10 June 2025

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Investment Portfolio Update

Westmount Energy Limited (UK AIM: WTE.L), the AIM-quoted oil and gas investing company focussed on high impact drilling outcomes in emerging basins, is pleased to provide an update with respect to its investment portfolio (Summary Table below) which continues to provide exposure to substantial prospective resources in the Guyana-Suriname, Orange and North Falkland basins.

Westmount also reports that it has received proceeds of circa £286,000 from the sale of 300,000 common shares in Meren Energy Inc. (formerly Africa Oil Corp.;"MER"; TSX: MER.TO, Nasdaq Stockholm: MER.ST), representing all of Westmount's holding in MER.

In 2023, while awaiting guidance regarding future drilling activity from the Company's Guyana focused investee companies, Westmount invested part of its treasury into Africa Oil Corp shares, to provide shareholders with some exposure to exploration and appraisal drilling activity around the Venus discovery in the Orange Basin, offshore Namibia. At that time, Africa Oil Corp. held an effective economic interest in the Venus project of circa 6.2% via its shareholding in Impact Oil & Gas Ltd., a private company. Subsequent to Westmount's investment, Africa Oil changed its strategy regarding Venus/Namibian exploration and, following its recent corporate consolidation incorporating Prime Oil, Westmount's net exposure to Venus and the adjacent Orange basin exploration drilling has been substantially diluted.

The disposal of MER shares has yielded proceeds of £286,155 net of all costs. The purchase cost of these shares, in June 2023, was £538,633 which indicates a net loss of £224,221 has been incurred after exchange rate movements and attributable dividends of circa £28,255 during the ownership period. The proceeds of the share sale will be used to supplement the Company's available working capital.

Westmount continues to hold a circa 6.24% interest in JHI Associates Inc. ("JHI"), a 4.13% interest in Cataleya Energy Corp. ("CEC") and a 0.47% interest in Eco Atlantic Oil and Gas Ltd. ("ECO") - investees with direct working interests in exploration licences immediately adjacent to the prolific Stabroek Block, offshore Guyana. JHI retains a 17.5% interest in the Canje Block; CEC has a 50% interest in the Kaieteur Block, containing the Tanager-1 oil discovery; ECO holds a 100% interest and operatorship of the Orinduik block which contains the Jethro and Joe heavy oil discoveries and is immediately adjacent to the giant Hammerhead oil field, currently under development by the Stabroek partners. Frustratingly, Westmount still awaits guidance with respect to future exploration activity on these Guyanese blocks, in spite of clear visibility to the drilling of at least five exploration wells, under less benign fiscal terms, in the Suriname sector during 2025.  

JHI also holds a 100% working interest and operatorship in the North Falklands Basin Production Licence PL001, which was acquired in September 2023 from the then AIM listed Argos Resources Ltd.. PL001 is immediately adjacent to the Navitas Petroleum/Rockhopper Sea Lion development, where FID is expected later this year - an event that is likely to reawaken exploration interest in the neighbouring licences. PL001 is located in modest water depths (<500m) and is fully covered by 3D seismic. So far, two oil prospects, Tyche and Dinlas, have been highgraded within the same stratigraphic interval as the Sea Lion discovery - each containing a potential 400 MMbbls recoverable¹. Upon receipt of the outstanding JHI shares (distribution pending since completion of the Argos Resources Ltd. transaction) Westmount's shareholding in JHI will equate to an effective 6.24% economic interest in these prospects and the PL001 licence.

In spite of the potential of this portfolio, for some time, Westmount has been valued by the London AIM market as an investment shell, with little or no value being attributed to the private holdings in JHI and CEC. Westmount has no debt and sufficient cash resources to fund the minimum (irreducible) corporate overhead into H2 2026, with liquid investments available, if necessary, to increase this runway.

In the interim, the board of Westmount continues to actively explore opportunities and strategies to deliver improved shareholder value.

Further announcements will be made in due course, as appropriate.

¹ https://www.jhiassociates.com/north-falkland-basin

For further information, please contact:

Westmount Energy Limited                              www.westmountenergy.com

David King, Director                                          Tel: +44 (0) 1534 823000
                                                                        email: [email protected]

Cavendish Capital Markets Limited

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

Neil McDonald/Peter Lynch (Corporate Finance)