Half-year Results

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 announce its unaudited Interim Results for the six months ended 31 December 2025.

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

CHAIRMAN'S REVIEW

2025 Highlights

• North Falklands Basin - Sea Lion Development FID triggers up-tick in investee activity driving PL001 farm-in, strategic partnership and consolidation manoeuvres
• Navitas Petroleum ("Navitas") farms-in to PL001 - becoming operator with 65% working interest ("W.I.") JHI Associates Inc ("JHI") retains a 35% W.I. which is 'loan-carried' for activity, including drilling, up to an aggregate cap of USD$14M
• Eco (Atlantic) Oil & Gas Ltd ("EOG") announces proposed cashless acquisition of JHI with JHI security holders owning circa 21.8% of the enlarged entity
• EOG announces a Strategic Partnership with Navitas providing options to Navitas to farm-in across Eco's portfolio of Atlantic Margin assets
• Canje Block, Guyana - licence lapsed on the 4th March 2026 and is subject to ongoing extension discussions with the Government of Guyana
• Kaieteur Block, Guyana - Farm-down process continues, spearheaded by operator Ratio Petroleum, in parallel with ongoing discussions pertaining to the second renewal term with the Government of Guyana
• Orinduik Block, Guyana - Navitas and EOG engage constructively with the Government of Guyana regarding the continuation of EOG's appraisal and exploration programme on the block; ExxonMobil announces FID re the adjacent Hammerhead Discovery, a 150,000 BOPD development targeting first oil in 2029
• Ratio Energy Partnership Ltd. to vote on proposal to invest up to an additional USD$50M into Ratio Petroleum
• Company had cash of £0.224M and listed marketable securities of £0.441M at 31st December 2025; no debt

Investment portfolio summary

As of the 31st December 2025, Westmount Energy Limited (the "Company") had a cash balance of £0.224M, listed marketable securities of £0.441M, and is debt free.

As of the 31st December 2025 Westmount held a total of 5,685,167 shares in JHI Associates Inc ("JHI") representing approximately 6.24% of the enlarged issued share capital of JHI. Subsequent to period end, on the 11th March 2026, Westmount investees Eco (Atlantic) Oil and Gas Ltd. ("EOG") and JHI announced an Arrangement Agreement pertaining to a 'cashless transaction' under which EOG will acquire JHI. Details of the transaction will be provided in a circular to be mailed to JHI shareholders in advance of a special meeting of shareholders. Completion of the Acquisition of JHI by EOG is subject to several closing conditions including the approval of two thirds of the votes cast by JHI Shareholders at the special meeting to approve the Acquisition which is anticipated to be held within four weeks of the transaction announcement date.

As of 31st December 2025, Westmount holds 474,816 common shares in Cataleya Energy Corporation ("CEC") representing approximately 4.13% of the issued shares in CEC, as of 15th March 2024.

Westmount continues to hold 1,500,000 shares in Eco (Atlantic) Oil & Gas Ltd. ("EOG"), representing approximately 0.43% of the common shares in issue as of 4th March 2026.

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

The complete investment portfolio is summarised in Table 1. The reported financial gain for the period is primarily made up of a non-cash gains 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.

Westmount Energy Ltd. - Investment Portfolio - 31st December 2025

Guyana, Falkland Islands & South Africa - Strategic Corporate Investments

1 Post completion of Argos voluntary liquidation and distribution of 33,897 'JHI Consideration Shares' to WTE (the 33,897 shares were actually received on the 29th July 2025). On 11th March 2026 JHI and Eco announced a 'cashless transaction' under which JHI has agreed to be acquired by Eco. Details of the transaction will be provided in a circular which will be mailed to JHI shareholders in advance of a special meeting of JHI shareholders which is anticipated to occur within 4 weeks of the transaction announcement date.

2 On 2nd March 2026 JHI announced the execution of a Farm-in Agreement with Navitas Petroleum under which Navitas will acquire a 65% W.I. and operatorship of PL001, with JHI retaining a 35% W.I.

3 On 3rd March 2026 JHI announced that the Canje Licence would reach the end of its second renewal period on March 4, 2026 and that it had taken proactive steps to explore options with the Minister of Natural Resources to continue the Licence.

4 Post completion of Restructuring Agreement with Cataleya's Noteholder on 15th March 2024

5 Subject to successful reassignment of interests to original Kaieteur Block licence holders (CEC & Ratio Petroleum) post withdrawl of ExxonMobil & Hess from the block, announced on 27th Sept.'23

6 As of 4th March 2026

Table 1

Summary/Outlook

As expected, in the second half of 2025, the lead up to FID of the Sea Lion Development turned the investor spotlight on the North Falklands Basin and follow-on exploration potential in the region. Falkland Island explorers were substantially re-rated by the market during this period and investor appetite for North Falkland Island assets was confirmed by the successful execution of significant equity fundraising by both Navitas Petroleum and Rockhopper. Industry attention was also drawn to Licence PL001, immediately to the west of the Sea Lion Development, which triggered an up-tick in Westmount investee activity - driving a PL001 farm-in, a strategic partnership and consolidation manoeuvres.

On 2nd March 2026 Navitas and JHI announced the execution of a farm-in agreement under which Navitas will acquire a 65% Working Interest ("W.I.") and operatorship of PL001 North Falklands Basin Licence ("PL001"). JHI will retain a 35% W.I. which continues to be held via its wholly owned subsidiary JHI Falkland Inc. ("JHIF"). As consideration, in addition to payment of its share of JHIF's past costs in connection with the Licence, Navitas will fund JHI's 35% W.I. share of the costs associated with potential future activities, including an exploration well and potential appraisal well, up to an aggregate cap of USD$14M. This funding will be provided via a loan-carry arrangement repayable from 85% of JHIF's free cash flow from production under the PL001 License. This followed an announcement on the 4th December 2025 that Eco (Atlantic) Oil & Gas Ltd. ("EOG") had entered a Strategic Partnership with Navitas which includes Navitas paying EOG USD$2M to secure exclusive farm-in options over the Orinduik Block, offshore Guyana (80% W.I. and operatorship, subject to additional payment to EOG of USD$2.5M and a loan-carried work program capped at USD$11M) and over Block 1 CBK, offshore South Africa (47.5% W.I. and operatorship, subject to additional payment to EOG of USD$4M and a loan-carried work program capped at USD$7.5M). In addition, the partnership framework agreement provides Navitas with options to participate in the remainder of EOG's current portfolio of assets as well as the option to participate in future new ventures and assets targeted and potentially acquired by EOG. Following these events, on 11th March 2026, EOG announced the acquisition of 100% of JHI via a cashless transaction and Arrangement Agreement under which EOG would acquire all JHI shares not already held by EOG at an exchange ratio of 0.7054 EOG share for each JHI share. Completion of the acquisition is subject to several closing conditions including the approval of two thirds of the votes cast by JHI shareholders at a special meeting to be held to approve the acquisition within four weeks of the announcement date. Westmount awaits receipt of a circular from JHI which should facilitate a more detailed review of the proposed transaction.

While the Falklands growth story has captured most attention during this period, considerable potential remains with respect to investee assets offshore Guyana. While all three licences - Kaieteur, Canje and Orinduik - are the subject of ongoing 'extension discussions' with the Government of Guyana, substantial drill-ready prospects have been high-graded on these blocks for some time in addition to some un-appraised discoveries. Recent corporate activity may help to bring some new players and fresh capital to be applied to these challenges. For example, exercise of the Navitas Farm-in option to the Orinduik Block will bring a new operator as well as an initial work program investment of USD$55M which may include the drilling of an exploration well or the appraising of the Jethro-1 and Joe-1 existing heavy oil discoveries for potential development and commercialisation. Separately, Ratio Energy Partnership Ltd., 20% shareholder in Ratio Petroleum, announced its intention to vote, on the 12th April 2026, on a proposal to invest up to an additional USD$50M into international oil and gas assets via Ratio Petroleum.

While we wait for some of these scenarios to play out, Westmount's continues to minimise costs and juggle its liquid resources while seeking value creation for shareholders. Westmount also continues to actively explore project and consolidation opportunities, both within and without the sector, to deliver improved shareholder value.

GERARD WALSH

Chairman

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 2025

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

Accounting Policies

Basis of accounting

The interim financial statements of Westmount Energy Limited (the "Company") 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 2025. 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 2025.

Investments

(31 December 2024: 300,000 shares, 30 June 2025: nil shares)

(31 December 2024: 474,816 shares, 30 June 2025: 474,816 shares)

(31 December 2024: 1,500,000 shares, 30 June 2025: 1,500,000 shares)

(31 December 2024: 5,651,270 shares, 30 June 2025: 5,651,270 shares)

(31 December 2024: 89,653 shares, 30 June 2025: 89,653 shares)