Wildcat Petroleum focuses on developing proven upstream asset in Angola

Angola upstreamWildcat Petroleum plc, which is targeting investment opportunities in businesses and assets within the upstream sector of the petroleum industry, has provided an update on its strategic developments

The company has been examining potential opportunities being presented across several sub-Saharan African countries, where governments are committed to economic development and open inward investment. After careful consideration, Wildcat has decided to initially focus on securing and developing a proven upstream asset in Angola, with a secondary focus on Namibia for exploration upside.

Angola is the second largest hydrocarbon producer in sub-Saharan Africa with around 1.3 mmbbl of oil and 18,000 million cu/f of natural gas produced each day. The company believes that the Angolan upstream oil sector offers broad investment opportunities for the company, particularly with Angola becoming more open as a business destination. Its government is now looking towards foreign investment to support the development of its economy following many years of under-investment in its upstream oil sector.

In line with this new strategic focus, the company has undergone and passed the vetting process of the Angolan regulator, ANPG (Agência Nacional de Petróleo, Gás e Biocombustíveis) meaning that it can participate in future licensing rounds.

The company is also seeking to secure a co-operation agreement with one or more local oil producers in Namibia to partner with them in applying for oil blocks in future licencing rounds in the country. Although the company has narrowed its focus to Angola and Namibia, it is still open to other opportunities for securing upstream assets that may arise elsewhere.

Mandhir Singh, chairman of Wildcat, commented, “Angola has billions of barrels of proven oil reserves which, to date, have remained largely underdeveloped. The new government, under President João Lourenco, is heavily focused on expanding Angola’s economy and is looking to attract foreign investment to help both to develop its proven reserves and to explore new wells.”

“Having now passed the vetting process of the ANPG we are excited to get underway with the hope of securing our first asset, and I look forward to updating the market on our progress in due course.”

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
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