RCS - Wildcat Petroleum - Wildcat Petroleum Newsletter - January 5 2024

Wildcat PetroleumAnnouncement

05/01/2024 07:15

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RNS Number : 7216Y  Wildcat Petroleum PLC  05 January 2024

5 January 2024

Wildcat Petroleum Plc

("Wildcat" or the "Company")

Catflap Newsletter

The political unrest in Sudan, which began in April 2023, derailed the Company
for a couple of months but now the Company is back on track.

The Company has always been guided by the objectives to being:

·    A producing oil Company

·    Profitable

·    Dividend paying

·    Debt free

·    Reserves/resources in the billions of barrels

These objectives still hold and hopefully will be achieved as the Company
strives to establish Sudanese oil production in 2024.

1)   SUDANESE OIL PRODUCTION.

In October 2022 the Company announced that it had signed a MOU over 4
producing oil Blocks in the Republic of Sudan (Blocks 1,3,4 & 5).

It was the Company's intention to sign an oil deal in 2023 however, these
plans were temporally derailed when political unrest broke out in April 2023.

In the autumn of 2023, the Company received an indication from the Sudanese
Oil Ministry that they would be prepared to sign a Service Agreement with the
Company with a view to increasing oil production on the Bamboo oil field. Once
the political situation has settled down the Company is hopeful of converting
this Service Agreement into a Production Sharing Agreement.

The Company accepted the invitation and sent in its proposals on how it would
like to proceed with a work program.

Once a decision has been made, shareholders will be immediately informed
through the RNS news service.

Although the Company is fully committed to establishing profitable Sudanese
oil production in 2024, it will however pursue any attractive opportunities
that present themselves in neighbouring countries such as Chad, South Sudan,
Niger, Ethiopia, Eritrea and Libya.

2)   AUDITOR

Wildcat Petroleum for accountancy purposes is classified as a Public Interest
Entity (PIE).

The auditor Shipleys LLP no longer provides auditing services to PIE
companies; resultantly they were forced to resign. A firm that does provide
auditing services to PIE companies has been identified and will be engaged in
due course and an announcement made via RNS once the relevant paperwork has
been completed.

We would like to thank Shipleys for the excellent and efficient service they
provided the Company and wish them well for the future.

3)   CRYPTO/BLOCKCHAIN PLANS

The current position is that no blockchain activities and token offerings will
take place before the Company has implemented its investment strategy to
acquire an upstream oil and gas asset and it has published a prospectus in
line with its Listing Rule obligations.

The Company would like to thank shareholders for their support during 2023.

We hope to repay this support in 2024.

Best Wishes

Mandhir Singh (Chairman)

Wildcat Petroleum plc

 

 

 

 

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