Wildcat Petroleum (LSE:WCAT) gained over 30% on Monday morning after announcing it had passed a due diligence test in relation to a proposed oil production acquisition in Sudan.
Sudan’s Ministry of Petroleum (MOP) probed Wildcat’s ability to complete the prospective multi-billion dollar purchase, a press release said, with approval needed before any deal could go ahead.
“We are happy to have passed the arduous due diligence process,” chairman Mandhir Singh commented.
“Wildcat has been invited by the MOP to... conduct talks regarding current oil production opportunities in the country.”
Shares climbed 33.3% to 0.32p, with Wildcat adding financial backing had already been promised by investors over such a purchase.