Wildcat Petroleum has entered into a collaboration agreement with SFF for South Sudan exploration, following PETRONAS’s withdrawal from its projects. The partnership aims to evaluate and acquire petroleum assets previously held by PETRONAS, enhancing Wildcat’s position in the region.
Wildcat Petroleum (LSE:WCAT) has announced a significant advancement in its operations, as shares of the company have risen following the signing of a collaboration agreement for exploration activities in South Sudan. The partnership is established with SFF, a firm wholly owned by the State of South Africa, aimed at exploring oil and gas reserves in areas that were previously held by PETRONAS.
The collaboration specifically intends to assess the petroleum potential of these assets, as well as explore different scenarios for acquiring all or some portions of said assets. This development follows PETRONAS’s announcement in August regarding its decision to withdraw from these projects in South Sudan.
Mandhir Singh, the 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 noted that joining forces with SFF enhances Wildcat’s market position, as SFF is among the rare companies that have successfully concluded a petroleum deal in South Sudan since the nation’s independence in 2013.
In conclusion, Wildcat Petroleum’s collaboration with SFF marks a significant step forward in the exploration of South Sudan’s oil and gas resources, particularly in light of PETRONAS’s recent withdrawal from the market. This partnership not only enhances Wildcat’s exploration capabilities but also establishes it among a select group of companies actively engaging in South Sudan’s petroleum sector. Wildcat’s strategic move may pave the way for potential growth in a developing market.
Original Source: www.proactiveinvestors.co.uk
