9th May 2022 10:06
(Alliance News) - Wildcat Petroleum PLC on Monday said it has landed the right to reconnaissance work at over 20 offshore petroleum blocks in Sierra Leone.
The assets span 24,000 square kilometres, the company said. Wildcat targets investment opportunities in businesses and assets within the upstream sector of the petroleum industry, including the use of blockchain.
Shares in the company were 8.3% higher at 1.95 pence each in London on Monday morning.
The recce permit followed a "process of engagement with the Petroleum Directorate of Sierra Leone", Wildcat said.
"This permit grants Wildcat a non-exclusive right to conduct reconnaissance operations within the relevant blocks for the period of six months from the start of the agreement," the company said.
Wildcat will carry out a desktop study, using existing geophysical and geological data, with the aim of identifying blocks which have the potential "to yield commercially viable oil finds".
The company added: "The permit is non-exclusive and gives Wildcat no pre-emptive rights over any of the acreage covered by the permit. If blocks with the potential of containing commercially viable oil discoveries are identified, then Wildcat intends to enter negotiations with the PDSL for a petroleum exploration and production licences."
By Eric Cunha; [email protected]
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