REG - Wildcat Petroleum - MOU signed re Funding

Wildcat PetroleumAnnouncement

26/06/2023 07:00

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RNS Number : 8155D  Wildcat Petroleum PLC  26 June 2023

26 June 2023

Wildcat Petroleum Plc

("Wildcat" or the "Company")

MOU SIGNED REGARDING FUNDING

Wildcat has entered into a Memorandum of Understanding (MOU) with a third
party that has expressed an interest to carry out due diligence on deals that
Wildcat can source from Sudan. This third party will then decide whether or
not to invest directly into a deal up to an amount of US$25 million. The party
is also prepared to invest, following due diligence into other petroleum
projects in other African countries which have been sourced by Wildcat. The
MOU is not legally binding, can be terminated with 30 days notice and the
investors are under no obligation to invest and the Company is under no
obligation to take their investment.

 

Mandhir Singh (Chairman) "This MOU is a significant step forward for Wildcat
as we aim to complete our first transaction in Sudan. Now that we have a party
that is interested in the same geographies, we are focused on closing a deal
as soon as possible. Last October the company signed an MOU with the Sudanese
over 4 producing oil Blocks (*) and efforts will be concentrated in signing a
Production Sharing Agreement (PSA) over at least one of them. If the on-going
political situation prevents travel to Khartoum then the Company will
endeavour to negotiate a deal remotely."

OIL BLOCKS

RNS 0719D, released on the 17(th) October 2022 stated that this MOU was for an
initial period and would expire on 31 December 2022. The Company and Sudanese
government saw no need to extend the MOU and both parties have continued
discussions. The 4 Blocks are currently producing and together contain over
1 billion barrels of oil (reserves & resources). They are already
connected to petroleum transport infrastructure and other facilities and there
is spare capacity to handle and transport significantly increased oil
production from these blocks.

 

 

 

 

 

 

 

Enquiries:

 Wildcat Petroleum plc

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