Clarification

Wildcat Petroleum PLC

22 November 2023

 

Wildcat Petroleum Plc

("Wildcat" or the "Company")

Clarifying Statement

Wildcat Petroleum Plc ("WCAT"), a company targeting investment opportunities in businesses and assets within the upstream sector of the petroleum industry issues a clarifying statement.

On 6 November 2023, Mandhir Singh, Chairman and CEO of the Company, gave an interview with Directors Talk which has subsequently been reproduced on social media. Mr Singh regrets some of his comments and now accepts that they may have be misconstrued and wishes to clarify the following statements:

Crypto and Blockchain - For clarity the FCA has not been advising the Company as to what he can say about its crypto/blockchain plans.  The current position is that no blockchain activities and token offerings will take place before the Company has implemented its investment strategy to acquire an upstream oil and gas asset and it has published a prospectus in line with its Listing Rule obligations. The Company emphasis that the launch of tokens will depend on the regulatory environments at the time, as well as obtaining approval from appropriate regulatory authorities.

Prospects - The Company refers to its RNS announcement made on 25 October 2023 relating to its Report and Accounts. Within this announcement the Company referenced a number of points including the Company's future prospects. The Company confirms it has received an indication from the OEPA (Republic of Sudan) that they would be prepared to sign a Service Agreement with the Company with a view to increasing oil production on the Bamboo oil field. Once the political situation has settled down the Company is hopeful of converting this Service Agreement into a Production Sharing Agreement. For clarity a Service Agreement has not yet been signed and there is no guarantee that an agreement will be signed.

There has been no material change to trading since the publication of the Report and Accounts on 25 October 2023.

A further announcement will be made in due course in line with the Company's regulatory obligations.

Enquires:

Wildcat:  Mandhir Singh [e-mail]
Guild Financial Advisory: Ross Andrews [e-mail]

 

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