REG - Wildcat Petroleum - Half-year Report (July 1 2023 - Dec 31 2023
14/03/2024 07:00
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RNS Number : 7792G Wildcat Petroleum PLC 14 March 2024
14 March 2024
WILDCAT Petroleum Plc
("Wildcat" or the "Company")
Interim Results for the period from 1 July 2023 to 31 December 2023
Wildcat Petroleum Plc ("WCAT" or "the Company") a company targeting investment
opportunities in businesses and assets within the upstream sector of the
petroleum industry announces 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 (about%3Ablank) .
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.
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
(896) (911) (1,027)
Accumulated deficit
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
Acopy 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.
Enquiries:
Wildcat Petroleum plc: Mandhir Singh msingh@wildcatpetroleum.co.uk
Guild Financial Advisory: Ross Andrews ross.andrews@guildfin.co.uk
Notes to Editors:
Wildcat Petroleum (LSE: WCAT) is listed on the standard segment of the
official list, with shares traded on the main market of the London Stock
Exchange. WCAT is seeking to acquire projects or a business operating in the
upstream sector of the petroleum industry - namely exploration, appraisal,
development and production of oil and gas, with a primary focus on assets that
are at the later phases of exploration and production.
Enquiries:
Wildcat Petroleum plc: Mandhir Singh msingh@wildcatpetroleum.co.uk
Guild Financial Advisory: Ross Andrews ross.andrews@guildfin.co.uk
Notes to Editors:
Wildcat Petroleum (LSE: WCAT) is listed on the standard segment of the
official list, with shares traded on the main market of the London Stock
Exchange. WCAT is seeking to acquire projects or a business operating in the
upstream sector of the petroleum industry - namely exploration, appraisal,
development and production of oil and gas, with a primary focus on assets that
are at the later phases of exploration and production.
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