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Looks like a nine iron into the long grass to me-gives him 4 years to get out his world map and put the pin in somewhere else.
What a joke of a company this is-the new Standard List rules will kill it
Two things are certain with this man. MoU's that lead nowhere and spelling/detail mistakes that require ammendment RNS's.
So back to where they were, this time in the south of the country.
Market reaction on cool, I guess people want a signed deal before they get excited again this time.
Ffool me once, shame on you, fool me twice? Type of scenario
The market cap is way too high for a shell, so who can blame them?
7 May 2024
WILDCAT Petroleum Plc
("Wildcat" or the "Company")
Re: Update from recent visit by Company to South Sudan
After a recent very successful trip to South Sudan, the Company is happy to announce that it has signed an MOU with the Ministry of Petroleum (MOP) covering the following:
To establish a collaboration agreement to form a Production Sharing Service Agreement (PSSA) between the MOP and WCAT to work together to advance the development and commercial exploitation of the hydrocarbon assets in selected fields in the Republic of South Sudan. A working party made up of members of both WCAT and MOP will be established to select suitable fields for development and agree suitable terms and conditions. (*).
The MOU is valid to 31/5/2024 and recognises the current status of existing Exploration and Production contracts in South Sudan including pre-emption rights. It can be terminated on 30 days' notice by either party.
WARRANTS
Dr Omar has been of great assistance to the Company in helping to secure this deal in South Sudan. His extensive expertise and knowledge have been a great assistance to the Company. As a result the Company has decided to compensate him with the awarding of 20 million warrants with a strike price of 0.20p and an expiry date of 31st Dec 2024.
Chairman, Mandhir Singh "It was very disappointing that the Company was unable to secure the Bamboo field in Sudan (North), however the Company hopes to make up for this disappointment by concentrating on South Sudan.
(*) The market will be informed when the working party has been set-up.
Enquiries:
Wildcat Petroleum plc: Mandhir Singh msingh@wildcatpetroleum.co.uk
Guild Financial Advisory: Ross Andrews ross.andrews@guildfin.co.uk
Good to see a positive outcome to the recent visit to South Sudan.
Many matching trades suggest stock movements rather than buys and sells.
The 2 x 3 million trades yesterday were a buy rollover.
Interesting increase in volume!
Becasue I'm fascinated at why people are investing here (I use the word loosely) when there are no assets and a market cap of £4.7 million.
What value do you see in this company for such a valuation?
"Quite why people are holding onto their shares in this shell of a company at a market cap of £4.7 million is beyond me. "
So why are you even on this board - its beyond me too
Easy to agree with those sentiments, was there ever a confirmation from the governement of Sudan that Wildcat were engaged with them discussing oil fields?
I wonder how much a box room in Juba costs to rent per month?
Quite why people are holding onto their shares in this shell of a company at a market cap of £4.7 million is beyond me.
How much longer can this farce continue?
Unfortunately, there is not a single shred of evidence that the name was changed. There was also no evidence of his alleged "backers" either. Im afriad theres been too much BS, after how he went on about Sudan, who is actually going to believe anything about South Sudan? Even if he managed to sign a deal with South Sudan, the market will be extremenly cautious and skeptical. Wholesale changes are required to do things professionally and honestly.
Which sends the wrong message!
RNS is the only news you should be looking at, "catflaps" and tweets are for retail newbie punters only.
Stll there's the Wildcat field to talk about, they may not have permission to extract the oil, but thay can talk about their name being on a patch of desert somewhere in the Sudan war zone.
So it's not all bad.....
This company has all the traits of a boiler room-massively overvalued shell with a problem with auditors, poor quality Comms, pipedream fantasy island ‘opportunities’, no assets, an author of RNSs without keyboard skills(block capital car crash)most of the stock acquired for nothing as sweet equity.Have I missed anything?
Ah yes-the shellmeister himself in attendance!
Next issue-new Regs on Standard list companies coming
Why should he blame himself if the chairman led him to believe that Wildcat had a strong likelihood of a project there?
And if Sudan is the war torn hell hole that you describe (and I agree it probably is), why on earth was the chairman telling people that Wildcat could do business there?
People's investment decisions come from news released by the company, so if that is, shall we say, optimistic, then it's clearly not the investors's fault if it turns out badly.
Sensible position sizing prevents a financial disaster of course, so I hope he used that at least.
Blame your self not the chairman lol, why do you think no one else is in that country is total chaos l, why would you choose to invest in such volatile environment and when no one else is there too, I would suggest staying away from such investments and not risk your money,
Currently in MATD has been a massive struggle for the company but it's getting there with inside politics but luckily no wars or civil wars, look into it maybe worth a pint as this could double treble on next RNS as they start to become a producer
The chairman is clearly out of his depth and his incompetence has cost WCAT big time. Im certain he has known about the rejection for months but had to soften the blow (enter south sudan carrot on a stick). The worst thing is he has played his investors for a fool by constantly saying the sudan deal was a done deal. Pains me to say and i do not say this lightly, this ship can only be saved with new management. 3 years since listing and no closer to asset despite multiple fund raises, and no explanation at all on how the new listing rules affect WCAT. Its just been lie after lie. He has lost ALL credibility.
So glad I got out a month ago when in profit.
Those people enticed into "investing" in this pipe dream at a market cap of £6-7 million will now be licking their wounds.
Sadly sometimes a lesson has to be learned in order to become a better investor.
It's still way overvalued of course, but just a lot less overvalued than it was.
The problem for Wcat is the forthcoming new rules on Standard List shells-the CEO is going to have to do something with it in the short term but the pipedream of oil in third world terror countries is over
Disappointing news, but at least he confirms that no need for funding for at least 12months...
Guess it's wait and see what happens in South Sudan now.
Really hope the conflict in Sudan gets sorted soon as well, it's atrocious what's happening there. Just hope peace comes to them soon.
It’s got some value as a shell but he and his chorus need to get out of the way
Massivily disapointing but not unexpected.
Well a few of us saw this coming-it’s worth nothing
It's the most overpriced company I can think of.
They have nothing in the way of assets, and are in a civil war zone, what's not to like??
Hardy any trades, even a few sells would cause the price to tank in my opinion.
SOUTH SUDAN
During the last quarter the Company passed a due diligence process conducted by the South Sudanese Ministry of Petroleum (MOP). The Company has been invited by the South Sudanese Ministry of Petroleum to visit them in Juba in order to discuss current oil production opportunities in the country. The Company is planning to arrange a meeting in mid-April once Ramadan is over.
We look forward to further developments.