REG - Wildcat Petroleum - Statement re: Sudan and South Sudan

Wildcat PetroleumAnnouncement

15/04/2024 07:00

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RNS Number : 5393K  Wildcat Petroleum PLC  15 April 2024

15 April 2024

WILDCAT Petroleum Plc

("Wildcat" or the "Company")

Re: Update on the Republic of Sudan and South Sudan

Republic of Sudan

In September 2023 the Company was notified by the Sudanese Minister of
Petroleum & Energy that it was not able to sign a Production Sharing
Agreement (PSA) because of the current political situation. However, the
Company was offered a service contract over the Bamboo oil field with the
possibility to convert it into a PSA when the situation allowed. The Company
accepted the offer and subsequently submitted a work program for approval. In
February 2024 the Company was informed that the work program was been reviewed
by the ministerial lawyers.

The Company regrets to inform shareholders that it has now been informed that
due to ministerial directives issued at the end of March 2024 in combination
with the deteriorating political situation and resultant security issues in
the country that the Ministry will not be able to sign any sort of contract,
even a service agreement. Once the political situation returns to normal the
government will re-examine the possibility of Wildcat developing oil assets in
the country.

Republic of South Sudan

As a contingency against the deal not going through in Sudan, the Company had
started a dialog with the Minister of Petroleum in South Sudan at the start of
2024. In February 2024 the Company was notified that it had passed the due
diligence process which was conducted by the South Sudanese Ministry of
Petroleum. (MOP). This process included the evaluation of the Company's
technical competency as well as its financial capability to complete a major
multi-million/billion dollar oil production purchase. This clearance is
required from the MOP before Wildcat can undertake any petroleum deal in the
country including the purchase of large-scale oil production. Wildcat has been
invited by the MOP to visit them in Juba and conduct talks regarding current
oil production opportunities in the country. The Company is hoping to attend
meetings with the minister in early May.

Mandhir Singh (Chairman) "it is extremely disappointing that a change in
policy in the Republic of Sudan means that Wildcat won't yet be awarded a
service contract over the Bamboo field. We will now concentrate on South
Sudan. Separately I am pleased to confirm that the Company has sufficient
working capital for the next 12 months.

Enquiries:

Wildcat Petroleum plc: Mandhir Singh 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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