Last checked at 2 May 2023 07:00
2 May 2023
Wildcat Petroleum Plc
("Wildcat" or the "Company")
Current situation in the Republic of Sudan
On Saturday 15th 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
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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.