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Westmount Energy Ltd

  • BY: Andrew Hore |
  • POSTED: 26/11/2017 |

Westmount raised just over £910,000 from subscriptions and an oversubscribed open offer at 5p a share. 

Hargreave Hale increased its stake to just under 15%. The NAV was £1.28m at the end of June 2017, including £548,000 in cash.

The current share price is 6.63p, which values the company at £2.7m. 

Westmount invested £500,000 in Eco (Atlantic) Oil and Gas Ltd during the period. This was because of its interests in offshore Guyana. Westmount also has a stake in the unquoted JHI Associates Ltd, which is interested in the same region. Falkland Islands-focused investments Rockhopper Exploration and Argos Resources Ltd remain in the portfolio.

Westmount still intends to find a suitable acquisition that provides exposure to the Guyana region.

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