(Alliance News) - Wildcat Petroleum PLC shares jumped on Monday, after it said it has opened a new office in Juba, the capital of South Sudan.
Shares in Wildcat Petroleum were up 36% to 0.51 pence each in London on Monday morning.
Wildcat Petroleum, the investor in upstream sector of petroleum industry, said the current political unrest in Sudan has not been fully resolved. The unrest first flared up in April.
However, it said the Sudanese oil industry infrastructure has not been affected and the oil fields located around the Sudanese town of Heglig are still in operation.
"Since the start of the unrest, South Sudan has actually doubled the amount of oil it is pumping through Sudan's pipelines to the Port of Sudan on the Red Sea," the company added.
It now said that it will be opening a temporary base of operations in the South Sudan capital Juba, following extensive consultation with the director general of the Sudanese Oil & Production Authority. OEPA is the Sudanese government department that is responsible for the negotiation and awarding of oil contracts.
"The director general will liaise with his counterparts in the South Sudan Ministry of Petroleum in order to facilitate Wildcat's cross border access to the oil fields in the Republic of Sudan. This will mean that once Wildcat has signed an oil contract with OEPA it will be able to get personnel and equipment unhindered to the Sudanese oil fields through South Sudan," Wildcat explained.
By Sophie Rose, Alliance News reporter
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Wildcat Petrol. (WCAT)