Wildcat Petroleum PLC - targeting investment opportunities in businesses and assets within the upstream sector of the petroleum industry, including the use of blockchain within the sector - Warns of Covid continuing to pose an issue for identifying potential acquisitions. As a result, the company has recruited geological advisors for locating and securing oil assets in several markets, particularly Africa.
Until an oil asset has been secured, the company has suspended the development of its blockchain technology.
"We faced more than the usual level of criticism from individuals who didn't understand the company's strategy or had declined to participate in the IPO and decided to take pot-shots at the company instead. Also, the ongoing Covid travel restrictions meant that the Wildcat team couldn't travel abroad in order to assess and negotiate the acquisition of a suitable oil deal," the company states.
"Even though 2021 has been an extraordinary year of progress for Wildcat, there are issues that will be needed to be addressed in 2022."
Current stock price: 1.76 pence
12-month change: up sharply from 0.68p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Wildcat Petrol. (WCAT)