(Alliance News) - Wildcat Petroleum PLC on Friday said it is "back on track" with its plans to establish oil production in Sudan following unrest.
Wildcat Petroleum shares plummeted 24% to 0.28 pence each on Friday morning in London.
The Uxbridge, London-based investor in petroleum industry's upstream sector said the Sudanese Oil Ministry has indicated that it will sign a service agreement for the firm to increase oil production at the Bamboo oil field.
Wildcat said it has sent proposals on how it intends to proceed with the work programme, and is awaiting a decision from the ministry. It noted that it hopes to convert the service agreement into a production-sharing agreement once Sudan's political situation has settled.
The company added that it will pursue other "attractive opportunities" in neighbouring countries such as Chad, South Sudan, Niger, Ethiopia, Eritrea and Libya.
The firm also said its auditor, Shipleys LLP, has resigned, and added that it is engaging with a new auditing firm.
Wildcat said it will maintain its position that no blockchain activities or token offerings will take place before it has acquired an upstream oil and gas asset.
By Harvey Dorset, Alliance News reporter
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Wildcat Petrol. (WCAT)