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Westmount Energy Ltd

  • BY: Andrew Hore |
  • POSTED: 27/11/2013 |

Oil and gas shell Westmount Energy Ltd has found it difficult to find transactions that justify their valuation.

Falling investment values have reduced NAV from £1.63m to £890,000. That includes £226,000 of cash. At 18p a share, down 4.5p, Westmount is valued at £1.77m.

Admin expenses have been cut from £481,000 to £197,000 in the year to June 2013. Gerry Walsh and Thomas O’Gorman waived their directors’ fees during the second half and other directors have taken reduced fees. A £627,000 unrealised loss on investments meant that the loss was more than doubled from £339,000 to £755,000.

Westmount has investments in Desire Petroleum, Sterling Energy, Argos Resources, Falkland Oil & Gas and Pancontinental Oil & Gas NL. Falkland Oil & Gas is the only one that is still in profit. The investment in Desire had lost half its value at the end of June 2013. Since then, the merger with Falkland Oil & Gas has been announced and the share price has recovered from 11.88p a share to 16.38p a share. The merger partner’s share price has held steady.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2013_50.pdf

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