Westmount Energy Ltd on Friday said its loss narrowed in the first half as it looks to move forward with drilling decisions in the second half of the year.

The oil and gas investment company focussed on the Guyana-Suriname Basin reported pretax profit for the first half ended December 31 of £2.7 million, narrowing from a loss of £7.0 million a year prior.

The company said loss per share was 1.84 pence, narrowing from a loss of 4.88p a year ago. Cash balance at December 31 was £860,000, and the company had no debt.

Westmount said it is well capitalised with a minimal cost base and investment exposure, as it looks to ‘crystallise some drilling decisions from the second half of 2023’.

The company noted that drilling decisions are expected in the second half from its joint ventures in the Kaieteur and Canje blocks in Guyana, where drill targets are currently being identified, with initial results at Canje indicating the presence of the Guyana-Suriname petroleum system and potential prospectivity in the block.

Westmount shares were unchanged at 2.35 pence each in London on Friday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.