REG - Wildcat Petroleum - Interim results
31/03/2022 07:00
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RNS Number : 6672G Wildcat Petroleum PLC 31 March 2022
31 March 2022
WILDCAT Petroleum Plc
("Wildcat" or the "Company")
Interim results for the period from 1 July 2021 to 31 December 2021
Wildcat Petroleum Plc ("WCAT" or "the Company") is targeting investment
opportunities in businesses and assets within the upstream sector of the
petroleum industry, announces its interim results for the six-month period
ended 31 December 2021.
Results for the period
For the period 1 July 2021 to 31 December 2021, the results include the
on-going running costs in connection with being a listed company as well as
adviser fees. In September the Company appointed Guild Financial Advisory
Limitedto primarily advise WCAT on its obligations as a public company as it
continues to execute on its oil strategy.
During this period under review the Company was severely restricted in its
efforts to secure a suitable hydrocarbon asset by the continuing travel
restrictions caused by Covid.
The Company was however able to lay the foundations of a deal pipeline for
when travel restrictions end. To this end a number of oil consultancy firms
were appointed. In November 2021 the services of MDOIL and SIMCO were engaged
and in December Striped Horse Resources Ltd was engaged to specifically source
opportunities in Angola and Namibia. Hopefully in 2022 the efforts of these
will bear fruit. As well as sourcing various opportunities for WCAT to
evaluate they may also contribute to any future fund raise by tapping into
their investor networks.
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. It has also identified opportunities to use
Blockchain in its business and (as reiterated in its RNS statement of
23/09/21) will pursue this further once an oil and gas asset has been
acquired.
The Company's stated objectives were outlined in its IPO Prospectus - Namely:
"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 which would require the
raising of additional capital (i.e., 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
COVID travel restrictions have hindered our efforts towards making an oil/gas
acquisition to date, however the Company has continued to work hard remotely
to secure the right deal. The oil price is now performing well and we have a
number of promising leads which we are following-up on.
In the reporting period (1 July 2021 to 31 December 2021) the Company has
incurred costs of £147,102.
At the balance sheet date, the Company had net assets totalling £335,604,
including a cash balance totalling £294,752.
Key performance indicators
The Company recognises that the oil and gas business is in a transitional
period to net zero carbon emissions by the middle of the century; and that an
increasing number of traditional oil companies (e.g. BP, Shell, Equinor) are
embracing this and have started to move their activities away from oil and gas
to renewables. However, this does not alter the importance of oil and gas in
the energy mix and the need to develop these resources to meet global demand
and enable transition - allowing developing countries, in Africa for example,
to benefit from the revenue generated and their need for reliable power.
Now, more than ever oil and gas development must be done in a responsible way.
With major companies disposing of their oil and gas assets, the Company sees
an opportunity to selectively acquire assets. We believe that money will still
be available for projects which can be operated in a responsible way (e.g.
associated gas is captured for re-injection or use rather than flared into the
atmosphere).
The Company has summarised the Risks and Uncertainties in its IPO Prospectus
and in its first year's 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 12 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); and,
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).
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
30 March 2022
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FROM 1 JULY 2021 TO 31 DECEMBER 2021
Six months to Period to
31 December 2021 30 June 2021
GBP'000 GBP'000
(unaudited) (audited)
Administrative expenses (147) (211)
Exceptional items - share based payments - (249)
Operating loss (147) (460)
Taxation - -
Loss for the period (147) (460)
Losses brought forward (460) -
Losses carried forward (607) (460)
Loss per share - basic and diluted (0.00006) (0.0002)
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021 30 June 2021
GBP'000 GBP'000
Notes (unaudited) (audited)
ASSETS
Current Assets
Trade and other receivables 3 41 81
Cash and cash equivalents 295 359
Total Assets 336 440
Current Liabilities
Trade and other payables (77) (34)
Net Assets 259 406
EQUITY AND LIABILITIES
Share capital 4 67 67
Share premium 550 550
Other reserves 249 249
Profit and loss (607) (460)
Total Equity 259 406
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
FROM 1 JULY 2021 TO 31 DECEMBER 2021
Share Capital Share Premium Other reserves Retained earnings Total
GBP GBP GBP GBP GBP
('000) ('000) ('000) ('000) ('000)
Balance at 30 June 2021 67 550 249 (460) 406
Loss and total comprehensive income for the period - - - (147) (147)
Issue of share capital - - - - -
Credit to equity for equity settled share-based payments - - - - -
Balance at 31 December 2021 67 550 249 (607) 259
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF CASH FLOWS
FROM 1 JULY 2021 TO 31 DECEMBER 2021
Six months to Period to
31 December 2021 30 June 2021
GBP ('000) GBP ('000) GBP ('000) GBP ('000)
(unaudited) (unaudited) (audited) (audited)
Cash flows from operating activities
Cash outflow from operations (147) (211)
Net cash outflow from operating activities (147) (211)
Financing activities
Proceeds from issue of shares - 651
Share issue costs - (33)
Net cash generated from/(used in) financing activities - 618
Net increase in cash and cash equivalents (147) 407
(Increase)/decrease in trade and other receivables 40 (81)
Increase/(decrease) in trade and other payables 43 33
83 (48)
Cash and cash equivalents at beginning of the period 359 -
Cash and cash equivalents at end of the period 295 359
NOTES TO THE UNAUDITED INTERIM MANAGEMENT REPORT
General Information
Wildcat Petroleum Plc is a company incorporated in the United Kingdom. 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 announcement was approved and authorised to issue by the Board of
directors on 30 March 2022
The financial information in this interim report 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 2021
to 31 December 2021 are unaudited and do not constitute full accounts. The
comparative figures for the period 8 January 2020 to 30 June 2021 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.wildcat petroleum.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 12
months from the date of this report. Accordingly, they continue to adopt the
going concern basis in preparing the condensed financial statements.
2. Loss per share
Basic loss per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
The calculation of basic and diluted earnings per share is based on the
following figures: -
Six months to Period to
31 December 2021 30 June 2021
GBP ('000) GBP ('000)
(unaudited) (audited)
Loss for the period (147) (460)
Weighted average number of 2,400,000,000 2,400,000,000
shares - basic and diluted
Basic and diluted earnings per share (0.000061) (0.0002)
The basic and diluted earnings per share are the same as there were no
potential dilutive shares in issue during the period.
3. Trade and other receivables
31 December 2021 30 June 2021
GBP'000 GBP'000
(unaudited) (audited)
Trade and other receivables 41 81
4. Share Capital
As at
31 December 2021
GBP ('000)
(audited)
2,400,000,000 Ordinary shares of £0.000028 each 67
───────
The ordinary shares have attached to them full voting, dividend and capital
distribution (including on winding up) rights.
5. Events Subsequent to 31 December 2021
There were no events subsequent to the balance sheet date.
6. 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, London UB8 1HE.
The basic and diluted earnings per share are the same as there were no
potential dilutive shares in issue during the period.
3. Trade and other receivables
31 December 2021 30 June 2021
GBP'000 GBP'000
(unaudited) (audited)
Trade and other receivables 41 81
4. Share Capital
As at
31 December 2021
GBP ('000)
(audited)
2,400,000,000 Ordinary shares of £0.000028 each 67
───────
The ordinary shares have attached to them full voting, dividend and capital
distribution (including on winding up) rights.
5. Events Subsequent to 31 December 2021
There were no events subsequent to the balance sheet date.
6. 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, London UB8 1HE.
The basic and diluted earnings per share are the same as there were no
potential dilutive shares in issue during the period.
3. Trade and other receivables
31 December 2021 30 June 2021
GBP'000 GBP'000
(unaudited) (audited)
Trade and other receivables 41 81
4. Share Capital
As at
31 December 2021
GBP ('000)
(audited)
2,400,000,000 Ordinary shares of £0.000028 each 67
───────
The ordinary shares have attached to them full voting, dividend and capital
distribution (including on winding up) rights.
5. Events Subsequent to 31 December 2021
There were no events subsequent to the balance sheet date.
6. 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, London UB8 1HE.
Enquiries:
Wildcat groberts@wildcatpetroleum.co.uk
Glyn Roberts
Guild Financial Advisory ross.andrews@guildfin.co.uk
Ross Andrews
Yellow Jersey (Investor Relations) +44 (0)20 3004 9512
Tom Randell +44 (0)7948 758 681
wildcat@yellowjerseypr.com
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 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.
https://www.wildcatpetroleum.co.uk/ (https://www.wildcatpetroleum.co.uk/)
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