28 March 2025

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Interim Results

Westmount Energy Limited (UK AIM: WTE.L), 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 2024.

Copies of the Company's results are available on the Company's website, www.westmountenergy.com.

CHAIRMAN'S REVIEW

2024 Highlights

·      Canje Block, Guyana - in December 2024 the Canje JV partners secured a 1-year extension to the licence to 4^th March, 2026.

·      Kaieteur Block, Guyana - Ratio Petroleum farm-down process continues with a primary objective of bringing a new deepwater operator to the block before February 2026

·      Ratio Energy Partnership Ltd. proposal to acquire Ratio Petroleum at 0.35NIS per share unit rejected by shareholders - with merger discussions between the two parties subsequently announced in January 2025

·      Orinduik Block, Guyana - Eco Atlantic in ongoing farm-down discussions with interested parties with a view to drilling commitment well to Cretaceous in 2025

·      Africa Oil Corp, Orange Basin - FID with respect to its first development on the Venus Field (150k BOPD, 45^oAPI oil) expected in early 2026

·      Africa Oil Corp, Orange Basin - carried exposure to ongoing exploration drilling of giant prospects - Marula-1x already spudded (Q1 2025), Olympe-1x (Q4 2025) and Nayla-1x (2026)

·      JHI, North Falklands Basin - reawakening of interest in Production Licence PL001 is anticipated post the expected mid-2025 FID of neighbouring Sea Lion development

Investment portfolio summary

As of the 31^st December 2024 Westmount had a cash balance of £0.099M, listed marketable securities of £0.488M, and is debt free.

As of the 31^st December 2024 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 25^th 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 5,684,870 shares in JHI, representing approximately 6.24% of the enlarged issued share capital of JHI.

As of 31^st December 2024, Westmount holds 474,816 common shares in Cataleya Energy Corporation ("CEC") representing approximately 4.13% of the issued shares in CEC, as of 15^th March 2024.

Westmount continues to hold 1,500,000 shares in Eco (Atlantic) Oil & Gas Ltd. ("EOG"), representing approximately 0.47% of the common shares in issue as of 13^th January 2025.

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

As of 31^st December 2024, Westmount holds 300,000 shares in Africa Oil Corp ("AOC") representing approximately 0.069% of the issued common shares in AOC as of 31^st January 2025. On the 27^th September 2024 AOC paid a cash dividend of USD$0.025 per common share. On 7^th March 2024, following completion of the 'Reorganization' transaction first announced on the 24^th June 2024, AOC declared a quarterly cash dividend of USD$0.037 per common share, payable on the 11^th April 2025 to shareholders of record on the 27^th March 2025.

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, and administration costs.

Summary/Outlook

Westmount's continues to juggle its liquid resources while seeking value creation for shareholders via exposure to high impact exploration and appraisal drilling programs primarily in the two global 'exploration-hotspots' - deepwater Guyana-Suriname Basin and Orange Basin, Namibia-South Africa.

Exploration drilling in the Guyana-Suriname Basin (outside of the Stabroek Block and Block 58) has started to pick-up again - with clear visibility in the Suriname sector to drilling wells during 2025 - at Araku Deep-1 (Shell, Block 65), Macaw-1 (TotalEnergies, Block 64), Korikori-1 (Chevron, Block 5) in addition to two exploration wells planned by Petronas for Block 52. Notwithstanding the more benign fiscal terms available offshore Guyana uncertainty with respect to the timing of Guyanese drilling remains. Against a backdrop of a dominant player, sector consolidation and the overhang created by the protracted arbitration surrounding the Chevron-Hess takeover, separate farm-down processes are ongoing with respect to the Kaieteur, Canje and Orinduik blocks. With a 1-year licence extension, in the case of the Canje and Kaieteur Blocks, secured - successful completion of farm-down discussions or procurement of other sources of funding, and alignment of incumbent or incoming operators are the next steps. We believe that all three blocks remain underexplored and substantially derisked by existing discoveries - Tanager-1 (Kaieteur), Jethro-1 and Joe-1 (Orinduik) and pending developments on the Stabroek Block, such as Hammerhead and Longtail, which are proximal to the Orinduik and Canje blocks.  

In recent months, exploration drilling activity has continued apace in the Orange Basin, offshore Namibia - with three wells already completed in early 2025 (Tamboti-1x, Sagittarius-1x and Mopane-3x) - all reporting hydrocarbons and ongoing evaluation. Westmount's investee, AOC, has announced that 'carried' exploration drilling is continuing on Namibian Blocks 2913B and 2912 throughout 2025 - with Maruala-1x spudded in early February and Olympe-1x, scheduled for later in the year, to be followed by the drilling of the Nyala prospect in South African Block 3B/4B in 2026. Westmount's shareholding in AOC offers continuing exposure to high impact drilling in the Orange Basin but, as a significant liquid asset, it may also be managed to support working capital requirements going forwards.

While deepwater exploration continues to be a challenging environment for junior players we remain confident that exploration drilling success in these 'hotspot' areas will be rewarded by an increased share price. In the meantime, we continue to manage by optimising cash and liquid resources and by trimming costs where possible.  In this changing landscape, we also remain open to consolidation manoeuvres which offer shareholder value.

GERARD WALSH

Chairman

27 March 2025

For further information, please contact:

Westmount Energy Limited                          www.westmountenergy.com

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

Cavendish (Nomad and Broker)                         Tel: +44 (0) 131 220 6939

Neil McDonald / Pete Lynch

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2024

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 2024

CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2024

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

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 2024. 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 2024.

2. Investments

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024 (CONTINUED)

2. Investments (continued)