Wildcat Petroleum PLC - invests in upstream sector of petroleum industry - Signs memorandum of understanding with a third party that has expressed an interest to carry out due diligence on deals that Wildcat can source from Sudan. This potential partner then will decide whether or not to invest directly into a deal up to an amount of $25 million.

Adds that the unnamed third party also is prepared to invest in other Africa-based petroleum projects sourced by Wildcat. The memorandum is not legally binding, and can be terminated with 30 days notice.

Chair Mandhir Singh says: ‘Now that we have a party that is interested in the same geographies, we are focused on closing a deal as soon as possible. Last October the company signed an MoU with the Sudanese over four producing oil blocks, and efforts will be concentrated on signing a production sharing agreement over at least one of them. If the on-going political situation prevents travel to Khartoum then the company will endeavour to negotiate a deal remotely.’

Current stock price: 0.46 pence, up 14% in London on Monday morning

12-month change: down 62%

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