Sierra Leone Reconnaissance Study Report: Status

RNS Number : 1430F

Wildcat Petroleum PLC

03 November 2022

 

3 November 2022

Wildcat Petroleum Plc

("Wildcat", "WCAT" or the "Company")

Sierra Leone Reconnaissance Study Report: status

Wildcat Petroleum (LSE: WCAT), a company targeting investment opportunities in business and assets within the upstream sector of the petroleum industry, is pleased to announce, further to the announcement made on 9 May 2022, it has completed a desktop study of the petroleum potential of deep-water blocks offshore Sierra Leone. This was undertaken under an agreement with the Petroleum Directorate of Sierra Leone "PDSL" and has been accepted by the PDSL.

The work confirmed our initial ideas regarding the good hydrocarbon potential of the deep offshore. The current situation is that much of the offshore has now been opened up to competitive bidding in a License Round announced by the authorities on 18/5/22 - with a closing date which is now on 27 Jan 2023.

In the Licensing Round an oil company can apply with a Partner. PDSL has confirmed that Wildcat can apply (subject to the usual pre-qualification requirements) as a Partner.

Since the Licensing Round is competitive, Wildcat won't be making any public announcements concerning specific findings from its study but will use the knowledge gained to try and secure a qualified oil company with which to partner in an application.

Chairman's comment s: "We are encouraged by the resolve and determination of the PDSL to make their bid round a success. Evidence from the large discoveries in the conjugate margin of South America (specifically Guyana and Suriname) indicate that Sierra Leone could be strategically placed to emulate those successes. We look forward to the authorities attracting oil companies to their offshore and the possibility of WCAT's involvement."

Enquiries:

Wildcat Petroleum plc:   Mandhir Singh [e-mail]

Guild Financial Advisory :  Ross Andrews [e-mail]

 

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