Wildcat Petroleum Forms Partnership for South Sudan Exploration

Wildcat Petroleum has signed a collaboration agreement with SFF of South Africa to explore former PETRONAS holdings in South Sudan. This agreement follows PETRONAS’s withdrawal from the area and aims to assess the petroleum potential and possible asset acquisition. Wildcat’s chair expressed optimism regarding the partnership’s prospects.

Wildcat Petroleum, listed on the London Stock Exchange as LSE:WCAT, has recently experienced a surge in its stock value following the announcement of a collaboration agreement aimed at exploration efforts in South Sudan. The collaboration will be with SFF, a state-owned entity from South Africa, focusing on previously held petroleum acreage by PETRONAS.

The primary objective of this partnership is to assess the petroleum potential in the designated regions and explore scenarios for potentially acquiring either full or partial ownership of the assets. This development occurs in the context of PETRONAS’s decision to exit the projects, announced in August.

Mandhir Singh, Chair of Wildcat Petroleum, expressed optimism about the agreement, stating, “Having secured this Agreement with the South African government through its wholly owned entity SFF is excellent news for Wildcat in its endeavours to secure a deal in South Sudan.” He further noted that working with SFF will significantly enhance Wildcat’s opportunities, highlighting that SFF is among the few companies that have successfully signed petroleum deals in South Sudan since its independence in 2013.

In summary, Wildcat Petroleum’s collaboration with SFF reflects a strategic move towards exploring new petroleum opportunities in South Sudan, especially after the exit of PETRONAS from these projects. The partnership not only aims to evaluate the potential of existing assets but also signifies a promising venture for both companies in a region with continued mineral exploration potential.

Original Source: www.proactiveinvestors.co.uk