Wildcat Petroleum announced the signing of a Memorandum of Understanding (MOU) with a third party expressing interest in conducting due diligence on potential deals sourced by Wildcat from Sudan.
The third party will evaluate these deals and decide whether to invest up to a maximum amount of US$25 million directly into a deal. Furthermore, the party has also shown readiness to invest in other petroleum projects in African countries sourced by Wildcat, subject to due diligence.
The MOU, while not legally binding, marks a significant development for Wildcat as it progresses towards completing its first transaction in Sudan.
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.