Wildcat Petroleum has entered into a landmark Memorandum of Understanding (MoU) with a third party for funding up to $25 million into energy projects sourced by Wildcat Petroleum.
The agreement will initially focus on Sudan, but there is scope to expand to other African countries. The MoU is not legally binding, and neither party has an obligation to proceed with any proposed investment.
The MoU has potentially game-changing implications for Wildcat Petroleum which is seeking to close on its first transaction.
“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,” said Mandhir Singh, Chairman, Wildcat Petroleum.
“Last October the company signed an MOU with the Sudanese over 4 producing oil Blocks (*) and efforts will be concentrated in signing a Production Sharing Agreement (PSA) over at least one of them. If the on-going political situation prevents travel to Khartoum then the Company will endeavour to negotiate a deal remotely.”
Today’s announcement saw Wildcat Petroleum shares soar 37.5% in early trade as investors positioned for further developments.
