Wildcat Petroleum issued a release containing an update on its plans in the Republic of Sudan.
Due to the current political situation in Sudan the Company is unable at the present time to sign a Production Sharing Agreement (PSA) with the Sudanese government (OEPA). The company therefore intends to sign a service agreement with the Sudanese government within the next few weeks with a view to increasing oil production on the Bamboo oil field.
The Bamboo oil field which contains 506 million barrels (STOIIP) is to be renamed the WILDCAT oil field on signing the service agreement.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.