Business
Interim Results - 1 July 2022 to 31 December 2022
Interim Results - 1 July 2022 to 31 December 2022.
About this update from Wildcat Gold Plc
[{"type":"text","content":"\n \n \n \n \n \n WILDCAT Petroleum Plc\n \n \n (\"Wildcat\" or the \"Company\")\n \n \n Interim results for the period from 1 July 2022 to 31 December 2022 \n 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 six-month period ended 31 December 2022.\n \n \n Results for the period\n \n \n 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.\n \n \n 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 27th 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.\n \n \n 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.\n \n \n In November 2022, the company changed auditors from Jeffreys Henry LLP to Shipleys LLP.\n \n \n Risks and uncertainties\n \n 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.\n The Company's stated objectives were outlined in its IPO Prospectus - Namely:\n \"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.\"\n 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).\n In assessing any potential acquisition, the Board will pay p...