LONDON: Wildcat Petroleum Plc has signed a Memorandum of Understanding (MoU) with Crown Energy AB, the NGM Main Regulated Stockholm listed international group focused on oil and gas exploration in Africa and the Middle East, for their potential participation in any future Initial Coin Offering (ICO) that Wildcat may launch.
Wildcat Petroleum is targeting investment opportunities in businesses and assets within the upstream sector of the petroleum industry, and exploring the implementation of blockchain technology within the sector.
Wildcat is working on a proprietary and innovative model to monetise hydrocarbon blocks based on Blockchain Technology, which may lead to Initial Coin Offering (ICO) in the future.
The model is currently in development and hopefully by the end of 2021 the final version will be launched. Crown Energy has oil blocks in Madagascar, South Africa, and Iraq.
These blocks potentially contain 2.5 billion of barrels of oil equivalent of prospective and contingent oil resources. Under the MoU, the two parties agree that there may be scope to tokenise these prospective oil resources.
The Company would also like to note that it is making steady progress towards acquiring an oil asset and will make further announcements to the market regarding this in due course.
Mandhir Singh, Chairman of Wildcat, commented: “The level of interest in Wildcat’s blockchain approach that we have received from oil and gas companies in recent weeks has been incredible and we are thrilled to announce this MoU with Crown Energy AB.
“The Company has received numerous similar expressions of interest from both public and private oil companies looking for an alternative way to monetise non-performing oil blocks. Assisting these oil companies to monetise their assets has the potential to provide the Wildcat with a valuable future revenue stream with minimum risk and negligible additional costs.
“On top of this, we continue to make good progress towards the acquisition of an attractive oil and gas asset, which will form the nucleus of our future token launch. We look forward to updating the market on this, along with the other discussions taking place, in due course.”
Andreas Forssell, CEO of Crown Energy AB commented: “It is a pleasure to collaborate with such an innovative and forward-thinking oil company and believe this will be a mutually beneficial relationship. We feel that their blockchain approach to oil and gas could prove transformative to not just the Company but also the sector.”
Wildcat Petroleum is listed on the standard segment of the official list, with shares traded on the main market of the London Stock Exchange. WCAT is seeking to acquire a business operating in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas, with a primary focus on assets that are at the later phases of exploration and production.
As part of the Company’s commercial strategy, it is also exploring the implementation of blockchain technology within the oil and gas sector in order improve efficiencies when completing transactions across multiple markets. www.wildcatpetroleum.co.uk
Crown Energy is an international group providing customised solutions for housing, offices and associated services, as well as oil and gas exploration in Africa and the Middle East. The Company creates value via two business areas: Asset Development and Management and Energy.
In Asset Development and Management business area, the Company offers a one-stop- shop concept for housing, offices and associated services to international companies. The Energy business area focuses on exploration opportunities with high potential for recoverable reserves. www.crownenergy.se