RCS - Wildcat Petroleum - Letter of Intent signed re Drilling Equipment

Wildcat PetroleumAnnouncement

16/03/2023 07:15

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RNS Number : 1985T  Wildcat Petroleum PLC  16 March 2023

                                                                                                                  16 March 2023

Wildcat Petroleum Plc

("Wildcat" or the "Company")

LETTER OF INTENT SIGNED re PURCHASE OF DRILLING EQUIPMENT AND ACCESSORIES

Wildcat is pleased to announce that it has, via a Letter of Intent and subject
to due diligence and final agreement, signalled its intent to purchase for a
nominal fee, drilling equipment, supplies and drill pipe from New Age (African
Global Energy) Ltd.

The deal will cover the purchase of eighty (80), 20 foot shipping containers
which hold drilling equipment, accessories and chemicals. Also included in the
deal is a significant amount of drill pipe (various gauges of conductor and
casing pipe).

New Age (African Global Energy) Ltd is currently decommissioning its Ethiopian
drill site (El Kuran, Ogaden basin). Once all the necessary paperwork, due
diligence and final agreement have been concluded, the equipment and supplies
will be trucked to Wildcat's compound in the Republic of Sudan.

It is the company's intention to use as much of this inventory as possible in
its own drilling and well rehabilitation programs once the first oil deal has
been signed with the Sudanese government. Any equipment or supplies not
required (including shipping containers) will be sold, and the funds
reinvested into future oil production operations in Sudan.

Mandhir Singh, Chairman: "This deal demonstrates the company's determination
to become a profitable oil producing company in 2023. This deal shows the
company ability to get deals done and progress its plans without any large
financial outlay or capital expenditure.  The company is working tirelessly
towards the signing of its first Sudanese oil deal so it can put the inventory
to good use at the earliest possible opportunity."

Pictures of the containers and piping can be found on the company website.

Enquiries:

 Wildcat Petroleum plc  msingh@wildcatpetroleum.co.uk

 Mandhir Singh

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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