Petroleum Africa
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Tuesday, May 7, 2024
Wildcat Petroleum reports that after a recent visit to South Sudan, the company has signed a memorandum of understanding (MoU) with the Ministry of Petroleum.
The MoU calls for the establishment of a collaboration agreement to form a Production Sharing Service Agreement (PSSA) between the Ministry and Wildcat to work together to advance the development and commercial exploitation of the hydrocarbon assets in selected fields in the Republic of South Sudan. A working party made up of members of both WCAT and MOP will be established to select suitable fields for development and agree suitable terms and conditions.
The MOU is valid to May 31, 2024, and recognizes the current status of existing Exploration and Production contracts in South Sudan including pre-emption rights. It can be terminated on 30 days’ notice by either party.
Wildcat Chairman, Mandhir Singh commented, “It was very disappointing that the company was unable to secure the Bamboo field in Sudan (North), however the company hopes to make up for this disappointment by concentrating on South Sudan.”
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