RE: CEO Interview 20th November24 Nov 2023 10:40
wildcat petroleum plc (lon:wcat) chairman mandhir singh caught up with ************* for an exclusive interview to discuss share price, being back on track, a successful fundraise, cryptocurrency and final words to shareholders.
q1: recently, there’s been heavy and persistent buying of wildcat petroleum shares, but the share price hasn’t really moved. is there any reason for that would you say?
a1: well, the reason for that is there’s a technical term called the ‘share overhang’ and what’s actually happened is someone has put in a large sell order for some reason into the market, consider it like a block of ice on top of the share price, it’s keeping the share price down, and every time someone buys shares it’s chipping away at that sell order.
so, hopefully when the sell order has been cleared out the market and we get persistent and heavy buying again the share price should shoot up. it’s a bit of a technicality and that’s why heavy buying has had no effect on the share price but once that actual order has been dealt with then hopefully buying in the future will cause the share price to go up.
q2: now, you said in your newsletter that your company’s back on track, what exactly did you mean by that?
a2: originally, this year, we were planning to sign a deal around may/june time but then the totally unexpected, attempted coup attempt in april, which has petered out and failed, that caught us off guard and it put us back two to three months.
the situation now is nothing’s really much happening in sudan, the government’s relocated to port sudan, and the ministry is back open for business. we reopened our offices in khartoum, the oil fields are undamaged, actually more oil is going down the pipeline than before the conflict and we’ve actually got people down at the bamboo field.
the slight hiccup we run into is getting hold of the technical data because a lot of people now are working from home and the data is scattered around but we’re getting the last scraps of the data in now and hopefully we should be announcing very soon a developmental deal on the bamboo field.
as a show of faith in things are well on track, i recently bought about 26.3 million shares in the company which took my holding back up to 70% so things are back on track and we expect to sign a deal this year. that deal should directly lead us to becoming a profitable oil producing company next year so things couldn’t really be better.
one of the unexpected consequences of the conflict is we’re the only game in town so there’s no one else really active there, we’re going to use that access we have and hopefully this time next year we’ll be a totally profitable, self-sufficient, dividend-paying company.
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