(Alliance News) - Wildcat Petroleum PLC on Monday said it will look at other opportunities after being denied rights to the Bamboo oil field.
The London-based investor in the petroleum industry's upstream sector has received confirmation that no contract or service agreement will be signed with the Sudanese government due to ongoing political and security concerns.
Wildcat shares fell 36% to 0.14 pence each in London on Monday morning.
The company has been pursuing access the Bamboo oil field since last year, although issues started to become clear in September when delays to the signing of a production sharing agreement were announced.
Despite an update in February informing the company that its proposed works programme was under review by government lawyers, no progress has been made beyond this.
Chair Mandhir Singh said: "We will now concentrate on South Sudan. Separately I am pleased to confirm that the company has sufficient working capital for the next 12 months."
The company has already begun dialogue with South Sudanese officials and in February passed the country's due diligence process.
Meetings are now expected to take place in early May to explore the prospect of oil production opportunities in South Sudan.
By Elijah Dale, Alliance News reporter
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