Wildcat Petroleum [LSE:WCAT] is telling us to "expect much more news from Sudan" this morning following the announcement yesterday of an MOU with the Sudanese government that will see it increasing oil production in Sudan from its blocks 1, 3, 4 and 5 by 100,000 bpd. The company said it anticipates a Production Sharing Agreement will be inked next year.
Wildcat is in bullish mood, also telling us that investors can expect further oil production deals similar or indeed larger in magnitude than the Sudan deal in other countries. The Sudanese agreement was itself the result of considerable work and should pave the way for a considerable production uptick.
The MOU is for an initial period to 31 December 2022 and can be extended upon approval by both parties. All four blocks covered by the deal are currently producing oil and together cover over 1 billion barrels of oil in reserves and resources.
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