Petroleum Africa
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Friday, January 5, 2024
Press Release
The political unrest in Sudan, which began in April 2023, derailed the Company for a couple of months but now the Company is back on track.
The Company has always been guided by the objectives to being:
A producing oil Company
Profitable
Dividend paying
Debt free
Reserves/resources in the billions of barrels
These objectives still hold and hopefully will be achieved as the Company strives to establish Sudanese oil production in 2024.
1) SUDANESE OIL PRODUCTION.
In October 2022 the Company announced that it had signed a MOU over 4 producing oil Blocks in the Republic of Sudan (Blocks 1,3,4 & 5).
It was the Company’s intention to sign an oil deal in 2023 however, these plans were temporally derailed when political unrest broke out in April 2023.
In the autumn of 2023, the Company received an indication from the Sudanese Oil Ministry 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.
The Company accepted the invitation and sent in its proposals on how it would like to proceed with a work program.
Once a decision has been made, shareholders will be immediately informed through the RNS news service.
Although the Company is fully committed to establishing profitable Sudanese oil production in 2024, it will however pursue any attractive opportunities that present themselves in neighbouring countries such as Chad, South Sudan, Niger, Ethiopia, Eritrea and Libya.
2) AUDITOR
Wildcat Petroleum for accountancy purposes is classified as a Public Interest Entity (PIE).
The auditor Shipleys LLP no longer provides auditing services to PIE companies; resultantly they were forced to resign. A firm that does provide auditing services to PIE companies has been identified and will be engaged in due course and an announcement made via RNS once the relevant paperwork has been completed.
We would like to thank Shipleys for the excellent and efficient service they provided the Company and wish them well for the future.
3) 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 would like to thank shareholders for their support during 2023.
We hope to repay this support in 2024.
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