Last checked at 16 Mar 2023 07:05
16 March 2023
Wildcat Petroleum Plc
("Wildcat" or the "Company")
LETTER OF INTENT SIGNED re PURCHASE OF DRILLING EQUIPMENT AND ACCESSORIES
Wildcat is pleased to announce that it has, via a Letter of Intent and subject to due diligence and final agreement, signalled its intent to purchase for a nominal fee, drilling equipment, supplies and drill pipe from New Age (African Global Energy) Ltd.
The deal will cover the purchase of eighty (80), 20 foot shipping containers which hold drilling equipment, accessories and chemicals. Also included in the deal is a significant amount of drill pipe (various gauges of conductor and casing pipe).
New Age (African Global Energy) Ltd is currently decommissioning its Ethiopian drill site (El Kuran, Ogaden basin). Once all the necessary paperwork, due diligence and final agreement have been concluded, the equipment and supplies will be trucked to Wildcat's compound in the Republic of Sudan.
It is the company's intention to use as much of this inventory as possible in its own drilling and well rehabilitation programs once the first oil deal has been signed with the Sudanese government. Any equipment or supplies not required (including shipping containers) will be sold, and the funds reinvested into future oil production operations in Sudan.
Mandhir Singh, Chairman: "This deal demonstrates the company's determination to become a profitable oil producing company in 2023. This deal shows the company ability to get deals done and progress its plans without any large financial outlay or capital expenditure. The company is working tirelessly towards the signing of its first Sudanese oil deal so it can put the inventory to good use at the earliest possible opportunity."
Pictures of the containers and piping can be found on the company website.
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.