Oil and Gas company investor Westmount Energy Ltd continues to seek an acquisition.
Not all of the potential acquisitions have been in the energy sector. However, management believes that valuations in the energy sector are becoming more attractive and there are opportunistic deals to be made.
Corporate costs have been reduced. More than half of the current portfolio is accounted for by the stake in Falkland Oil & Gas Ltd which was increased due to the merger with Desire Petroleum.
At 17.5p a share, Westmount is valued at £1.72m. NAV was £710,000 at the end of June 2014 and since then £20,000 has been raised selling Sterling Energy shares at a lower share price than their book value.
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