Wildcat Petroleum PLC Current Situation in the Republic of Sudan
May 02 2023 - 2:00AM
RNS Non-Regulatory
TIDMWCAT
Wildcat Petroleum PLC
02 May 2023
2 May 2023
Wildcat Petroleum Plc
("Wildcat" or the "Company")
Current situation in the Republic of Sudan
On Saturday 15(th) April, in a totally unexpected move, the
paramilitary group called the Rapid Support Forces (RSF) made an
attempt at a coup. The Company's condolences go out to everyone who
has lost someone due to the subsequent fighting that followed the
coup attempt. Fortunately, all the individuals in Sudan who are
working to forward the Company's interest are safe and well.
In October 2022, the Company signed an MOU with the Sudanese
Petroleum Corporation for four open Blocks in Sudan (Blocks 1,3,4
& 5). The Company's aim this year was to sign a Production
Sharing Agreement (PSA) over at least one of these Blocks.
The Company has received direct first-hand accounts of the
situation in Khartoum. As far as the Company understands, oil
production in the country has not been affected. The consultant
advisors to the Company have extensive experience of working under
difficult conditions (Sudanese Civil War, border wars with South
Sudan & military coups).
The Company believes that these 4 Blocks contain significant
petroleum assets with the potential of becoming world class assets
with the implementation of the right developmental program. As a
result, the Company will be reengaging with the Sudanese oil
Ministry at the first available opportunity in order to negotiate a
PSA. The signing of any deal with the Sudanese will be accompanied
by a fund raise.
Enquiries:
Wildcat Petroleum plc
Mandhir Singh msingh@wildcatpetroleum.co.uk Guild Financial
Advisory ross.andrews@guildfin.co.uk
Ross Andrews
Notes to Editors:
Wildcat Petroleum (LSE:WCAT) is listed on the standard segment
of the official list, with shares traded on the main market of the
London Stock Exchange. WCAT is seeking to acquire projects or a
business operating in the upstream sector of the petroleum industry
- namely exploration, appraisal, development and production of oil
and gas, with a primary focus on assets that are at the later
phases of exploration and production.
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END
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