REG - Wildcat Petroleum - MOU with Nile Petroleum Corporation

Wildcat PetroleumAnnouncement

17/09/2024 07:00

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RNS Number : 4164E  Wildcat Petroleum PLC  17 September 2024

17 September 2024

WILDCAT Petroleum Plc

("Wildcat" or the "Company")

MOU with Nile Petroleum Corporation

Wildcat Petroleum Plc ("WCAT" or "the Company") a company targeting investment
opportunities in businesses and assets within the upstream sector of the
petroleum industry is pleased to announce it has entered into a Memorandum of
Understanding ("MOU") with Nile Petroleum Corporation ("Nilepet"), the
National Oil and Gas Corporation of South Sudan, to collaborate together for
acquiring the assets held by Petronas Carigali Nile Limited ("PCNL"), a
subsidiary of Petronas Nasional Berhad (together "PETRONAS"), in the Republic
of South Sudan ("South Sudan").

On 7 August 2024, PETRONAS announced the withdrawal of its operations in South
Sudan following a two-year divestment initiative in alignment with PETRONAS'
long-term investment strategy amid the changing industry environment and
accelerated energy transition.

During its operations in South Sudan, PETRONAS held stakes in six oil
producing blocks (Blocks 1, 2, 3, 4, 5A and 7) on a joint operating company
model with working interest stakes range from 30% to 67.8%, (together the
"PETRONAS Assets").

On 19 August 2024, Nilepet said it would assume all assets and
responsibilities held by PETRONAS in South Sudan. Upon completion of the
acquisition, Nilepet confirmed it would seek partnerships with other
international companies to ensure the continuation of operations and expand
output.

Under the terms of the MOU, a working party shall be established made up of
representatives from Nilepet and Wildcat with the intent to exchange
information and work together to agree a mutually beneficial agreement which
achieves the dual objectives of sustaining and increasing overall oil
production across the PETRONAS Assets. The MOU is valid for six months and can
be extended by mutual consent of both parties.

Mandhir Singh, Chairman of Wildcat, said: "In February 2024, Wildcat received
approval from the South Sudanese Ministry of Petroleum (MOP) to undertake a
petroleum deal in South Sudan including the purchase of large-scale oil
production. The Company continues to work with the MOP and have enhanced its
relations with Nilepet, positioning Wildcat with a great opportunity to
acquire oil producing assets in the region."

 Enquiries:

 Wildcat Petroleum plc

 Mandhir Singh
 msingh@wildcatpetroleum.co.uk

Guild Financial Advisory

 Ross Andrews              ross.andrews@guildfin.co.uk

 

 

 

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