share capital Share option Retained
account account earnings Total 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
------------------------------ --------------- -------------- ------------- --------------
Comprehensive Income
Loss for the period ended
31 December 2021 - - (7,032,408) (7,032,408)
Transactions with owners
Share options expense - 12,938 - 12,938
As at 31 December
2021 16,652,482 482,608 (8,505,100) 8,629,990
------------------------------ --------------- -------------- ------------- --------------
Share capital Share option Retained Total
account account earnings equity
GBP GBP GBP GBP
---------------------------- --------------- -------------- ----------- ------------
As at 1 July 2019 5,829,872 444,846 (344,980) 5,929,738
Comprehensive Income
Profit 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
----------------------------- --------------- -------------- ----------- ------------
CONDENSED STATEMENT OF CASH FLOWS
FOR THE PERIODED 31 DECEMBER 2021
Six months Six months
ended ended Year ended
31 Dec 31 Dec
2021 2020 30 Jun 2021
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating
activities
Total comprehensive loss for
the period / year (7,032,408) (1,245,068) (1,016,219)
Adjustments for:
Net loss on financial assets
at fair value through profit
or loss 6,895,191 954,021 692,288
Net loss / (gain) on financial
liabilities at fair value
through profit or loss - 13,370 (103,205)
Interest on borrowings - 21,980 33,702
Share options expense 12,938 998 25,877
Movement in other receivables (78) (1,106) (4,441)
Movement in trade and other
payables (464) 9,479 (6,874)
Purchase of investments - (2,997,161) (737,334)
Proceeds from sale of investments - 356,011 356,011
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
Net cash out flow from operating
activities (124,821) (2,887,476) (760,194)
--------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
Cash flows from financing
activities
Repayment of convertible loan
notes - - (456,548)
Proceeds from issue of ordinary
shares - 2,696,859 -
--------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
Net cash generated from financing
activities - 2,696,859 (456,548)
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
Net decrease in cash and cash
equivalents (124,821) (190,617) (1,216,742)
Cash and cash equivalents
at the beginning of the period
/ year 1,218,922 2,435,664 2,435,664
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
Cash and cash equivalents
at the end of the period /
year 1,094,101 2,245,047 1,218,922
---------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------------------------
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE PERIODED 31 DECEMBER 2021
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 2021. 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 2021.
2. Investments
Six
months Year
Six months ended ended
ended 31 30
31 December December June
2021 2020 2021
(unaudited) (unaudited) (audited)
GBP GBP GBP
Argos Resources
Limited, at market
value 12,400 21,300 27,300
Cost, 1,000,000
shares 310,775 310,775 310,775
(31 December 2020:
1,000,000 shares,
30 June 2021:
1,000,000 shares)
Cataleya Energy
Corporation, at
market
value 4,204,032 4,149,230 4,105,846
Cost, 567,185
shares 4,518,215 4,518,215 4,518,215
(31 December 2020:
567,185, 30 June
2021: 567,185
shares)
Eco Atlantic Oil &
Gas Oil Limited,
at market value 273,000 348,000 433,500
Cost, 1,500,000
shares 240,000 240,000 240,000
(31 December 2020:
1,500,000 shares,
30 June 2021:
1,500,000 shares)
JHI Associates Inc,
at market value 3,072,878 9,245,741 9,884,072
Cost, 5,651,270
shares 7,770,027 7,355,249 7,770,027
31 December 2020:
5,363,770 shares,
30 June 2021:
5,651,270 shares)
Ratio Petroleum
Energy Limited
Partnership
shares, at market
value 8,130 - 14,913
Cost, 89,653 shares 22,256 - 22,256
(31 December 2020:
nil shares, 30
June 2021: 89,653
shares)
Ratio Petroleum - 2,595 -
Energy Limited
Partnership
warrants, at market
value
Cost, nil warrants - 48,200 -
(31 December 2020:
89,653 warrants,
30 June 2021:nil
warrants)
Total market value 7,570,440 13,766,866 14,465,631
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Total cost 12,861,273 12,472,439 12,861,273
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Total fair value
adjustment (5,290,833) 1,294,427 1,604,358
Reverse prior year
fair value
adjustment (1,604,358) (2,191,025) (2,191,024)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Current period fair
value movement (6,895,191) (896,598) (586,666)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Realised loss - (57,423) (105,622)
Unrealised loss (6,895,191) (896,598) (586,666)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
Current period
income statement
impact (6,895,191) (954,021) (692,288)
------------------------------------------------------------------- ---------------------------------------------------------------- -------------------------------------------------------------
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END
IR FLFLRVVITFIF
(END) Dow Jones Newswires
March 29, 2022 02:00 ET (06:00 GMT)
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