Wildcat Petroleum PLC MOU signed re Funding (8155D)
26 Juni 2023 - 8:00AM
UK Regulatory
TIDMWCAT
RNS Number : 8155D
Wildcat Petroleum PLC
26 June 2023
26 June 2023
Wildcat Petroleum Plc
("Wildcat" or the "Company")
MOU SIGNED REGARDING FUNDING
Wildcat has entered into a Memorandum of Understanding (MOU)
with a third party that has expressed an interest to carry out due
diligence on deals that Wildcat can source from Sudan. This third
party will then decide whether or not to invest directly into a
deal up to an amount of US$25 million. The party is also prepared
to invest, following due diligence into other petroleum projects in
other African countries which have been sourced by Wildcat. The MOU
is not legally binding, can be terminated with 30 days notice and
the investors are under no obligation to invest and the Company is
under no obligation to take their investment.
Mandhir Singh (Chairman) "This MOU is a significant step forward
for Wildcat as we aim to complete our first transaction in Sudan.
Now that we have a party that is interested in the same
geographies, we are focused on closing a deal as soon as possible.
Last October the company signed an MOU with the Sudanese over 4
producing oil Blocks (*) and efforts will be concentrated in
signing a Production Sharing Agreement (PSA) over at least one of
them. If the on-going political situation prevents travel to
Khartoum then the Company will endeavour to negotiate a deal
remotely."
OIL BLOCKS
RNS 0719D, released on the 17(th) October 2022 stated that this
MOU was for an initial period and would expire on 31 December 2022.
The Company and Sudanese government saw no need to extend the MOU
and both parties have continued discussions. The 4 Blocks are
currently producing and together contain over 1 billion barrels of
oil (reserves & resources). They are already connected to
petroleum transport infrastructure and other facilities and there
is spare capacity to handle and transport significantly increased
oil production from these blocks.
Enquiries:
Wildcat Petroleum plc
Mandhir Singh (Chairman) 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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