Wildcat Petroleum has announced that it has signed a preliminary agreement with an unidentified third party that intends to carry out due diligence procedures to assess the possibility of investing in deals for up to $25 million in Sudan.
Wildcat Petroleum’s share prices rose to 0.53 pence, equivalent to a 31% hike, on the morning of June 14, 2021, following the announcement.
The petroleum company, which operates under the London Stock Exchange, has stated that its potential partner will also consider investing in other petroleum projects in different African countries if the due diligence procedures are successful.
However, according to the announcement, this memorandum of understanding is not legally binding and can be terminated by either party within a 30-day period. Additionally, both parties are not obligated to pursue the investment further.
Mandhir Singh, the Chairman of Wildcat Petroleum, commented on the partnership, describing this agreement as a “significant step forward” for the company as it strives to complete its initial deal in Sudan. The company is now focused on closing the investment deal as soon as possible.
