Interim results for the period to 31 December 2020

RNS Number : 2896X
Wildcat Petroleum PLC
30 April 2021
 

30 April 2021

Wildcat Petroleum Plc

("Wildcat" or the "Company")

Interim results for the period from incorporation to 31 December 2020

 

Wildcat Petroleum plc (LSE: WCAT), which is targeting investment opportunities in businesses and assets within the upstream sector of the petroleum industry and exploring the implementation of blockchain technology within the sector, announces its interim results for the period from incorporation on 8 January 2020, to 31 December 2020.

 

Results for the period

For the first period from incorporation date of 8 January 2020 to 31 December 2020, the results include the on-going running costs in connection with being a listed company as well as advisor fees. In January, the company appointed Pello as company broker who will provide assistance in any future fundraising required for a future deal.

 

Since the company is considering the use of Blockchain technology within the petroleum sector, advisors were appointed with expertise in this area. The Centre for Citizenship, Enterprise & Governance ("CCEG") was appointed as main Blockchain advisor. In March CCEG produced a report on the ways in which WCAT could implement Blockchain technology. Also, during this period specialist Blockchain lawyers at Gunnercooke were retained.  On the advice from the CCEG application were made to trademark certain names in order to prevent cyber-squatting. The company awaits the results of these applications. Memorandums of Understanding have been entered into with Crown Energy AB and Nabirm Global LLC in respect of the potential tokenisation of oil assets controlled by them. 

 

In respect to the main petroleum side of the operation, progress has been made in potentially sourcing an oil asset which the directors expect will make WCAT a profitable oil producing company. The company will make further announcements in due course.

 

Risks and uncertainties

The Company is a relatively new entity, with only a brief operating history, and therefore, investors have no basis on which to evaluate the Company's ability to achieve its objective of identifying, acquiring and operating one or more companies or businesses.

 

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 Apr 2020

 

 

 

WILDCAT PETROLEUM PLC

 

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FROM DATE OF INCORPORATION TO 31 DEC 2020

 

 

 

From 8 Jan 2020

To 31 Dec 2020

GBP ('000)

(unaudited)

 

 

Administrative expenses 

(13)

Listing costs

(54)

 

Operating loss

(67)

 

 

Finance costs

-

 

Loss before taxation 

(67)

Taxation 

-

 

Loss for the period  

(67)

 

 

 

Loss per share - basic and diluted (pence)

  (0.000028)

 

 

 

 

WILDCAT PETROLEUM PLC

 

 

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

 

AS AT 31 DEC 2020

 

 

 

 

 

 

As at

 

31 Dec 2020

 

GBP ('000)

Notes

(unaudited)

Assets

 

 

Current assets

 

 

Trade & other receivables

3

600

Cash and cash equivalents

 

-

 

 

Total Assets

 

600

 

 

 

 

 

Equity and Liabilities

 

 

Share capital

4

67

Share premium

 

583

Profit and loss

 

(67)

 

 

Total Equity

 

583

 

 

 

Current Liabilities

 

 

Trade and other payables

 

17

 

 

Total current liabilities

 

17

 

 

Total Liabilities

 

17

 

 

Total Equity and Liabilities

 

600

 

 

 

 

 

 

 

 

WILDCAT PETROLEUM PLC

 

 

 

 

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

 

 

 

FROM DATE OF INCORPORATION TO 31 DEC 2020

 

 

 

 

 

 

 

 

 

Share Capital

Share premium

Retained earnings

Total

 

 

 

 

 

 

GBP ('000)

GBP

('000)

GBP

('000)

GBP ('000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity at 8 Jan 2020

-

-

-

-

 

Issue of new shares

67

583

-

650

 

Loss for the period

-

-

(67)

(67)

 

 

 

Equity at 31 Dec 2020

67

583

(67)

583

 

 

 

          

 

 

 

WILDCAT PETROLEUM PLC

 

INTERIM CONDENSED STATEMENT OF CASH FLOWS

FROM DATE OF INCORPORATION 8 JAN 2020 TO 31 DEC 2020

 

 

 

From 8 Jan 2020

To 31 Dec 2020

GBP ('000)

(unaudited)

 

 

Cash flows from operating activities

 

Operating loss

(67)

Add interest payable

-

(Increase)/decrease in trade and other receivables

(600)

Less interest receivable

-

Increase/(decrease) in trade and other payables

17

 

Net cash flows from operating activities

(650)

 

 

 

 

Cash flows from financing activities

 

Net proceeds from issue of shares

650

 

Net cash flows from financing activities

650

 

Net increase in cash and cash equivalents

-

Cash and cash equivalents at the beginning of the period

-

 

Cash and cash equivalents at the end of the period

-

 

 

NOTES TO THE UNAUDITED INTERIM CONDENSED REPORT

 

General Information

 

Wildcat Petroleum Plc is a company incorporated in the United Kingdom. The address of the registered office is Finsgate, 5-7 Cranwood Street, London EC1V 9EE. 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 April 2021

The financial information in this interim report has been prepared in accordance with the International Financial Reporting Standards. IFRS comprises standards issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the European Union (EU).

 

There are no IFRS, or IFRIC interpretations that are effective for the first time 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 incorporation to 31 Dec 2020 are unaudited and do not constitute full accounts.

 

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: -

 

 

 

 

From 8 Jan 2020

To 31 Dec 2020

GBP ('000)

(unaudited)

 

Loss for the period

(67)

 

 

Weighted average number of

2,400,000,000

shares - basic and diluted

 

Basic and diluted earnings per share 

  (0.000028)

 

 

 

 

 

 

 

 

 

 

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

 

 

Period ended

31 Dec 2020

 

GBP ('000)

Proceeds from IPO

600

 

600

 

 

 

 

 

 

 

4. Share Capital

 

 

 

 As at

31-Dec 2020

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 2020

There were no events subsequent to the balance sheet date.

 

6. Reports

A copy of this announcement will be mailed to shareholders and copies will be available for members of the public at the Company's Registered Office Finsgate, 5-7 Cranwood Street, London EC1V 9EE.

 

 

 

 

Enquiries:

 

Wildcat

Glyn Roberts

groberts@wildcatpetroleum.co.uk

 

Pello Capital Limited (Broker)

Mark Treharne

+44 (0)20 3700 2500

MT@pellocapital.com

Yellow Jersey (Investor Relations) 

 

+44 (0)20 3004 9512 wildcat@yellowjerseypr.com

 

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