Wildcat Petroleum PLC on Friday reported its interim operating loss narrowed, as it said it has decided to put activities at its Sierra Leone operation on hold.

Wildcat, based in Uxbridge, England, targets investment opportunities in businesses and assets within the upstream sector of the petroleum industry.

The company said its operating loss narrowed to £159,000 in the six months ended December 31, from £305,000 the year prior.

Wildcat did not declare an interim revenue, nor an interim dividend.

This comes as Wildcat decided to put all activities on hold in its Sierra Leone operation while it focuses its resources on signing an official agreement in Sudan regarding oil blocks.

Back in October, Wildcat said Waterford Finance & Investment Ltd took a nominal stake in of £50,000 in the company. On Friday, Wildcat said, once the first production sharing agreement is signed, it intends to use Waterford and its network of natural resource investors as a possible source of funds.

Looking ahead, the company said its ‘main aim’ in 2023 is to sign a production sharing agreement over at least one block in Sudan, after signing an accord with the Sudanese government back in October.

Shares were 0.8% down at 1.19 pence in London on Friday afternoon.

Copyright 2023 Alliance News Ltd. All Rights Reserved.