Wildcat Petroleum obtains permit to drill off coast of Sierra Leone
Petroleum company Wildcat Petroleum has obtained the permit to conduct reconnaissance operations off the coast of Sierra Leone.
Under the agreement, Wildcat will be able to drill 20 offshore petroleum blocks to identify those which yield “commercially viable oil finds.”
The non-exclusive permit doesn’t give the British company pre-emptive rights, forcing it to enter negotiations with the country’s petroleum directorate for exploration and production.
“In its quarterly review, the company’s management restated its aim in the current high oil price environment to complete a deal which would transform Wildcat into a profitable, debt free, dividend paying oil company,” said chairman Mandhir Singh.
“The extent of the blocks covered by the Sierra Leone deal indicates WCAT’s ambition and the size of assets it is trying to secure.
“Although the Sierra Leone endeavour is an exploration project, the company’s top priority is to a secure a stake in a producing asset(s) with resources in the billions of barrels.”