Wildcat Petroleum PLC Letter of Intent signed re Drilling Equipment
March 16 2023 - 2:05AM
RNS Non-Regulatory
TIDMWCAT
Wildcat Petroleum PLC
16 March 2023
16 March 2023
Wildcat Petroleum Plc
("Wildcat" or the "Company")
LETTER OF INTENT SIGNED re PURCHASE OF DRILLING EQUIPMENT AND
ACCESSORIES
Wildcat is pleased to announce that it has, via a Letter of
Intent and subject to due diligence and final agreement, signalled
its intent to purchase for a nominal fee, drilling equipment,
supplies and drill pipe from New Age (African Global Energy)
Ltd.
The deal will cover the purchase of eighty (80), 20 foot
shipping containers which hold drilling equipment, accessories and
chemicals. Also included in the deal is a significant amount of
drill pipe (various gauges of conductor and casing pipe).
New Age (African Global Energy) Ltd is currently decommissioning
its Ethiopian drill site (El Kuran, Ogaden basin). Once all the
necessary paperwork, due diligence and final agreement have been
concluded, the equipment and supplies will be trucked to Wildcat's
compound in the Republic of Sudan.
It is the company's intention to use as much of this inventory
as possible in its own drilling and well rehabilitation programs
once the first oil deal has been signed with the Sudanese
government. Any equipment or supplies not required (including
shipping containers) will be sold, and the funds reinvested into
future oil production operations in Sudan.
Mandhir Singh, Chairman: "This deal demonstrates the company's
determination to become a profitable oil producing company in 2023.
This deal shows the company ability to get deals done and progress
its plans without any large financial outlay or capital
expenditure. The company is working tirelessly towards the signing
of its first Sudanese oil deal so it can put the inventory to good
use at the earliest possible opportunity."
Pictures of the containers and piping can be found on the
company website.
Enquiries:
Wildcat Petroleum msingh@wildcatpetroleum.co.uk
plc
Mandhir Singh
Notes to Editors:
Wildcat Petroleum (LSE:WCAT) is listed on the standard segment
of the official list, with shares traded on the main market of the
London Stock Exchange. WCAT is seeking to acquire projects or a
business operating in the upstream sector of the petroleum industry
- namely exploration, appraisal, development and production of oil
and gas, with a primary focus on assets that are at the later
phases of exploration and production.
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END
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