RCS - Wildcat Petroleum - Current Situation in the Republic of Sudan

Wildcat PetroleumAnnouncement

02/05/2023 07:00

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RNS Number : 9901X  Wildcat Petroleum PLC  02 May 2023

 
                             2 May 2023

Wildcat Petroleum Plc

("Wildcat" or the "Company")

Current situation in the Republic of Sudan

On Saturday 15(th) April, in a totally unexpected move, the paramilitary group
called the Rapid Support Forces (RSF) made an attempt at a coup. The Company's
condolences go out to everyone who has lost someone due to the subsequent
fighting that followed the coup attempt. Fortunately, all the individuals in
Sudan who are working to forward the Company's interest are safe and well.

In October 2022, the Company signed an MOU with the Sudanese Petroleum
Corporation for four open Blocks in Sudan (Blocks 1,3,4 & 5). The
Company's aim this year was to sign a Production Sharing Agreement (PSA) over
at least one of these Blocks.

The Company has received direct first-hand accounts of the situation in
Khartoum. As far as the Company understands, oil production in the country has
not been affected. The consultant advisors to the Company have extensive
experience of working under difficult conditions (Sudanese Civil War, border
wars with South Sudan & military coups).

The Company believes that these 4 Blocks contain significant petroleum assets
with the potential of becoming world class assets with the implementation of
the right developmental program.  As a result, the Company will be reengaging
with the Sudanese oil Ministry at the first available opportunity in order to
negotiate a PSA. The signing of any deal with the Sudanese will be accompanied
by a fund raise.

 

 

Enquiries:

 Wildcat Petroleum plc

 Mandhir Singh
 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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