REG - Wildcat Petroleum - Restated Interim Results (1 July 2022-31 Dec 2022)
30/03/2023 07:00
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RNS Number : 6887U Wildcat Petroleum PLC 29 March 2023
29 March 2023
WILDCAT Petroleum Plc
("Wildcat" or the "Company")
Restated Interim results for the period from 1 July 2022 to 31 December 2022
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 restated interim results for the period from
1 July 2022 to 31 December 2022.
Further to the announcement of the interim results for the six months ended 31
December 2022, which was released on 17 March 2023, the Company have
identified a number of aspects relating to the presentation and disclosure of
the financial statements that need to be restated.
This document is the restatement of the interim report for the six months to
31 December 2022.
The following adjustments have been made:
1. The board of directors signed the interim reports on 16 March 2023
not 30 March 2023 as previously stated. The board of directors approved the
revised interims on 29 March 2023;
2. The going concern statement in Note 1 has been revised in line with
the going concern statement made in the Chairman's statement of the Interim
Results;
3. Note 3 regarding Trade Receivables has been revised to reflect the
full breakdown of the amount shown in the Statement of Financial Position;
4. The treatment of the share issue costs for £13k has been revised and
has been deducted from the share premium account. Previously this amount had
erroneously been included in the Administrative Expenses in the Statement of
Comprehensive Income;
5. The Statement of Cashflows has been amended to reflect cash absorbed
from operations and Note 5 has been included accompany this. Cash and Cash
equivalents at end of the period remain unchanged; and
6. Note 4 regarding share capital has been changed from £69k to £68k,
this was due to a rounding error.
The revised Interim results are shown below:
Results for the period
For the period 1 July 2022 to 31 December 2022, the results include the
on-going running costs in connection with being a listed company.
In October 2022, the Company signed a memorandum of understanding over four
oil blocks with the Sudanese government. It is the Company's main aim in 2023
to sign a production sharing agreement (PSA) over at least one of these four
blocks. The deadline for the licence round in Sierra Leone has been extended
from the 27(th) January 2023 to the 29th September 2023. All activities
relating to Sierra Leone have been put on hold while all resources are
concentrated on signing a PSA in Sudan.
In October 2022, the company raised at a price of 1.25p per share, £225,500
(net £211,970). Also during the month Waterford Finance & Investment Ltd
took a nominal stake in Wildcat (£50,000) and the owner of the fund Mr
Mikhail Kroupeev joined Wildcat as a strategic advisor. Once the first PSA is
signed, Wildcat intends to use Waterford and its network of natural resource
investors as a possible source of funds.
In November 2022, the company changed auditors from Jeffreys Henry LLP to
Shipleys LLP.
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 - 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
In the reporting period (1 July 2022 to 31 December 2022) the Company has
incurred costs of £146k. At the balance sheet date, the Company had net
assets totalling £225k including a cash balance totalling £235k.
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 (including plans for a
mini fund raise in Q2/Q3) 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); 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
29 March 2023
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FROM 1 JULY 2022 TO 31 DECEMBER 2022
Six months to 31-Dec-22 Year ended 30 Jun 2022
GBP'000 GBP'000
(unaudited) (audited)
Administrative expenses -146 -298
Exceptional items - share based payments - -7
Operating loss -146 -305
Taxation - -
Loss for the period -146 -305
Losses brought forward -765 -460
Losses carried forward -911 -765
Loss per share - basic and diluted (Note 2) - 0.00006 -0.0001
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
Unaudited Unaudited Audited
31-Dec-22 31-Dec-21 30-Jun-22
£'000 £'000 £'000
Current Assets
Trade and other receivables (Note 3) 8 41 26
Cash and cash equivalents 235 295 154
243 336 180
Current Liabilities
Trade and other payables (Note 6) - 18 - 77 - 72
- 18 - 77 - 72
Net current assets 225 259 108
Net Assets 225 259 108
Equity
Shareholders' Equity
Share capital 68 67 67
Share premium 812 550 550
Share-based payment compensation reserve 256 249 256
Accumulated deficit - 911 - 607 - 765
Total Equity 225 259 108
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
FROM 1 JUL 2022 TO 31 DEC 2022
Share Capital Share Premium Other reserves Retained earnings Total
GBP GBP GBP GBP GBP
('000) ('000) ('000) ('000) ('000)
Balance at 30 June 2022 67 550 256 -765 108
Loss and total comprehensive income for the period - - - -146 -146
Issue of share capital 1 275 - 276
Share issue costs - -13 - - -13
Balance at 31 Dec 2021 68 812 256 -911 225
See Note 4
WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF CASH FLOWS
FROM 1 JUL 2022 TO 31 DEC 2022
From 1 Jul 2022 From 1 July 2021
To 31 Dec 2022 To 30 Jun 2022
GBP ('000) GBP ('000) GBP ('000) GBP ('000)
(unaudited) (unaudited) (audited) (audited)
Cash absorbed by operations (Note 5) -182 -205
Net cash outflow from operating activities -182 -205
Financing activities
Proceeds from issue of shares 276 -
Share issue costs -13 -
Net cash (used in)/generated from financing activities 263 0
Net increase/ (decrease) in cash and cash equivalents 81 -205
Cash and cash equivalents at beginning of the period 154 359
Cash and cash equivalents at end of the period 235 154
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 original announcement regarding the Interim results was approved and
authorised to issue by the Board of directors on 16 March 2023. This revised
announcement was approved and authorised to issue by the Board of directors on
29 March 2023.
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 2022
to 31 December 2022 are unaudited and do not constitute full accounts. The
comparative figures for the period 1 July 2021 to 30 June 2022 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
(including plans for a mini fund raise in Q2/Q3) 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. 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:-
From 1 Jul 2022 From 1 Jul 2021
To 31 Dec 2022 To 30 Jun 2021
GBP ('000) GBP ('000)
(unaudited) (audited)
Loss for the period -146 -306
Weighted average number of 2,428,040,000 2,400,000,000
shares - basic and diluted
Basic and diluted earnings per share -0.00006 -0.00013
3. Trade and other receivables
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
VAT recoverable 7 10
Prepayments 1 16
8 26
4. Share Capital
As at
31-Dec-22
GBP ('000)
(Unaudited)
2,428,040,000 Ordinary shares of £0.000028 each 68
The ordinary shares have attached to them full voting, dividend and capital
distribution (including on winding up) rights.
5. Cash absorbed by operations
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
Loss for the period before tax - 146 - 305
Adjustments for:
Equity settled share based payment expense - 7
Movements in working capital:
Decrease/(increase) in trade and other receivables 18 55
Increase /(decrease) in trade and other payables - 54 38
Cash absorbed by operations -182 -205
6. Trade and other Payables
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
Trade payables 9 47
Accruals 9 22
Social security and other taxation 0 3
Other payables 0 0
18 72
7. Events Subsequent to 31 December 2022
There were no events subsequent to the balance sheet date.
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, London UB8 1HE.
3. Trade and other receivables
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
VAT recoverable 7 10
Prepayments 1 16
8 26
4. Share Capital
As at
31-Dec-22
GBP ('000)
(Unaudited)
2,428,040,000 Ordinary shares of £0.000028 each 68
The ordinary shares have attached to them full voting, dividend and capital
distribution (including on winding up) rights.
5. Cash absorbed by operations
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
Loss for the period before tax - 146 - 305
Adjustments for:
Equity settled share based payment expense - 7
Movements in working capital:
Decrease/(increase) in trade and other receivables 18 55
Increase /(decrease) in trade and other payables - 54 38
Cash absorbed by operations -182 -205
6. Trade and other Payables
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
Trade payables 9 47
Accruals 9 22
Social security and other taxation 0 3
Other payables 0 0
18 72
7. Events Subsequent to 31 December 2022
There were no events subsequent to the balance sheet date.
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, London 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.
www.wildcatpetroleum.co.uk
3. Trade and other receivables
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
VAT recoverable 7 10
Prepayments 1 16
8 26
4. Share Capital
As at
31-Dec-22
GBP ('000)
(Unaudited)
2,428,040,000 Ordinary shares of £0.000028 each 68
The ordinary shares have attached to them full voting, dividend and capital
distribution (including on winding up) rights.
5. Cash absorbed by operations
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
Loss for the period before tax - 146 - 305
Adjustments for:
Equity settled share based payment expense - 7
Movements in working capital:
Decrease/(increase) in trade and other receivables 18 55
Increase /(decrease) in trade and other payables - 54 38
Cash absorbed by operations -182 -205
6. Trade and other Payables
31-Dec-22 30-Jun-22
GBP'000 GBP'000
(unaudited) (audited)
£ £
Trade payables 9 47
Accruals 9 22
Social security and other taxation 0 3
Other payables 0 0
18 72
7. Events Subsequent to 31 December 2022
There were no events subsequent to the balance sheet date.
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, London 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.
www.wildcatpetroleum.co.uk
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