Wildcat Petroleum (LSE:WCAT) shares jumped by 30% on the signing of a Memorandum of Understanding (MOU) with a third party on deals from Sudan.
No names were announced, but the arrangement is for Wildcat to propose deals to the third party, which will invest up to US$25mln on the ones it likes.
The deal can also be extended to other deals in African countries sourced by Wildcat.
Mandhir Singh, Wildcat’s chairman, said: "This MOU is a significant step forward for Wildcat as we aim to complete our first transaction in Sudan.
“Now that we have a party that is interested in the same geographies, we are focused on closing a deal as soon as possible.”
Shares rose 0.13p to 0.53p.