Wildcat Petroleum has entered into an MOU with a third party that has expressed an interest to carry out due diligence on deals that Wildcat can source from Sudan. This third party will then decide whether or not to invest directly into a deal up to an amount of US$25 million. The party is also prepared to invest, following due diligence into other petroleum projects in other African countries which have been sourced by Wildcat. The MOU is not legally binding, can be terminated with 30 days notice and the investors are under no obligation to invest and the Company is under no obligation to take their investment.
RNS 0719D, released on the 17th October 2022 stated that this MOU was for an initial period and would expire on 31 December 2022. The Company and Sudanese government saw no need to extend the MOU and both parties have continued discussions.
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.