REG - Wildcat Petroleum - Half-year Report
24/03/2025 07:00
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RNS Number : 7927B Wildcat Petroleum PLC 24 March 2025
24 March 2025
Wildcat Petroleum Plc
("Wildcat" or the "Company")
Interim Results for the period from 1 July 2024 to 31 December 2024
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
2024 to 31 December 2024.
Results for the period
For the period 1 July 2024 to 31 December 2024, the results include the
on-going running costs in connection with being a listed company.
On 2 July 2024 (RNS Reach 6964U announcement) the Company gave a brief update
on the progress made in South Sudan towards securing an oil asset.
On 16 July 2024 (RNS Reach 5017W) the Company issued a Newsletter Special
regarding South Sudan and management changes at the Ministry of Petroleum.
On 17 September 2024 (RNS 4164E) the Company announced that it had entered
into a Memorandum of Understanding (MOU) with the Nile Petroleum Corporation
(Nilepet) - the National Oil and Gas Corporation of South Sudan, to
collaborate together for acquiring the assets held by Petronas Carigali Nile
Ltd (PCNL) in the Republic of South Sudan.
On 20 September 2024 the Company released a Newsletter regarding a recent
visit to South Sudan by the Chairman (Mandhir Singh) and Country Manager (Dr
Omar).
On 25 October 2024 (RNS 7101J) the Company announced the placing of
130,000,000 new Ordinary shares at a price of 0.12 pence/share - raising
£156,000 (£145,000 net of expenses), and that an application had been made
to the LSE and FCA for the shares to be admitted to trading on the Main Market
on 30th October 2024. The Company stated that conditional on admission the
Company's issued share capital would be 2,933,040,000 shares.
On 31 October 2024 (RNS 4692K) the Company issued a summary of its Annual
Financial Report for YE 30 June. The full report was supplied to the FCA and
loaded onto the Company's website.
On 18 November 2024 the Company gave Notice of its AGM to its members - the
AGM to be held on 18 December in Streetly, Birmingham. This was followed by an
RNS concerning the same which was released on November 19th 2024 (RNS 6914M).
On 17 December 2024 the Company issued a Quarterly Newsletter summary (RNS
3158Q) which included photographs of recent meetings with Nilepet in South
Sudan.
On 19 December 2024 (RNS 6747Q) the Company announced the results of voting at
its AGM and confirmed that all resolutions were passed.
Post period end December 2024
On 29 January 2025 (RNS 0324V) the Company announced the issue of 255,000,000
warrants to its two directors and its South Sudan Country manager (individual
details in the RNS) - at a strike price of 0.2 pence/share and valid to 31
December 2026. The Company noted that the warrants issued to its directors
came with performance conditions attached - mainly the completion of a Reverse
Takeover with a minimum Market capitalisation of £30 million.
On 13 February 2025 (RNS 9286W) the Company announced the appointment of a new
consultant (Charles Hall) whose role would be to work with the board to widen
the breadth and depth of the Wildcat shareholder base, with particular
emphasis on institutional natural resources investors with past experience of
investing into African oil projects. The RNS also included details on Mr
Hall's experience and details on the granting of share warrants in lieu of
fees for his services.
The Board notes the growing tension in South Sudan first reported in early
March 2025. In August 2024, Petronas announced the withdrawal of its
operations in South Sudan and Nilepet said it would assume all assets and
responsibilities held by Petronas in South Sudan. In September 2024, WCAT
signed a MOU with Nilepet valid for six months to collaborate together for
acquiring the assets. The MOU with Nilepet expired on 12 March 2025, both
parties decided to let the MOU lapse but continue to be engaged in productive
conversations.
On 20 March 2025 (RNS 3854B) the Company announced that it has signed a
Collaboration Agreement with The Strategic Fuel Fund Association ("SFF"), an
organisation owned by the State of South Africa. Under the Agreement, Wildcat
and SFF have agreed to leverage their contacts in the oil sector and work
together to evaluate the petroleum assets previously held by PETRONAS and
explore potential scenarios for acquiring all or parts of the assets.
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 UK
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 2024 to 31 December 2024) the Company
incurred costs of £154k. At the balance sheet date, the Company had a cash
balance of £257k, current assets of £283k, current liabilities of £35k;
resulting in net current assets of £248k.
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 South Sudan. The feedback from the relevant authorities has
been positive and the Company is in ongoing discussions with Nilepet and the
Ministry of Petroleum.
The Company has also been looking at opportunities in other areas of Africa
and intends to pursue specific projects in 2025.
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 (http://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 true and 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
21 March 2025
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE
INCOME
FROM 1 JULY 2024 TO 31 DECEMBER 2024
Notes Six months to 31 Dec 2024 Six months to Year ended
31 Dec 2023 30 Jun 2024
GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
Administrative expenses (154) (125) (255)
Operating Loss (154) (125) (255)
Expired warrants -share based reserve - reversed - 256 -
Adjusted Profit/ (Loss) (154) 131 (255)
Taxation - - -
Profit / (Loss) for the period (154) 131 (255)
Losses brought forward (1,020) (1,027) (765)
Losses carried forward (1,174) (896) (1,020)
Earnings / (Loss) per share - basic and diluted 2 (0.0001) 0.0001 (0.0001)
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Notes 31 Dec 2024 31 Dec 2023 30 Jun 2024
GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
Current Assets
Trade and other receivables 3 26 24 4
Cash and cash equivalents 257 416 286
283 440 290
Current Liabilities
Trade and other payables 4 (35) (64) (37)
Net current assets 248 376 253
Net assets 248 376 253
Share capital 5 82 78 78
Share premium 1,336 1,194 1,195
Share-based payment reserve 6 11 - 7
Accumulated deficit (1,181) (896) (1,027)
Total Equity 248 376 253
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
FROM 1 JULY 2024 TO 31 DECEMBER 2024
Share Capital Share Premium Other reserves Retained earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the half year ended
31 December 2024 (unaudited)
Balance at 78 1,195 7 (1,027) 253
1 July 2024
Loss for the period - - - (150) (150)
Issue of share capital 4 152 - - 156
Share based payments - (11) 4 (4) (11)
Balance at 82 1,336 11 (1,181) 248
31 December 2024
For the half year ended
31 December 2023 (unaudited)
Balance at 68 811 256 (1,027) 108
1 July 2023
Loss for the period - - - (125) (125)
Issue of share capital 10 383 - - 393
Expired warrants - - (256) 256 -
Balance at 78 1,194 - (896) 376
31 December 2023
For the year ended
30 June 2024 (audited)
Balance at 68 811 256 (1,027) 108
30 June 2023
Loss for the year - - - (256) (255)
Issue of share capital 10 383 - - 394
Share based payments - - 7 - 7
Transfer to retained earnings - - (256) 256 -
Balance at 78 1,194 7 (1,027) 253
30 June 2024
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF CASH FLOW
FROM 1 JULY 2024 TO 31 DECEMBER 2024
From 1 July 2024 From 1 July 2023
to 31 December 2024 to 30 June 2024
GBP'000 GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited) (audited)
Cash absorbed by operations (174) (243)
Net cash outflow from operating activities (174) (243)
Financing activities
Net proceeds from issue of shares 145 393
Net cash (used in) / generated from financing activities 145 393
Net increase/(decrease) in cash and cash equivalents (29) 150
Cash and cash equivalents at beginning of the period 286 136
Cash and cash equivalents at end of the period 257 286
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 21st March 2025.
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 2024
to 31 December 2024 are unaudited and do not constitute full accounts. The
comparative figures for the period 1 July 2023 to 30 June 2024 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:
From 1 Jul 2024 From 1 Jul 2023
to 31 Dec 2024 to 30 Jun 2024
GBP'000 GBP'000
(unaudited) (audited)
Profit / (Loss) for the period (154) (255)
Weighted average number of ordinary shares for basic earnings per share 2,868,040,000 2,678,724,932
Earnings / (Loss) per share - basic and diluted (0.0001) (0.0001)
The basic loss per ordinary share is calculated by dividing the loss of £154k
by 2,933,040,000, the weighted average number of shares in issue during the
period.
The loss attributable to equity holders (holders of ordinary shares) of the
Company for the purpose of calculating the fully diluted loss per share is
identical to that used for calculating the loss per share. The exercise of
share options would have the effect of reducing the loss per share and is
therefore anti-dilutive under the terms of IAS 33 'Earnings per Share'. The
exercise of warrants would have the effect of reducing the loss per share.
3. Trade and other receivables
31 Dec 2024 30 Jun 2024
GBP'000 GBP'000
(unaudited) (audited)
Prepayments 12 -
VAT recoverable 14 4
26 4
4. Trade and other payables
31 Dec 2024 30 Jun 2024
GBP'000 GBP'000
(unaudited) (audited)
Trade payables 15 7
Accruals 18 27
Social security and other taxation 2 2
Other payables - 1
35 37
5. Share capital
31 Dec 2024
GBP'000
(unaudited)
2,933,040,000 Ordinary shares of 82
£0.000028 each
The ordinary shares have attached to them full voting, dividend and capital
distribution (including on winding) up rights.
On 25 October 2024, £156,000 (£145,080 net) was raised from the issue of
130,000,000 fully paid Ordinary shares at 0.12 pence per share.
6. Share-based payment compensation reserve
31 Dec 2024 30 Jun 2024
GBP'000 GBP'000
(unaudited) (audited)
Share-based payment compensation reserve 11 7
11 7
7. Cash absorbed by operations
Six months to 31 Dec 2024 Year ended 30 Jun 2024
GBP'000 GBP'000
(unaudited) (audited)
Loss for the period before tax (154) (255)
Adjustments for:
Equity settled share based expense 4 7
Movements in working capital:
Decrease/ increase in trade and other receivables (22) 14
Increase/ (decrease) in trade and other payables (2) (9)
Cash absorbed by operations (174) (243)
8. Events Subsequent to 31 December 2024
Events subsequent to the balance sheet date have been reported on page 2.
9. Reports
A copy of this announcement will be put on the Wildcat Petroleum website.
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 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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