Westmount Energy posts an operating loss of £434,023 for the year to the end of June compared with £222,239 last time.
Chairman Gerard Walsh said it had been another difficult and volatile year for the oil & gas industry and in particular the junior E&P sector.
He added: "The oil price has recovered from the recent lows set in January of this year and recently traded in the $45-$55 range. There is hope that short term supply issues can be resolved by an agreement at the forthcoming OPEC meeting. The recent commodity price improvement and market stability has helped investor sentiment."
At 3:30pm: (LON:WTE) Westmount Energy Ltd share price was 0p at 5.63p