Business
Reconnaissance Permit Agreement obtained
Reconnaissance Permit Agreement obtained.
About this update from Wildcat Gold Plc
[{"type":"text","content":"\n \n \n \n 9 May 2022\n \n \n \n \n Wildcat Petroleum Plc\n \n \n \n \n (\"Wildcat\" or the \"Company\")\n \n \n \n \n Reconnaissance Permit Agreement obtained for 20 blocks off-shore Sierra Leone\n \n \n \n \n \n \n \n \n Follow the link to view the announcement in full including all figures: \n \n \n http://www.rns-pdf.londonstockexchange.com/rns/7047K_1-2022-5-8.pdf\n \n \n \n \n Wildcat Petroleum plc (LSE: WCAT), a company targeting investment opportunities in business and assets within the upstream sector of the petroleum industry, is pleased to announce that after a process of engagement with the Petroleum Directorate of Sierra Leone (PDSL) it has entered into a Reconnaissance Permit Agreement (Permit) over 20 offshore petroleum blocks in Sierra Leone territorial waters comprising a total 24,000 square kilometres. This Permit grants WCAT a non-exclusive right to conduct reconnaissance operations within the relevant blocks for the period of six months from the start of the Agreement.\n \n \n \n \n \n The Company will carry out a desktop study using geophysical and geological data already acquired in the offshore domain. The objective being to identify those blocks which have the potential to yield\n commercially viable oil finds. The Permit is non-exclusive and gives WCAT no pre-emptive rights over any of the acreage covered by the Permit. If block(s) with the potential of containing commercially viable oil discoveries are identified then WCAT intends to enter negotiations with the PDSL for a Petroleum Exploration and Production Licence(s). The study area covers acreage that contains two uncommercial oil discoveries (Mercury and Jupiter by Anadarko and partners Tullow & Repsol). Other companies, such as Mobil, Amoco & Lukoil who have also drilled exploration wells in Sierra Leonean waters, have seen hydrocarbon shows in their wells. Out of the 8 wells drilled to date, 3 are sub-commercial discoveries and 3 have hydrocarbon shows.\n \n \n \n \n \n This indicates that there is a working petroleum system in the offshore. However, the failure to discover commercial quantities of oil, combined with falling oil prices caused companies to subsequently relinquish their blocks.\n \n \n \n \n \n In the period since these blocks were relinquish billions of barrels of oil resources have been ...