REG - Wildcat Petroleum - Collaboration Agreement with SFF re South Sudan

Wildcat PetroleumAnnouncement

20/03/2025 07:15

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RNS Number : 3854B  Wildcat Petroleum PLC  20 March 2025

20 March 2025

Wildcat Petroleum Plc

("Wildcat", "WCAT" or the "Company")

Collaboration Agreement with The Strategic Fuel Fund Association

Wildcat is pleased to announce that it has signed a Collaboration Agreement
with The Strategic Fuel Fund Association ("SFF"), an organisation owned by the
State of South Africa. The Agreement focuses on evaluating the petroleum
assets in South Sudan previously held by PETRONAS (the "Agreement").

Leveraging the expertise and contacts of both parties in the South Sudanese
oil sector, Wildcat and SFF have agreed to work together to evaluate the
petroleum assets previously held by PETRONAS and explore potential scenarios
for acquiring all or parts of the assets.

This initiative builds on the Memorandum of Understanding ("MOU") that Wildcat
signed with Nilepet in September 2024 (RNS: 4164E). As previously disclosed,
PETRONAS announced the withdrawal of its operations in South Sudan in August
2024, with Nilepet assuming responsibility for all assets and operations
previously held by PETRONAS in South Sudan. Under the MOU with Nilepet, which
was valid for six months, Wildcat engaged in productive discussions regarding
various options for the acquisition of these assets. Although the MOU expired
on 12 March 2025, both parties have agreed to let it lapse while continuing to
engaged in productive conversations.

Wildcat remains committed to pursuing strategic opportunities in South Sudan
and looks forward to working closely with SFF under this Agreement.

Terms of the Agreement

The Agreement was signed on 18 March 2025 with an expiry date of 5 August
2025, both parties have the right to terminate with five days notice.

Mandhir Singh, Chairman: "Having secured this Agreement with the South African
government through its wholly owned entity SFF is excellent news for Wildcat
in its endeavours to secure a deal in South Sudan. A tie-up with the SFF can
only enhance Wildcat opportunities as the SFF is one of only a handful of
companies that has successfully signed a petroleum deal in South Sudan since
the country gained independence in 2013. They have a well-established
technical team in Juba which can assist Wildcat in any technical work it needs
to conduct."

For further information please contact:

 Wildcat

 Glyn Roberts              groberts@wildcatpetroleum.co.uk
 Guild Financial Advisory

 Ross Andrews              ross.andrews@guildfin.co.uk

REFERENCES

1)    PETRONAS ASSETS

Malaysian state oil company, PETRONAS, through its subsidiary company PCNL
(Petronas Carigali Nile Limited) held equity stakes in the three operating
companies currently active in South Sudan: Sudd Petroleum Operating Company
(67.8%), Dar Petroleum Operating Company (40%) & Greater Pioneer Operating
Company (30%). In August 2024, PETRONAS relinquished all its holdings and the
government oil and gas national company Nilepet took over ownership. Nilepet
is currently seeking a foreign partner in order to sustain operations, whilst
increasing output.

2)    SFF (Strategic Fuel Fund)

 

a)    The SFF acquires, maintains, monitors and managers South Africa's
strategic energy feed stock and carriers in order to ensure security of
supply. They aim to be the guarantor of strategic fuels through innovative and
pioneering solutions that benefit South Africa. SFF also intends to invest in
oil & gas infrastructure projects on the African continent (source:
www.strategicfuelfund.co.za (http://www.strategicfuelfund.co.za) )

 

b)    In 2018, the South African government agreed to invest $1 billion USD
into South Sudan's energy infrastructure. In 2019, SFF signed a deal with the
South Sudanese state oil company, Nilepet, to develop Block B2 in South Sudan.
Since then SFF has conducted various works in order to develop the Block such
as a new 14,000 sq km geophysical aerial survey and has plans to drill wells
on prospects it has identified from seismic and other geophysical data. Block
B2 does not form part of this Collaboration Agreement but is included here as
background information on SFF.

 

 

 

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