KEYFACT Energy
On the 15th April there was a coup attempt in Sudan, temporarily delaying Wildcat Petroleum's plans to sign a deal with the Sudanese Oil Ministry. The coup attempt has failed and the Company understand the oil fields located in the south of the country have not been damaged. Once the current EID celebrations are over the Company intends to re-engage in face-to-face talks with the oil ministry and get the oil deal back on track.
Last quarter, after nearly a year’s negotiation, the company secured $25m of provisional backing from some major investors. This amount of funds should be sufficient for the Company to drill 4-5 new production wells. The full significance of this news will become apparent once the company has signed its first oil deal.
KeyFacts Energy Industry Directory: Wildcat Petroleum