News blog
Westmount Energy Ltd
- BY: Andrew Hore |
- POSTED: 22/09/2009 |
Westmount Energy Ltd’s two investments are performing strongly.
Westmount increased its stake in oil and gas producer and explorer Sterling Energy after the June 2009 year end. Westmount owns nearly 64m shares in Sterling, which are worth £3m at 3.8p a share.
Desire Petroleum shares have been boosted following its securing of a drilling rig for the Falkland Islands. Westmount’s holding of 4.1m Desire shares is worth £3.7m at 90.75p a share.
There was £874,000 in cash in the balance sheet at the end of June 2009. Since the end of June 2009, Westmount has invested £550,000 in the recent Sterling fundraising and raised £386,000 from a sale of Sterling shares and £180,000 from the sale of Desire shares.
The pro forma net asset value of Westmount is around £7.4m.
The Westmount share price has almost trebled in the past three months on the back of the rises in the Desire and Sterling share prices. At 95p a share, Westmount is valued at £6.63m. This is after a 65p a share dividend payment during the second half. Westmount joined Aim in 1995 via a placing at 15p a share.
Hargreave Hale sold 30,000 shares to reduce its stake to just below 18.6%. Gryphon Trading SA has acquired a 12% stake.
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