Wildcat Petroleum announces that it has raised £450,000 (gross) under difficult market conditions to see the Company through the next 12 months(+), as well as covering the cost of signing the oil developmental deal. The company adds that the placing was heavily oversubscribed (large demand) and investors had to be scaled back.
Bamboo oilfield is one of the major producing oil field in Sudan containing 506 MILLION BARRELS (STOIIP). The field is to be renamed the WILDCAT FIELD and has been earmarked by Sudanese Ministry of Energy & Oil for development by Wildcat.
Wildcat adds that the deal will lead to the company becoming a producing and profitable company in 2024 as to when first oil production is expected to be achieved in the first quarter.
The company adds that the temporary representative office has been opened in the South Sudanese capital, Juba to provides alternative access to the Bamboo oil field through South Sudan.