01 April 2022

The following announcement replaces the announcement " Interim results" published on 31 March 2022 at 07:00 am with RNS Number 6672G. That announcement did not state, as it should have done, that at the balance sheet date Current liabilities were £76,690 and Net assets were 258,914. It also incorrectly stated that Net assets totalled £335,604 at the balance sheet date when it should have stated Current assets totalled this amount.

 The amended announcement now includes these figures, correctly updated. All other information remains the same.

The amended announcement in full is included below.

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 Current assets totalling £335,604, including a cash balance totalling £294,752; Current Liabilities of £76,690 and Net assets of 258,914.  

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 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

31 March 2022
 

Enquiries:

 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/