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Wildcat Petroleum and Ross Andrews of Guild Financial Advisory – Letter to the FCA

On Friday 17 March 2023 Wildcat Petroleum (WCAT) of the Standard List sewer published its half year numbers. On Saturday in two articles HERE and HERE I detailed the EIGHT material errors within those statements which meant the P&L, balance sheet and cashflow statement were all wrong. I alerted advisor Ross Andrews to those articles on Saturday morning suggesting a Monday morning restatement was needed.

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Wildcat Petroleum interims, it gets even worse – Omission of material uncertainty over going concern

Earlier today I showed you 6 schoolboy errors in the interims from Wildcat Petroleum (WCAT) which meant that the P&L, balance sheet and cashflow statement were all wrong and must surely be restated on Monday morning. But it gets worse, much worse.

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EXCLUSIVE: Wildcat Petroleum – 6 schoolboy howlers leave interim P&L, balance sheet and cashflow statement all wrong

I noted yesterday the discrepancies in the Wildcat Petroleum (WCAT) interims released that day around the share issue proceeds. A more detailed review reveals 6 schoolboy errors in its cashflow statement and another elsewhere. The interims should be restated to correct the numerous material errors. Or maybe putting out utterly fake numbers is okay these days?

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Wildcat Petroleum bonkers interims with 2 sets of numbers – can anybody out there read a balance sheet?

At 1.1p Wildcat Petroleum (WCAT) is capitalised at £26.4 million. Its results for the six months to 31 December are out today and are – as you might expect – piss poor. I wonder if anyone owning shares in this Standard Listed dog can read a balance sheet?

NEWSFLOW

Wildcat Petroleum (#WCAT) – H1 loss (natch), cash just £0.24m

NEWSFLOW

Wildcat Petroleum (#WCAT) – letter of Intent to purchase drilling equipment for a nominal fee, RNS Reach attempted ramptastic

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Wildcat Petroleum admits it again misled investors and broke rules as placing confirmed

Of course, Wildcat Petroleum (WCAT) lied to investors with its very first RNS as a quoted company so what follows suggests that this wild cat is a leopard and its spots have not changed.

NEWSFLOW

Wildcat Petroleum (#WCAT) – placing was indeed ahoy, raises just £0.2255m at 1.25p per share

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BREAKING: Wildcat Petroleum makes outrageous claims as tries to complete Pello placing by Monday night!

This is simply shocking. The proven reserves Wildcat Petroleum (WCAT) owns are zero. Nil. Rien. Yet in emails boss Mandhir Singh has been pinging out which have fallen into the hands of Winnileaks he is claiming that his company is “billion (sic) of barrels of oil”. And after a massive pump last week. Guess what….

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Wildcat Petroleum - a £35 million joke bust by Halloween: when is the placing?

You will remember: this is the company that lied in its very first RNS, claiming to have raised cash when it had not.  It then engaged in spoofery, stating that it was going to help companies with imaginary oil reserves, and monetize those fictitious assets via crypto/blockchain technology; the shares subsequently raced up to 4p. Now, it is again trying an E&P reversal, but a cash crisis is looming. Do the math!