13th Mar 2019 11:57
LONDON (Alliance News) - Westmount Energy Ltd on Wednesday said its profit grew nearly a third in the first half of its current financial year driven by strong performance of its investees.
The investment company said pretax profit rose 31% to GBP259,421 in the six months to the end of December 2018 from GBP197,645 a year prior, primarily driven by the share price performance of the various investments.
During the year, the company said it remained focused on Guyana-Suriname basin, offshore South America, which is attracting strong industry and investor interest.
The company said its 2%, 3% and 1% investments in Eco Atlantic Oil & Gas Ltd, JHI Associates Inc and Ratio Petroleum Energy Ltd Partnership, respectively, provide exposure to three highly prospective blocks, including Orinduik, Canje and Kaieteur, which offer near term carried or pre-funded drilling opportunities.
"The London market has started to take notice of developments in Guyana and there is significant appetite for access to investment opportunities in this area, as evidenced by the recent doubling of the EOG share price," said Chair Gerard Walsh.
"Westmount now offers shareholders and potential investors' access to this opportunity as your Company's focus remains on seeking additional exposure and deployment of capital towards exploration opportunities in the Guyana-Suriname basin," added Walsh.
Westmount shares were trading 11% lower on Wednesday at 14.25 pence each.
Related Shares:
Westmount Engy.