Petroleum Africa
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Monday, June 26, 2023
Wildcat has entered into a Memorandum of Understanding (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 in a deal of up to the amount of $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 nor is the company under any obligation to accept an investment.
Wildcat Chairman Mandhir Singh commented: “This MOU is a significant step forward for Wildcat as we aim to complete our first transaction in Sudan. Now that we have a party that is interested in the same geographies, we are focused on closing a deal as soon as possible. Last October the company signed an MOU with the Sudanese over four producing oil Blocks and efforts will be concentrated in signing a Production Sharing Agreement over at least one of them. If the on-going political situation prevents travel to Khartoum, then the Company will endeavor to negotiate a deal remotely.”
*Referencing RNS 0719D, released on October 17, 2022 which stated that this MoU was for an initial period and would expire on December 31, 2022, the company and Sudanese government saw no need to extend the MoU and both parties have continued discussions. The four blocks are currently producing and together contain over 1 billion barrels of oil (reserves & resources). They are already connected to petroleum transport infrastructure and other facilities and there is spare capacity to handle and transport significantly increased oil production from these blocks.
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