t
Wildcat Petroleum Plc was informed by Sudan's Minister of Petroleum & Energy in September 2023 that a Production Sharing Agreement was not possible, but accepted a service contract offer and submitted a work program. By the end of March 2024, the Ministry informed Wildcat that it would not sign any contract, including a service agreement, due to ministerial directives and the political situation. Separately, Wildcat passed due diligence with South Sudan's Ministry of Petroleum in February 2024 for potential multi-million/billion dollar oil production purchases and has been invited for talks in Juba in early May following discussions initiated at the start of 2024.
| Date | 15 Apr 2024 |
| Time | 07:00:10 |
| Category | Miscellaneous |
| ID | 5393K |
15 April 2024
WILDCAT Petroleum Plc
("Wildcat" or the "Company")
Re: Update on the Republic of Sudan and South Sudan
Republic of Sudan
In September 2023 the Company was notified by the Sudanese Minister of Petroleum & Energy that it was not able to sign a Production Sharing Agreement (PSA) because of the current political situation. However, the Company was offered a service contract over the Bamboo oil field with the possibility to convert it into a PSA when the situation allowed. The Company accepted the offer and subsequently submitted a work program for approval. In February 2024 the Company was informed that the work program was been reviewed by the ministerial lawyers.
The Company regrets to inform shareholders that it has now been informed that due to ministerial directives issued at the end of March 2024 in combination with the deteriorating political situation and resultant security issues in the country that the Ministry will not be able to sign any sort of contract, even a service agreement. Once the political situation returns to normal the government will re-examine the possibility of Wildcat developing oil assets in the country.
Republic of South Sudan
As a contingency against the deal not going through in Sudan, the Company had started a dialog with the Minister of Petroleum in South Sudan at the start of 2024. In February 2024 the Company was notified that it had passed the due diligence process which was 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. Wildcat has been invited by the MOP to visit them in Juba and conduct talks regarding current oil production opportunities in the country. The Company is hoping to attend meetings with the minister in early May.
Mandhir Singh (Chairman) "it is extremely disappointing that a change in policy in the Republic of Sudan means that Wildcat won't yet be awarded a service contract over the Bamboo field. We will now concentrate on South Sudan. Separately I am pleased to confirm that the Company has sufficient working capital for the next 12 months.
Enquiries:
Wildcat Petroleum plc: Mandhir Singh [email protected]
Guild Financial Advisory: Ross Andrews [email protected]
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.