REG - Wildcat Petroleum - Update from recent visit by Company to South Sudan

Wildcat PetroleumAnnouncement

07/05/2024 07:15

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RNS Number : 3512N  Wildcat Petroleum PLC  07 May 2024

 

7 May 2024

WILDCAT Petroleum Plc

("Wildcat" or the "Company")

Re: Update from recent visit by Company to South Sudan

After a recent very successful trip to South Sudan, the Company is happy to
announce that it has signed an MOU with the Ministry of Petroleum (MOP)
covering the following:

To establish a collaboration agreement to form a Production Sharing Service
Agreement (PSSA) between the MOP and WCAT to work together to advance the
development and commercial exploitation of the hydrocarbon assets in selected
fields in the Republic of South Sudan. A working party made up of members of
both WCAT and MOP will be established to select suitable fields for
development and agree suitable terms and conditions. (*).

The MOU is valid to 31/5/2024 and recognises the current status of existing
Exploration and Production contracts in South Sudan including pre-emption
rights. It can be terminated on 30 days' notice by either party.

WARRANTS

Dr Omar has been of great assistance to the Company in helping to secure this
deal in South Sudan. His extensive expertise and knowledge have been a great
assistance to the Company. As a result the Company has decided to compensate
him with the awarding of 20 million warrants with a strike price of 0.20p and
an expiry date of 31(st) Dec 2024.

Chairman, Mandhir Singh "It was very disappointing that the Company was unable
to secure the Bamboo field in Sudan (North), however the Company hopes to make
up for this disappointment by concentrating on South Sudan.

(*) The market will be informed when the working party has been set-up.

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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