WTE Westmount Energy Limited

26 March 2024

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 2023.

Copies of the Company's results are available on the Company's website, www.westmountenergy.com, and will be posted to shareholders shortly.

CHAIRMAN'S REVIEW

2023 Highlights

·      Company had cash of £0.34M and listed marketable securities of £0.61M at Period End, 31st December 2023; no debt

·      Canje Block, Guyana - Cumulative Impact Assessment filed with Guyanese EPA in September 2023 suggests potential drilling on Canje from 2024 - though specific guidance on timeline not yet available from Canje partners

·      Kaieteur Block - Exit of ExxonMobil and Hess with licence equity being returned to Ratio Petroleum 50% and CEC 50%; Ratio Petroleum farm-down process continues with a primary objective of bringing a new deepwater operator to the block before February 2025

·      Full redemption of outstanding Loan Notes by CEC - with large American Private Equity Fund converting approximately USD $22.2M of Loan Notes into circa 2.45M CEC common shares (an implied conversion metric of circa USD $9.03 per share).

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·    Orinduik Block - ECO Atlantic becomes operator and continues in 2nd Renewal Period with 100% Participating Interest plus commitment to drill 1 well to Cretaceous; farm-down process underway

·    Investment in Africa Oil Corp - confirmation that Orange Basin, offshore Namibia, is a major emerging hydrocarbon province with 7 significant discoveries reported since early 2022

·      Major milestones reported in the appraisal of the giant Venus light oil discovery, with successful drilling of large step-out appraisal wells at Venus-1A, Mangetti-1x and the successful testing of sidetracked Venus-1X discovery well

·    Continuing news-flow anticipated from Namibian investment in 2024 with ongoing drilling/testing operations at Venus appraisal wells, Mangetti-1x discovery plus additional exploration program

·      JHI completes acquisition of 100% interest in Production Licence PL001 in the North Falkland Basin from Argos Resources Ltd.

Investment portfolio summary

As of the 31st December 2023 Westmount had a cash balance of £0.34M, listed marketable securities of £0.61M, and is debt free.

As of 31st December 2023, Westmount holds 300,000 shares in Africa Oil Corp ("AOC") representing approximately 0.065% of the issued common shares in AOC as of 29th February 2024. On the 29th September 2023 AOC paid a cash dividend of USD$0.025 per common share. On 4th March, 2024 AOC declared a semi-annual cash dividend of USD$0.025 per common share, payable on the 28th March 2024 to shareholders of record on the 8th March 2024.

As of the 31st December 2023 Westmount held a total of 5,651,270 shares in JHI Associates Inc ("JHI"). Upon completion of the Argos-JHI transaction, as announced on the 25th September 2023, and subsequent to the voluntary liquidation of Argos and the distribution of JHI Consideration Shares to Argos shareholders it is estimated that Westmount will hold circa 5,684,866 shares in JHI, representing approximately 6.24% of the enlarged issued share capital of JHI.

As of 31st December 2023, Westmount holds 474,816 common shares in Cataleya Energy Corporation ("CEC") representing approximately 5.26% of the issued shares in CEC, as of 6th January 2023. Subsequent to period end CEC has redeemed in full USD $43,782,722 in convertible loan notes previously issued to a certain noteholder (the "Noteholder"), a large American Private Equity Fund, between April 2020 and January 2023. The loan notes have been redeemed via the repayment of USD $21,590,000 in cash and the conversion of USD $22,192,722 into 2,458,705 CEC common shares. The transaction closed on the 15th March 2024 and CEC is now debt free. As a result of this loan note conversion the Noteholder has now become a significant shareholder in CEC, with a shareholding of approximately 21.4% of the enlarged CEC share capital. Post redemption of these loan notes, Westmount retains a holding of 474,816 common shares in CEC, representing approximately 4.13% of the enlarged issued share capital of CEC.

Westmount continues to hold 1,500,000 shares in Eco (Atlantic) Oil & Gas Ltd. ("EOG"), representing approximately 0.4% of the common shares in issue as of 2nd August 2023.

Westmount continues to hold 89,653 shares in Ratio Petroleum representing approximately 0.04% of the issued share capital.

The complete investment portfolio is summarised in Table 1. 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.

Summary/Outlook

Notwithstanding the energy transition, exploration spending in deepwater and ultra-deepwater areas is forecast to continue to grow as the majors and NOCs seek to high-grade their portfolios, consolidate assets and to dominate this space. Exploration 'hotspots' with high success rates, such as the deepwater Guyana-Suriname Basin and the Orange Basin, are areas that are well positioned to capture their share of this increased exploration spending.

Westmount's strategy continues to be one of seeking value creation for shareholders via exposure to high impact exploration and appraisal drilling programs.

With respect to offshore Guyana, while most of the pieces of the jigsaw appear to be in place for the Canje Block, we await guidance with respect to timing of further discretionary drilling. We note the September 2023 filing by the operator ExxonMobil of a Cumulative Impact Assessment ("CIA") for the Canje Block with the EPA. This CIA report indicates that exploration drilling on the Canje Block could potentially recommence from 2024, though this guideline has not yet been confirmed by our investee, JHI, or any of the Canje partners. The exit of ExxonMobil and Hess from the Kaieteur Block is a setback with respect to drilling timeframes for Kaieteur, though a farm-down process is underway with a view to bringing new entrants, including a deepwater operator, to the block prior to February 2025. We are also encouraged that CEC's Noteholder, a large American Private Equity Fund, has elected to convert USD $22,192,722 of its outstanding loan notes into 2,458,705 CEC common shares (an implied conversion metric of circa USD $9.03 per share) and has now become a 21.4% shareholder in CEC. We believe that this new investment into CEC reflects confidence that the ongoing farm-down process can bring new partners and a resumption of drilling on the Kaieteur Block, which has been substantially derisked by the Tanager-1 discovery, yet remains underexplored.

With respect to the Orinduik Block, there is now a firm commitment to drill a well to the Cretaceous, prior to January 2026 - and EOG has already commenced a farm-down process with a view to bringing new partners to the block to support this effort.

The pace of exploration activity in the Orange Basin, offshore Namibia, indicates the continuing appetite amongst major players for exploration drilling in this prolific emerging province, where seven discoveries have been reported since early 2022. While Westmount's investment in AOC offers exposure to the ongoing successes on Block 2913B, unfortunately, share price responses have been disappointing so far, in part due to the limited disclosure around these operations, and in our opinion, do not reflect the value being created. Nevertheless, an exciting program of drilling and testing lies ahead in 2024, with further appraisal drilling/testing at Venus and Mangetti discoveries and potential follow-on drilling of a portfolio of substantial exploration targets that have already been identified on the block, including the Kokerboom, Damara and Damara South prospects. In addition, the recent farm-down news reported by our investees AOC and EOG with respect to Block 3B/4B, offshore South Africa, offers line of sight to exposure to a further two high impact wells in the Orange Basin.

While Westmount's strategy continues to be one of seeking value creation for shareholders via exposure to high impact exploration and appraisal drilling programs, in this changing landscape we remain open to consolidation manoeuvres which offer shareholder value.

GERARD WALSH

Chairman

25 March 2024

For further information, please contact:

Westmount Energy Limited                              www.westmountenergy.com

David King, Director                                          Tel: +44 (0) 1534 823000

Cavendish Securities plc (Nomad and Broker)   Tel: +44 (0) 20 7397 8900

Neil McDonald / Pete Lynch

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2023

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 2023

CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2023

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2023

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

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 2023. 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 2023.

2. Investments

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023 (CONTINUED)

2. Investments (continued)