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On 7 May 2024, Wildcat Petroleum Plc signed a Memorandum of Understanding with the Ministry of Petroleum of South Sudan to establish a collaboration agreement for a Production Sharing Service Agreement concerning hydrocarbon assets; this MOU is valid until 31 May 2028. Additionally, Wildcat awarded Dr Omar 20 million warrants with a strike price of 0.20p and an expiry date of 31 December 2024.
| Date | 7 May 2024 |
| Time | 09:55:06 |
| Category | Acquisitions and alliances |
| ID | 4179N |
7 May 2024
WILDCAT Petroleum Plc
("Wildcat" or the "Company")
Re: Update from recent visit by Company to South Sudan
(Correction - MOU is valid to 31/5/2028 not 2024 as stated in RNS 3512N released 07.00 on 7 May 2024.The corrected text is below)
After a recent very successful trip to South Sudan, the Company is happy to announce that it has signed an MOU with the Ministry of Petroleum (MOP) covering the following:
To establish a collaboration agreement to form a Production Sharing Service Agreement (PSSA) between the MOP and WCAT to work together to advance the development and commercial exploitation of the hydrocarbon assets in selected fields in the Republic of South Sudan. A working party made up of members of both WCAT and MOP will be established to select suitable fields for development and agree suitable terms and conditions. (*).
The MOU is valid to 31/5/2028 and recognises the current status of existing Exploration and Production contracts in South Sudan including pre-emption rights. It can be terminated on 30 days' notice by either party.
WARRANTS
Dr Omar has been of great assistance to the Company in helping to secure this deal in South Sudan. His extensive expertise and knowledge have been a great assistance to the Company. As a result the Company has decided to compensate him with the awarding of 20 million warrants with a strike price of 0.20p and an expiry date of 31st Dec 2024.
Chairman, Mandhir Singh "It was very disappointing that the Company was unable to secure the Bamboo field in Sudan (North), however the Company hopes to make up for this disappointment by concentrating on South Sudan.
(*) The market will be informed when the working party has been set-up.
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.