Wildcat Petroleum PLC An update on Wildcat Petroleum's plans in Sudan (6883M)
18 September 2023 - 8:00AM
UK Regulatory
TIDMWCAT
RNS Number : 6883M
Wildcat Petroleum PLC
18 September 2023
September 18(th) 2023
Wildcat Petroleum Plc
("Wildcat" or the "Company")
An Update on Wildcat Petroleum's Plans
The Company makes an update on its plans in the Republic of
Sudan.
Due to the current political situation in Sudan the Company is
unable at the present time to sign a Production Sharing Agreement
(PSA) with the Sudanese government (OEPA).
The Company therefore intends to sign a service agreement with
the Sudanese government within the next few weeks with a view to
increasing oil production on the Bamboo oil field.
The Bamboo oil field which contains 506 million barrels (STOIIP)
is to be renamed the WILDCAT oil field on signing the service
agreement.
Currently production at the field is around 4,000 barrels of oil
per day (bopd) down from a peak of 20,000 bopd. Through the
implementation of Enhanced Oil Recovery techniques (chemical &
thermal) as well as repairing and up-grading surface facilities,
Wildcat will be targeting an initial increase in production within
a year, with the ultimate target of around 10,000 bopd (+) within
3-5 years.
Wildcat, after evaluation the field data will submit a
short-term (6-12 month) work program to the OEPA for approval. The
evaluation process should take 1-2 months and the approval 1 month.
When the political situation allows the Company still intends to
negotiate a PSA (20-25 years). The field already contains all the
surface facilities required to process increased oil production,
including access to an export pipeline (Red Sea).
CHAIRMAN'S STATEMENT:
This arrangement demonstrates the good relation that Wildcat has
with the OEPA and is a practicable solution given the current
political situation in Sudan. The Company is aiming for the first
quarter of 2024 for the achievement of the first net oil to Wildcat
from increased production at the Bamboo Oil Field.
GLOSSARY
STOIIP -Stock Tank Oil Initially in Place
OEPA - Oil Exploration & Production Administration. This is
the arm of the oil ministry that awards oil contracts.
BAMBOO FIELD (144sqkm, Muglad basin, depth 1000-1700m, STOIIP
506 MM STB)
Enquiries:
Wildcat Petroleum : Mandhir Singh (Chairman),
msingh@wildcatpetroleum.co.uk
Guild Financial Advisory : Ross Andrews, ross.andrews@guildfin.co.uk
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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