Collaboration Agreement with SFF re South Sudan

20 March 2025

Wildcat Petroleum Plc

("Wildcat", "WCAT" or the "Company")

Collaboration Agreement with The Strategic Fuel Fund Association

Wildcat is pleased to announce that it has signed a Collaboration Agreement with The Strategic Fuel Fund Association ("SFF"), an organisation owned by the State of South Africa. The Agreement focuses on evaluating the petroleum assets in South Sudan previously held by PETRONAS (the "Agreement").

Leveraging the expertise and contacts of both parties in the South Sudanese oil sector, Wildcat and SFF have agreed to work together to evaluate the petroleum assets previously held by PETRONAS and explore potential scenarios for acquiring all or parts of the assets.

This initiative builds on the Memorandum of Understanding ("MOU") that Wildcat signed with Nilepet in September 2024 (RNS: 4164E). As previously disclosed, PETRONAS announced the withdrawal of its operations in South Sudan in August 2024, with Nilepet assuming responsibility for all assets and operations previously held by PETRONAS in South Sudan. Under the MOU with Nilepet, which was valid for six months, Wildcat engaged in productive discussions regarding various options for the acquisition of these assets. Although the MOU expired on 12 March 2025, both parties have agreed to let it lapse while continuing to engaged in productive conversations.

Wildcat remains committed to pursuing strategic opportunities in South Sudan and looks forward to working closely with SFF under this Agreement.

Terms of the Agreement

The Agreement was signed on 18 March 2025 with an expiry date of 5 August 2025, both parties have the right to terminate with five days notice.

Mandhir Singh, Chairman: "Having secured this Agreement with the South African government through its wholly owned entity SFF is excellent news for Wildcat in its endeavours to secure a deal in South Sudan. A tie-up with the SFF can only enhance Wildcat opportunities as the SFF is one of only a handful of companies that has successfully signed a petroleum deal in South Sudan since the country gained independence in 2013. They have a well-established technical team in Juba which can assist Wildcat in any technical work it needs to conduct."

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REFERENCES

1) PETRONAS ASSETS

Malaysian state oil company, PETRONAS, through its subsidiary company PCNL (Petronas Carigali Nile Limited) held equity stakes in the three operating companies currently active in South Sudan: Sudd Petroleum Operating Company (67.8%), Dar Petroleum Operating Company (40%) & Greater Pioneer Operating Company (30%). In August 2024, PETRONAS relinquished all its holdings and the government oil and gas national company Nilepet took over ownership. Nilepet is currently seeking a foreign partner in order to sustain operations, whilst increasing output.

2) SFF (Strategic Fuel Fund)

a) The SFF acquires, maintains, monitors and managers South Africa's strategic energy feed stock and carriers in order to ensure security of supply. They aim to be the guarantor of strategic fuels through innovative and pioneering solutions that benefit South Africa. SFF also intends to invest in oil & gas infrastructure projects on the African continent (source: www.strategicfuelfund.co.za )

b) In 2018, the South African government agreed to invest $1 billion USD into South Sudan's energy infrastructure. In 2019, SFF signed a deal with the South Sudanese state oil company, Nilepet, to develop Block B2 in South Sudan. Since then SFF has conducted various works in order to develop the Block such as a new 14,000 sq km geophysical aerial survey and has plans to drill wells on prospects it has identified from seismic and other geophysical data. Block B2 does not form part of this Collaboration Agreement but is included here as background information on SFF.