REG - Wildcat Petroleum - Sierra Leone Reconnaissance Study Report: Status

Wildcat PetroleumAnnouncement

03/11/2022 07:00

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RNS Number : 1430F  Wildcat Petroleum PLC  03 November 2022

3 November 2022

Wildcat Petroleum Plc

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

Sierra Leone Reconnaissance Study Report: status

Wildcat Petroleum (LSE: WCAT), a company targeting investment opportunities in
business and assets within the upstream sector of the petroleum industry, is
pleased to announce, further to the announcement made on 9 May 2022, it has
completed a desktop study of the petroleum potential of deep-water blocks
offshore Sierra Leone. This was undertaken under an agreement with the
Petroleum Directorate of Sierra Leone "PDSL" and has been accepted by the
PDSL.

The work confirmed our initial ideas regarding the good hydrocarbon potential
of the deep offshore. The current situation is that much of the offshore has
now been opened up to competitive bidding in a License Round announced by the
authorities on 18/5/22 - with a closing date which is now on 27 Jan 2023.

In the Licensing Round an oil company can apply with a Partner. PDSL has
confirmed that Wildcat can apply (subject to the usual pre-qualification
requirements) as a Partner.

Since the Licensing Round is competitive, Wildcat won't be making any public
announcements concerning specific findings from its study but will use the
knowledge gained to try and secure a qualified oil company with which to
partner in an application.

Chairman's comments: "We are encouraged by the resolve and determination of
the PDSL to make their bid round a success. Evidence from the large
discoveries in the conjugate margin of South America (specifically Guyana and
Suriname) indicate that Sierra Leone could be strategically placed to emulate
those successes. We look forward to the authorities attracting oil companies
to their offshore and the possibility of WCAT's involvement."

Enquiries:

Wildcat Petroleum plc:         Mandhir Singh
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)

 

 

 

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