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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Wildcat Petroleum Plc | LSE:WCAT | London | Ordinary Share | GB00BMQC7357 | ORD GBP0.000028 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.16 | 0.15 | 0.17 | 0.16 | 0.16 | 0.16 | 1,108,527 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -262k | -0.0001 | -16.00 | 3.88M |
From Apr 2022 to Apr 2024
TIDMWCAT
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 GBP13k 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 GBP69k to GBP68k, 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, GBP225,500 (net GBP211,970). Also during the month Waterford Finance & Investment Ltd took a nominal stake in Wildcat (GBP50,000) 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 GBP146k. At the balance sheet date, the Company had net assets totalling GBP225k including a cash balance totalling GBP235k.
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.
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
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WILDCAT PETROLEUM PLC
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE
INCOME
FROM 1 JULY 2022 TO 31 DECEMBER
2022
-------------- ----------
Six months Year
to 31-Dec-22 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
------------------------ ----------------------- ----------------------
GBP'000 GBP'000 GBP'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 Share Other Retained Total
Capital Premium reserves earnings
--------- --------- ---------- ---------- -------
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 GBP
('000) ('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. Bas is 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)
------------ ----------
GBP GBP
------------ ----------
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 GBP0.000028 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)
------------ ----------
GBP GBP
------------ ----------
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)
------------ ----------
GBP GBP
------------ ----------
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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END
IR DZGZFNLLGFZM
(END) Dow Jones Newswires
March 30, 2023 02:00 ET (06:00 GMT)
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