WILDCAT Petroleum Plc

("Wildcat" or the "Company")

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 interim results for the six-month period ended 31 December 2022.

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, £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.

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 £159,117. At the balance sheet date, the Company had net assets totalling £224,394 including a cash balance totalling £235,083.

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).

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

16 March 2023