Wildcat Petroleum PLC CCEG report on role of Blockchain in Oil and Gas
24 March 2021 - 6:00PM
RNS Non-Regulatory
TIDMWCAT
Wildcat Petroleum PLC
24 March 2021
Reach
24 March 2021
Wildcat Petroleum Plc
("Wildcat" or the "Company")
Interim report by CCEG on the role of Blockchain in Oil and Gas
completed
The Board of Wildcat, the LSE listed Company 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, is
pleased to announce that the report commissioned by Wildcat (the
"Report") from the Centre for Citizenship, Enterprise and
Governance ("CCEG") has been completed, received and reviewed by
the Company.
The Report highlights numerous ways in which the application of
blockchain technology could be applied to the sector and may
enhance returns for shareholders. These included:
-- First mover advantage, which may enable Wildcat to establish
a dominant position within the upstream oil industry in relation to
oil assets and tokens;
-- Increasing Wildcat's shareholder base around the world;
-- Potential to revolutionise and democratise the oil and gas industry;
-- Garnering institutional or sovereign wealth fund support for
the project, particularly within oil producing Gulf States where
CCEG has already established high level contacts in countries such
as the UAE & Saudi Arabia;
-- Enhancing shareholder returns via "Airdrops" (issuing free tokens to shareholders);
-- Establishing a global presence by registering in Dubai (Gulf
investors) & Singapore (Far East investors) and;
-- Potential to secure oil assets by the issuance of tokens
alongside use of cash, debt or equity.
CCEG has presented the Wildcat Board with a number of possible
business models, which the Company might be able to implement and
the Board feels that there is a high probability that one or a
combination of these models would be viable and would, importantly,
be accepted by the FCA and fit within the current UK regulatory
framework. As a result, the company has mandated CCEG and
specialist blockchain lawyers at 'gunnercooke LLP' to explore the
best ways to drive forward with these ambitions. They are mandated
to produce a business model which will be acceptable to the FCA as
well as to work with the Company in obtaining any registrations
and/or authorisations which may be required for the model to
proceed.
In any future blockchain operation, Wildcat will also target
investors in the oil rich Gulf States and the Far East, leveraging
the extensive relationships that CCEG has established in these
regions.
The token that Wildcat is looking to launch will likely be
linked to barrels of oil in the ground when a suitable oil block
has been acquired.
The executive summary of the CCEG report can be read here
(please note that commercially sensitive information has been
redacted from the PDF):
http://www.rns-pdf.londonstockexchange.com/rns/2427T_1-2021-3-23.pdf
Mandhir Singh, Chairman of Wildcat, commented: "As we continue
to have conversations about securing an oil and gas asset, we are
pleased to read such positive insight into the potential for the
blockchain aspect of our growth strategy. We are excited by the
prospect of our token launch and what it may mean for prospective
investors. The company has already begun the process of sourcing
and securing legal advice in Dubai, Singapore & Switzerland in
order to target new investors in these regions and we will also be
looking to register on cryptocurrency exchanges in these
jurisdictions. We look forward to updating the market of further
developments as we continue to make progress."
James Burnie, Partner at gunnercooke said: "The intersection
between blockchain and oil and gas is a fascinating one, and we are
happy to be involved in progressing Wildcat's blockchain ambitions
to see the ways in which this technology can be applied in new and
exciting ways."
Enquiries:
Wildcat groberts@wildcatpetroleum.co.uk
Glyn Roberts
Pello Capital Limited (Broker) +44 (0)20 3700 2500
Mark Treharne MT@pellocapital.com
Yellow Jersey (Investor Relations) +44 (0)20 3004 9512 wildcat@yellowjerseypr.com
Notes to Editors:
Wildcat Petroleum (LSE:WCAT) 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.
About gunnercooke LLP
gunnercooke is an award-winning full-service law firm, founded
in 2010, to challenge, improve and evolve the way that legal
services are delivered. At present, the firm is made up of more
than 230 expert partners, operating nationally and internationally
via offices and hubs. As of November 2020, the firm was named be
named Law Company of the Year at The Lawyer Awards, in recognition
of the services delivered to its clients.
https://gunnercooke.com/practice-area/blockchain-cryptoassets-smart-contracts-and-defi/
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRADXLFLFXLBBBF
(END) Dow Jones Newswires
March 24, 2021 03:00 ET (07:00 GMT)
Wildcat Petroleum (LSE:WCAT)
Historical Stock Chart
From Apr 2024 to May 2024
Wildcat Petroleum (LSE:WCAT)
Historical Stock Chart
From May 2023 to May 2024