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Wildcat Petroleum Plc (WCAT) announced on 19 February 2024 that it passed a due diligence process conducted by the South Sudanese Ministry of Petroleum (MOP), enabling it to undertake petroleum deals, including multi-million/billion dollar oil production purchases. Financial backing for potential purchases is provided by industry investors, including The Waterford Group, and Wildcat has been invited by the MOP for talks in Juba. Separately, Wildcat submitted a work program for the Bamboo Field offered by the Republic of Sudan's oil ministry and awaits approval, with telecom disruption hindering deal completion.
| Date | 19 Feb 2024 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 5242D |
Wildcat Petroleum Plc
("Wildcat", "WCAT" or the "Company")
Wildcat receives TOP LEVEL approval from the South Sudanese Ministry of Petroleum ("MOP")
Wildcat is pleased to announce that it has passed a due diligence process conducted by the South Sudanese Ministry of Petroleum (MOP). This process included the evaluation of the Company's technical competency as well as its financial capability to complete a major multi-million/billion dollar oil production purchase. This clearance is required from the MOP before Wildcat can undertake any petroleum deal in the country including the purchase of large scale oil production.
Financial backing for the potential purchase of any production in South Sudan is been provided by a number of industry investors, including The Waterford Group.
Mandhir Singh (Chairman) said:
"The Wildcat team has been involved in the South Sudan oil industry since oil was first discovered there. We are happy to have passed the arduous due diligence process and received a top level ranking. Wildcat has been invited by the MOP to visit them in Juba and conduct talks regarding current oil production opportunities in the country.
A note on the situation in The Republic of Sudan (Bamboo field)
As previously disclosed, the Republic of Sudan's oil ministry has offered the Bamboo Field to Wildcat for development under a service agreement which would later convert to a Production Service Agreement. Wildcat has submitted a work program and is awaiting approval from the minister. Disruption to the Sudanese telecom infrastructure has hindered the completion of the deal.
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