Resultados provisionales
Jupiter Second Split Trust orientó acciones de Gwth
25.75p
16:44 10/11/14
26 de marzo de 2024
ENERGÍA WESTMOUNT LIMITADA
("Westmount" o la "Compañía")
Resultados provisionales
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.
OPINIÓN DEL PRESIDENTE
2023 Destacados
· 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).
·
· 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.
Resumen de la cartera de inversiones
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 sigue siendo titular de 89,653 acciones de Ratio Petroleum que representan aproximadamente el 0.04 % del capital social emitido.
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.
Resumen/Perspectiva
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
Presidente
25 de marzo de 2024
Para más información, por favor póngase en contacto con:
Westmount energía limitada www.westmountenergy.com
David King, director Tel: + 44 (0) 1534 823000
Cavendish plc valores (Nómada y Broker) Tel: + 44 (0) 20 7397 8900
Neil McDonald/Pete Lynch
ESTADO DE RESULTADO INTEGRAL CONDENSADO
POR EL PERÍODO TERMINADO EL 31 DE DICIEMBRE DE 2023
Seis meses terminaron 31 de diciembre 2023 (No auditado) £ | Seis meses terminaron 31 diciembre 2022 (No auditado) £ |
Año terminado 30 de junio de 2023 (auditado) £ | ||||
Pérdidas netas de valor razonable en activos financieros mantenidos a valor razonable con cambios en resultados | (531,596) | (2,512,900) | (2,718,218) | |||
Ingreso de inversión | 11,762 | - | 11,816 | |||
Ingresos financieros | 1,928 | 2,393 | 9,096 | |||
Gastos administrativos | (139,930) | (143,932) | (253,071) | |||
Divisas (pérdidas) / ganancias | (3,686) | 1,985 | (23,893) | |||
Pérdida operativa | (661,522) | (2,652,454) | (2,974,270) | |||
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Pérdida antes de impuestos | (661,522) | (2,652,454) | (2,974,270) | |||
Impuestos | - | - | - | |||
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Comprehensive loss for the period / year | (661,522) | (2,652,454) | (2,974,270) | |||
Pérdida básica por acción (peniques) | (0.46) | (1.84) | (2.06) | |||
Pérdida diluida por acción (peniques) | (0.46) | (1.84) | (2.06) | |||
Todos los resultados se derivan de operaciones continuas.
The Company had no items of other comprehensive income during the period / year.
ESTADO DE SITUACIÓN FINANCIERA CONDENSADO
AL 31 DE DICIEMBRE DE 2023
31 de diciembre 2023 (No auditado) £ | 31 de diciembre 2022 (No auditado) £ | 30 de junio de 2023 (auditado) £ | |||
BIENES | |||||
Activos no corrientes | |||||
Activos financieros a valor razonable con cambios en resultados | 4,247,606 | 4,449,684 | 4,779,202 | ||
| 4,247,606 | 4,449,684 | 4,779,202 | ||
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Activos circulantes | |||||
Otros ingresos | 29,397 | 300,562 | 44,977 | ||
Efectivo y equivalentes de efectivo | 345,913 | 864,768 | 478,200 | ||
375,310 | 1,165,330 | 523,177 | |||
los activos totales | 4,622,916 | 5,615,014 | 5,302,379 | ||
COMPROMISOS Y EQUIDAD | |||||
Pasivo circulante | |||||
Comerciales y otras cuentas a pagar | 36,498 | 45,258 | 54,439 | ||
| 36,498 | 45,258 | 54,439 | ||
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Pasivos totales | 36,498 | 45,258 | 54,439 | ||
EQUIDAD | |||||
Capital social | 16,652,482 | 16,652,482 | 16,652,482 | ||
Share option account | 469,670 | 469,670 | 469,670 | ||
Ganancias retenidas | (12,535,734) | (11,552,396) | (11,874,212) | ||
Equidad total | 4,586,418 | 5,569,756 | 5,247,940 | ||
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Total pasivos y patrimonio | 4,622,916 | 5,615,014 | 5,302,379 | ||
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ESTADO CONDENSADO DE CAMBIOS EN EL PATRIMONIO
POR EL PERÍODO TERMINADO EL 31 DE DICIEMBRE DE 2023
Cuenta de capital social£ | Share option account£ | Ganancias retenidas£ | Equidad total£ | ||
Al 1 de julio de 2022 | 16,652,482 | 469,670 | (8,899,942) | 8,222,210 | |
Renta integralLoss for the year ended 30 June 2023 | - | - | (2,974,270) | (2,974,270) | |
Al 30 de junio de 2023 | 16,652,482 | 469,670 | (11,874,212) | 5,247,940 | |
Renta integral | |||||
Pérdida por el período terminado el 31 de diciembre de 2023 | - | - | (661,522) | (661,522) | |
Al 31 de diciembre de 2023 | 16,652,482 | 469,670 | (12,535,734) | 4,586,418 |
Cuenta de capital social£ | Share option account£ | Ganancias retenidas£ | Equidad total£ | ||
Al 1 de julio de 2021 | 16,652,482 | 469,670 | (1,472,692) | 15,649,460 | |
Renta integral | |||||
Loss for the year ended 30 June 2022 | - | - | (7,427,250) | (7,427,250) | |
Al 30 de junio de 2022 | 16,652,482 | 469,670 | (8,899,942) | 8,222,210 |
ESTADO CONDENSADO DE FLUJOS DE EFECTIVO
POR EL PERÍODO TERMINADO EL 31 DE DICIEMBRE DE 2023
Seis meses terminaron 31 de diciembre 2023 (No auditado) £ | Seis meses terminaron 31 de diciembre 2022 (No auditado) £ | Año terminado 30 de junio de 2023 (auditado) £ | ||||||
flujos de efectivo por actividades operacionales | ||||||||
Pérdida integral total del período / año | (661,522) | (2,652,454) |
(2,974,270) |
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Ajustes para: |
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Pérdida neta de activos financieros a valor razonable con cambios en resultados | 531,596 | 2,512,900 | 2,718,218 |
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Movimiento en otras cuentas por cobrar | 15,580 | (290,416) | (34,831) |
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Movimiento de cuentas comerciales y otras cuentas por pagar | (17,941) | (7,672) | 1,509 |
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Salida neta de efectivo de las actividades operativas | (132,287) | (437,642) | (289,374) |
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Flujos de efectivo de actividades de inversión |
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Proceeds from return of capital on investment | - | 299,320 | 299,320 |
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Compra de inversiones | - | - | (534,836) |
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Entrada / (salida) de efectivo neta de actividades de inversión | - | 299,320 | (235,516) |
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Disminución neta de efectivo y equivalentes de efectivo | (132,287) | (138,322) | (524,890) |
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Efectivo y equivalentes de efectivo al inicio del período/año | 478,200 | 1,003,090 | 1,003,090 |
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Efectivo y equivalentes de efectivo al final del período/año | 345,913 | 864,768 | 478,200 |
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NOTAS A LOS ESTADOS FINANCIEROS CONDENSADOS NO AUDITADOS
POR EL PERÍODO TERMINADO EL 31 DE DICIEMBRE DE 2023
1. Políticas contables
Base of contabilidad
El provisional financiero declaraciones tienen esto preparado in conformidad the International Accounting Standard ("IAS") 34, Provisional Financial Reporting. The provisional financiero statements do no include all the information and divulgaciones Requisitos in el anual financiero declaraciones y tienes ser leido in conjunción las De la empresa annual financial statements for the year ended 30 June 2023. The annual financial statements tienen sido preparado in conformidad Normas Internacional de Normas Internacionales ("IFRS").
Lo mismo contabilidad políticas y methods of computation are followed in el interino financiero declaraciones como in the Company's annual financial statements for the year ended 30 June 2023.
2. Inversiones
| Seis meses terminaron 31 de diciembre 2023 | Seis meses terminaron 31 de diciembre 2022 | Año terminó 30 junio 2023 | ||
| (No auditado) | (No auditado) | (auditado) | ||
| £ |
| £ |
| £
|
Africa Oil Corp, at market value | 442,680 | - | 503,317 | ||
Cost, 300,000 shares | 534,836 | - | 534,836 | ||
(31 December 2022: nil shares, 30 June 2023: 300,000 shares) | |||||
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Argos Resources Limited, at market value | - | 9,900 | 3,480 | ||
Cost, nil shares | - | 310,775 | 310,775 | ||
(31 December 2022: 1,000,000 shares, 30 June 2023: 1,000,000 shares) | |||||
Cataleya Energy Corporation, at market value | 1,454,796 | 1,973,660 | 1,867,404 | ||
Cost, 474,816 shares | 3,751,907 | 4,218,895 | 3,751,906 | ||
(31 December 2022: 474,816 shares, 30 June 2023: 474,816 shares) | |||||
Eco Atlantic Oil & Gas Oil Limited, at market value | 165,000 | 276,750 | 216,750 | ||
Cost, 1,500,000 shares | 240,000 | 240,000 | 240,000 | ||
(31 December 2022: 1,500,000 shares, 30 June 2023: 1,500,000 shares) | |||||
JHI Associates Inc, at market value | 2,182,521 | 2,182,520 | 2,182,521 | ||
Cost, 5,651,270 shares | 7,770,027 | 7,770,027 | 7,770,027 | ||
(31 December 2022: 5,651,270 shares, 30 June 2023: 5,651,270 shares) | |||||
Ratio Petroleum Energy Limited Partnership shares, at market value | 2,609 | 6,854 | 5,730 | ||
Cost, 89,653 shares | 22,256 | 22,256 | 22,256 | ||
(31 December 2022: 89,653 shares, 30 June 2023: 89,653 shares) | |||||
Valor total de mercado | 4,247,606 | 4,449,684 | 4,779,202 | ||
El costo total | 12,319,026 | 12,561,953 | 12,629,800 | ||
NOTAS A LOS ESTADOS FINANCIEROS CONDENSADOS NO AUDITADOS
FOR THE PERIOD ENDED 31 DECEMBER 2023 (CONTINUED)
2. Inversiones (continuación)
| Seis meses terminaron 31 de diciembre 2023 | Seis meses terminaron 31 de diciembre 2022 | Año terminó 30 junio 2023 | ||
| (No auditado) | (No auditado) | (auditado) | ||
| £ |
| £ |
| £
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Total fair value adjustment | (8,071,420) | (8,112,269) | (7,850,598) | ||
Reverse prior year fair value adjustment | 7,850,598 | 5,599,369 | 5,599,369 | ||
Current period fair value movement | (220,822) | (2,512,900) | (2,251,229) | ||
pérdida no realizada | (220,822) | (2,512,900) | (2,251,229) | ||
Pérdida realizada | (310,774) | - | - | ||
Current period income statement impact | (531,596) | (2,512,900) | (2,251,229) |
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