REG - Wildcat Petroleum - An update on Wildcat Petroleum's plans in Sudan

Wildcat PetroleumAnnouncement

18/09/2023 07:00

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RNS Number : 6883M  Wildcat Petroleum PLC  18 September 2023

September 18(th) 2023

Wildcat Petroleum Plc

("Wildcat" or the "Company")

An Update on Wildcat Petroleum's Plans

The Company makes an update on its plans in the Republic of Sudan.

Due to the current political situation in Sudan the Company is unable at the
present time to sign a Production Sharing Agreement (PSA) with the Sudanese
government (OEPA).

The Company therefore intends to sign a service agreement with the Sudanese
government within the next few weeks with a view to increasing oil production
on the Bamboo oil field.

The Bamboo oil field which contains 506 million barrels (STOIIP) is to be
renamed the WILDCAT oil field on signing the service agreement.

Currently production at the field is around 4,000 barrels of oil per day
(bopd) down from a peak of 20,000 bopd. Through the implementation of Enhanced
Oil Recovery techniques (chemical & thermal) as well as repairing and
up-grading surface facilities, Wildcat will be targeting an initial increase
in production within a year, with the ultimate target of around 10,000 bopd
(+) within 3-5 years.

Wildcat, after evaluation the field data will submit a short-term (6-12 month)
work program to the OEPA for approval. The evaluation process should take 1-2
months and the approval 1 month. When the political situation allows the
Company still intends to negotiate a PSA (20-25 years). The field already
contains all the surface facilities required to process increased oil
production, including access to an export pipeline (Red Sea).

CHAIRMAN'S STATEMENT:

This arrangement demonstrates the good relation that Wildcat has with the OEPA
and is a practicable solution given the current political situation in Sudan.
The Company is aiming for the first quarter of 2024 for the achievement of the
first net oil to Wildcat from increased production at the Bamboo Oil Field.

 

GLOSSARY

STOIIP -Stock Tank Oil Initially in Place

OEPA - Oil Exploration & Production Administration. This is the arm of the
oil ministry that awards oil contracts.

BAMBOO FIELD (144sqkm, Muglad basin, depth 1000-1700m, STOIIP 506 MM STB)

Enquiries:

 Wildcat Petroleum: Mandhir Singh (Chairman),msingh@wildcatpetroleum.co.uk
 (mailto:msingh@wildcatpetroleum.co.uk)

 Guild Financial Advisory: Ross Andrews, ross.andrews@guildfin.co.uk
 (mailto: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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