# Wildcat Petroleum interim results for the period 1 July 2023 to 31 December 2023

- Link: https://www.directorstalkinterviews.com/wildcat-petroleum-interim-results-for-the-period-1-july-2023-to-31-december-2023/4121147328
- Published: 2024-03-14T07:28:47+00:00
- Author: Amilia Stone

**[Wildcat Petroleum](https://www.directorstalkinterviews.com/company/wildcat-petroleum-plc/wcat.l)
Plc** (LON:WCAT) a company targeting investment opportunities in businesses and 
assets within the upstream sector of the petroleum industry, has announced its interim
results for the period from 1 July 2023 to 31 December 2023. 

**Results for the period**

For the period 1 July 2023 to 31 December 2023, the results include the on-going
running costs in connection with being a listed company.

On 4 September 2023, the Company announced the setting up of an office in Juba, 
South Sudan as a temporary base of operations in order to facilitate Wildcat’s cross
border access to the oil fields in the Republic of Sudan.

On 18 September 2023, the company gave an update to the market regarding its plans
in Sudan. Namely that: Due to the political situation in Sudan, the Company was 
unable to sign a Production Sharing Agreement (PSA) with the Sudanese government(
OEPA) but intends instead to sign a Service Agreement (SA) with the Sudanese government
with a view to increasing oil production on the Bamboo oil field.

On 16 October 2023, the Company reported the raising of £ 450,000 (£393,750 net 
after expenses) by the placing of 375,000,000 new ordinary shares at 0.12 pence 
per share, with admission of the shares on 30 October 2023, bringing the total number
of Wildcat shares to 2,803,040,000.

On 25 October 2023, the Company announced its Results for the period 1 July 2022
to 30 June 2023; with the Notice of AGM called in an announcement on 16 November
2023.

On 22 November 2023, the company issued a Clarification Statement regarding comments
the Chairman had made in an interview with Director’s Talk.

On 14 December 2023, the Company announced the resignation of their auditor Shipleys
LLP since they had decided to withdraw from providing audit services to all Public
Interest Entities (“PIEs”) such as Wildcat Petroleum. Shipleys LLP confirmed that
there were no circumstances connected with their ceasing to hold office which they
considered should be brought to the attention of the members or creditors of the
Company. The Company announced that, subject to standard due diligence and take 
on procedures, a new auditor would be appointed in due course, at which time the
Company would make a further announcement.

On the 22 December 2023, the Company conducted its AGM where all resolutions were
passed.

During the period, the Chairman purchased an additional 27,400,000 shares in the
Company (as reported on 8 August 2023 and 26 October 2023); bringing their shareholding
up to 1,707,325,000, representing 60.91 % as at 31 December 2023.

**Post Balance Sheet Events**

On 17 January 2024, the Company announced that following a review of salaries paid
to the Directors and its Financial Adviser, warrants were being issued in lieu of
an increase in fees to Mandhir Singh (Executive Director), Glyn Roberts (Executive
Director) and Guild Financial Advisory Limited (Financial Adviser) to conserve the
Company’s working capital.

On 19 February 2024, the Company announced that it had passed a due diligence process
conducted by the South Sudanese Ministry of Petroleum (MOP) and that process included
the evaluation of the Company’s technical competency as well as its financial capability
to complete a major multi-million/billion dollar oil production purchase. The clearance
from the MOP being required before Wildcat could undertake any petroleum deal in
the country including the purchase of large-scale oil production.

In the same announcement, the Company issued a note on the situation in the Republic
of Sudan (Bamboo Field). Namely that, as had previously been disclosed, the Republic
of Sudan’s oil ministry had offered the Bamboo Field to Wildcat for development 
under a service agreement which would later convert to a Production Service Agreement.
Wildcat had submitted a work program and was awaiting approval from the minister.
The Company also stated that disruption to the Sudanese telecom infrastructure had
hindered the completion of the deal.

On 20 February 2024, the Company announced the appointment of Macalvins Ltd (“Macalvins”),
as auditor to the Company

**Risks and uncertainties**

The prime objective of the Company is to work and invest in the upstream sector 
of the petroleum industry – namely exploration, appraisal, development and production
of oil and gas.

The Company’s stated objectives were outlined in its IPO Prospectus:

“The Company’s intention is to either take a minority stake or acquire control of
a business, either of which may constitute a Reverse Takeover under the Listing 
Rules.”

In the event that an Acquisition presents itself this would require the raising 
of additional capital, as the consideration payable will likely be greater than 
the amount of available funds remaining.

In assessing any potential acquisition, the Board will pay particular attention 
to the following factors when making the acquisition:

• Businesses which are profitable or potentially profitable within the period of
1-2 years from acquisition;

• Assets which don’t require a large capital expenditure;

• Assets with low cost of acquisition and potentially significant up-side.

The Board will seek to draw on its experience in both the petroleum industry and
the financial industry in order to access suitable targets and fund an Acquisition.

The Director’s objective is to create long term value for shareholders by building
WCAT, through its targeted investments, into a successful Company within the upstream
sector of the petroleum industry.

**Development and performance**

During the reporting period (1 July 2023 to 31 December 2023) the Company incurred
costs of £125k. At the balance sheet date, the Company had a cash balance of £416k,
current assets of £440k, current liabilities of £64k; resulting in net current assets
of £376k.

**Key performance indicators**

As we state above: The prime objective of the Company is to work and invest in the
upstream sector of the petroleum industry – namely exploration, appraisal, development
and production of oil and gas. Also, that the Board will seek to draw on its experience
in both the petroleum industry and the financial industry in order to access suitable
targets and fund an Acquisition. The Directors’ objective is to create long term
value for shareholders by building Wildcat, through its targeted investments, into
a successful Company within the upstream sector of the petroleum industry.

With these objectives in mind, the Company has been pursuing opportunities in the
Republic of Sudan. The feedback from the relevant authorities has been positive 
and the Company is waiting on a response from them.

The Company has also been looking at opportunities in other areas of Africa and 
intends to pursue specific projects in 2024.

The Company believes that oil and gas projects can be developed in a responsible
manner (achieving net zero by the middle of the century); and that if these objectives
are met then that would allow the developing countries in Africa to benefit from
the revenues generated and their need for reliable power.

The Company has summarised the Risks and Uncertainties in its IPO Prospectus and
in its most recent audited accounts – both of which can be found on the website:
www.wildcatpetroleum.co.uk.

**Going Concern**

As stated in the notes to the condensed financial statements, the Directors are 
satisfied that the Company has sufficient resources to continue in operation for
the foreseeable future, a period of not less than twelve months from the date of
this report.

**Responsibility statement**

We confirm that to the best of our knowledge:

a.    the condensed set of financial statements has been prepared in accordance 
with IAS 34 ‘Interim Financial Reporting’;

b.    the interim management report includes a fair review of the information required
by DTR 4.2.7R (indication of important events and description of principal risks
and uncertainties);

c.     the interim management report includes a fair review of the information required
by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein);
and

d.    The interim management report provides a fair view of the assets, liabilities
and financial position of the Company.

**Cautionary statement**

This Interim Management Report (IMR) has been prepared solely to provide additional
information to shareholders to assess the Company’s strategies and the potential
for those strategies to succeed. The IMR should not be relied on by any other party
or for any other purpose.

The condensed accounts have not been reviewed by the auditors.

![1bcc8fb0 fff0 42ce b864 757c9aff0159 (WCAT)](https://dw6uz0omxro53.cloudfront.
net/2991247/1bcc8fb0-fff0-42ce-b864-757c9aff0159.jpg "Wildcat Petroleum interim 
results for the period 1 July 2023 to 31 December 2023 (WCAT)")

**Mandhir Singh**

**Chairman**

**13 March 2023**

| **WILDCAT PETROLEUM PLC** |  |  |  | 
| **INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME** |  | 
| **FROM 1 JULY 2022 TO 31 DECEMBER 2023** |  |  |  | 
|  |  |  |  | 
|  | **Six months to 31 Dec 2023** | **Six months to 31 Dec 2022** | **Year ended 30 Jun 2023** | 
|  | **GBP’000** | **GBP’000** | **GBP’000** | 
|  | **(unaudited)** | **(unaudited)** | **(audited)** | 
| Administrative expenses | (125) | (146) | (262) | 
|  |  |  |  | 
| Operating loss | (125) | (146) | (262) | 
| Expired warrants -share based reserve – reversed | 256 |                         –   |                             –   | 
| Adjusted profit / (loss) | 131 | (146) | (262) | 
|  |  |  |  | 
| Taxation |  – |  – |  – | 
| Profit / (Loss) for the period | 131 | (146) | (262) | 
| Losses brought forward | (1,027) | (765) | (765) | 
| Losses carried forward | (896) | (911) | (1,027) | 
|  |  |  |  | 
|  |  |  |  | 
| Earnings / (loss) per share  | 0.00005 | (0.00006) | (0.00011) |

| **WILDCAT PETROLEUM PLC** | ** ** |  |  | 
| **INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023** | ** ** |  |  | 
| ** ** | ** ** |  |  | 
|  | **Unaudited** | **Unaudited** | **Audited** | 
| ** ** | **31-Dec-23** | **31-Dec-22** | **30-Jun-23** | 
| ** ** | **GBP’000** | **GBP’000** | **GBP’000** | 
| ** ** |  |  |  | 
| **Current Assets** | ** ** |  |  | 
| Trade and other receivables (Note 3) |                     24 |                        8 |                     18 | 
| Cash and cash equivalents |                   416 |                    235 |                  136 | 
|  |                   440 |                    243 |                  154 | 
|  |  |  |  | 
| **Current Liabilities** | ** ** |  |  | 
| Trade and other payables (Note 4) | (64) | (18) |                     (46) | 
|  | (64) | (18) |                     (46) | 
|  |  |  |  | 
| Net current assets |                   376 |                    225 |                  108 | 
|  |  |  |  | 
| **NET ASSETS** |                   376 |                    225 |                  108 | 
|  |  |  |  | 
| **EQUITY** | ** ** |  |  | 
|  |  |  |  | 
| **Shareholders’ Equity** | ** ** |  |  | 
| Share capital (Note 5) |                     78 |                         68 |                     68 | 
| Share premium |                1,194 |                    812 |                  811 | 
| Share-based payment reserve (Note 6) | –       |                    256 |                  256 | 
|  Accumulated deficit |  (896) | (911) | (1,027) | 
|  |  |  |  | 
| **Total Equity** |                   376 |                    225 |                  108 |

| **WILDCAT PETROLEUM PLC** | ** ** |  |  |  |  | 
| **INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY** | ** ** |  | 
| **FROM 1 JUL 2023 TO 31 DEC 2023** | ** ** |  |  |  | 
|  |  |  |  |  |  | 
|  | **Share Capital** | **Share Premium** | **Other reserves** | **Retained earnings** | **Total** | 
| ** ** |  |  |  |  |  | 
|  | **GBP** | **GBP** | **GBP** | **GBP** | **GBP** | 
| ** ** | **(‘000)** | **(‘000)** | **(‘000)** | **(‘000)** | **(‘000)** | 
| ** ** |  |  |  |  |  | 
| **Balance at 1 July 2023** |             68 |           811 | 256     | (1,027) |         108  | 
| Loss for the period | –  | – | –  |    (125) |     (125) | 
| Issue of share capital |                10 |           383 | –   | – |         393 | 
| Expired warrants | –  | –  | (256) |               256 | –  | 
| **Balance at 31 Dec 2023** |                78 |       1,194 | –                 | (896) |         376 |

| **WILDCAT PETROLEUM PLC** | ** ** |  |  |  | 
| **INTERIM CONDENSED STATEMENT OF CASH FLOWS** | ** ** |  |  |  | 
| **FROM 1 JUL 2023 TO 31 DEC 2023** | ** ** |  |  | 
|  |  |  |  |  | 
|  | **From 1 Jul 2023** | **From 1 July 2022** | 
| ** ** | **To 31 Dec 2023** | **To 30 Jun 2023** | 
| ** ** | **GBP (‘000)** | **GBP (‘000)** | **GBP (‘000)** | **GBP (‘000)** | 
| ** ** | **(unaudited)** | **(unaudited)** | **(audited)** | **(audited)** | 
| ** ** |  |  |  |  | 
|  |  |  |  |  | 
| **Cash absorbed by operations (Note 5)** | ** ** | (113) |  | (280) | 
|  |  |  |  |  | 
| **Net cash outflow from operating activities** | ** ** | (113) |  | (280) | 
|  |  |  |  |  | 
| **Financing activities** | ** ** |  |  |  | 
| Proceeds from issue of shares |               450 |  |           275 |  | 
| Share issue costs |               (57) |  | (13) |  | 
| **Net cash (used in) / generated from financing activities** | ** ** |                393 |  |               262         | 
| **Net increase/(decrease) in cash and cash equivalents** | ** ** |               280 |  |  (18) | 
|  |  |  |  |  | 
|  |  |  |  |  | 
| Cash and cash equivalents at beginning of the period |  |               136 |  |             154 | 
|  |  |  |  |  | 
| **Cash and cash equivalents at end of the period** | ** ** |               416 |  |             136 |

**NOTES TO THE UNAUDITED INTERIM MANAGEMENT REPORT**

**General Information**

Wildcat Petroleum Plc is a company incorporated in England and Wales with registered
number 12392909. The address of the registered office is Belmont House, 3^(rd) Floor,
Suite ASCO-303, Belmont Road, Uxbridge, London UB8 1HE. The Company was incorporated
and registered in England and Wales on 8 January 2020 as a public limited company.

**1. Basis of preparation**

This Interim Management Report (IMR) was approved and authorised to issue by the
Board of Directors on 13 March 2024.

The financial information in this IMR have been prepared in accordance with the 
International Financial Reporting Standards (IFRS) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations issued by the International Accounting
Standards Board (IASB) as adopted by the United Kingdom and with those parts of 
the Companies Act 2006 applicable to companies reporting under IFRS.

There are no IFRS, or IFRIC interpretations that are effective in this period that
would be expected to have a material impact on the company.

The financial information has been prepared under the historical cost convention,
as modified by the accounting standard for financial instruments at fair value.

The Directors are of the opinion that the financial information should be prepared
on a going concern basis, in the light of the Company’s financial resources.

These condensed interim financial statements for the period from 1 July 2023 to 
31 December 2023 are unaudited and do not constitute full accounts. The comparative
figures for the period 1 July 2022 to 30 June 2023 are extracted from the statutory
financial statements which have been filed with the Registrar of Companies and which
contact an unqualified audit report and did not contact a statement under sections
494(2) or 498(3) of the Companies Act 2006.

No taxation charge has arisen for the period and the Directors have not declared
an interim dividend.

Copies of the interim report can be found on the Company’s website at [www.wildcatpetroleum.co.uk](http://www.wildcatpetroleum.co.uk/)

**Going concern**

The Directors are satisfied that the Company has sufficient resources to continue
in operation for the foreseeable future, a period of not less than twelve months
from the date of this report. Accordingly, they continue to adopt the going concern
basis in preparing the condensed financial statements.

**2. Earnings/Loss per share**

Basic Earnings/Loss per share is calculated by dividing the earnings/loss attributable
to ordinary shareholders by the number of ordinary shares outstanding during the
period.

The calculation of basic earnings per share is based on the following figures:

| **Earnings/(Loss) per share** | **From 1 Jul 2023** | **From 1 Jul 2022** | 
| ** ** | **To 31 Dec 2023** | **To 30 Jun 2023** | 
| ** ** | **GBP (‘000)** | **GBP (‘000)** | 
| ** ** | **(unaudited)** | **(audited)** | 
| ** ** |  |  | 
| Profit / (Loss) for the period | 131 | (262) | 
|  |  |  | 
|  |  |  | 
| Number of shares | 2,803,040,000 | 2,428,040,000 | 
|  |  |  | 
| Earnings/(Loss) per share       | 0.00005 | (0.00011) |

**3. Trade and other receivables**

| ** ** | 
| ** ** | **31-Dec-23** | **30-Jun-23** | 
| ** ** | **GBP’000** | **GBP’000** | 
| ** ** | **(unaudited)** | **(audited)** | 
| ** ** |  |  | 
| Trade and other receivables | 24 | 18 | 
|  |  |  | 
|  |  |  | 
| Prepayments | 13 | 10 | 
| VAT recoverable | 11 | 8 | 
|  | 24 | 18 |

**4. Trade and other payables**

|  | **31-Dec-23** | **30 Jun 23** | 
| ** ** | **GBP’000** | **GBP’000** | 
| ** ** | **(unaudited)** | **(audited)** | 
| ** ** | £ | £ | 
|  |  |  | 
| Trade payables |                            45 |                 21 | 
| Accruals |                     17 |                 22 | 
| Social security and other taxation |                       2 |                   2 | 
| Other payables |                      –   |                   1 | 
|  |                     64 |                 46 |

**5. Share capital**

|  | **As at** | 
| **31-Dec-23** | 
| **GBP (‘000)** | 
| **(Unaudited)** | 
| ** ** | 
| 2,803,040,000 Ordinary shares of £0.000028 each | 78 |

The ordinary shares have attached to them full voting, dividend and capital distribution(
including on winding up) rights.

**6. Share-based payment compensation reserve**

|  | **31-Dec-23** | **30 Jun 23** | 
| ** ** | **GBP’000** | **GBP’000** | 
| ** ** | **(unaudited)** | **(audited)** | 
| ** ** | £ | £ | 
|  |  |  | 
| Share-based payment compensation reserve | – | (256) | 
|  | – | (256) |

The Share-based payment compensation reserve was reversed on the basis that the 
Warrants expired on 31 December 2023.

**7. Cash absorbed by operations**

|  | **Six months to 31-Dec-23** | **Year Ended 30 Jun 23** | 
| ** ** | **GBP’000** | **GBP’001** | 
| ** ** | **(unaudited)** | **(audited)** | 
| ** ** | £ | £ | 
|  |  |  | 
| Loss for the period before tax | (125) | (262) | 
|  |  |  | 
| **Adjustments for:** | ** ** |  | 
| Equity settled share based expense |                     –   |                      –   | 
|  |  |  | 
| **Movements in working capital:** | ** ** |  | 
|  |  |  | 
| Decrease/(increase) in trade and other receivables | (6) |                       (8) | 
| Increase / (decrease) in trade and other payables |                       18 | (26) | 
|  |  |  | 
| Cash absorbed by operations | (113) | (280) |

**8. Events Subsequent to 31 December 2023**Events subsequent to the balance sheet
date have been reported on page 2.

**8. Reports **A copy of this announcement will be put on the Wildcat Petroleum 
website and submitted to the relevant authorities. Copies will be available for 
members of the public at the Company’s Registered Office, Belmont House, 3^(rd) 
Floor, Suite ASCO-303, Belmont Road, Uxbridge UB8 1HE.  

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