Wildcat Petroleum (WCAT) H2 2024 earnings summary

Executive summary

• Loss for the year was £255,288, slightly reduced from £261,997 in 2023, with no revenue generated as the company remains pre-revenue and focused on upstream petroleum opportunities.

• Significant progress was made in South Sudan, including passing due diligence with the Ministry of Petroleum and signing an MOU for potential oil asset acquisition.

• Political instability in Sudan halted progress on the Bamboo oil field, shifting focus to South Sudan where relations with Nilepet and the Ministry of Petroleum have been strengthened.

• The company raised £393,750 net in October 2023 and £145,080 net post year-end in October 2024 to support working capital.

Financial highlights

• Net loss for the year ended 30 June 2024 was £255,288, compared to £261,997 in the prior year.

• Cash and cash equivalents increased to £286,573 from £135,765 year-over-year.

• Net assets rose to £253,196 from £107,975 at the previous year-end.

• Share capital increased to £78,485 and share premium to £1,194,593 following new share issues.

• No revenue was generated; all expenses were administrative.

Outlook and guidance

• Management expects political stability in South Sudan to continue, supporting ongoing negotiations for oil asset acquisitions.

• The company intends to pursue acquisitions only with secured external funding and will not make contractual commitments without it.

• Sufficient working capital is available for ongoing operations, but further capital will be required for any major acquisition.