30th Mar 2016 10:41
LONDON (Alliance News) - Westmount Energy Ltd on Wednesday said its interim loss widened as poor sentiment in the oil and gas industry hit its Falkland Islands-focused portfolio of holdings.
Westmount said its pretax loss for the half to the end of December was GBP362,807, compared to a GBP90,344 loss a year earlier. Westmount does not produce any revenue.
The natural resources investment company said its portfolio suffered due to the low oil price environment and negative sentiment across the oil and gas sector. The majority of the loss booked in the half was down to the fall in the value of its holding in AIM-listed Falkland Oil & Gas PLC, which has now merged with Rockhopper Exploration PLC.
Westmount said it will keep its holdings in Argos Resources Ltd and Sterling Energy PLC under review as it assesses potential investment opportunities.
Shares in Westmount were untraded on Wednesday, having last traded at 5.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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