Wildcat Petroleum (LSE:WCAT) shares moved higher as it inked a collaboration agreement to explore in South Sudan.
It will work with SFF, a company owned by the State of South Africa, with the aim to explore acreage previously held by PETRONAS.
Specifically, they plan to evaluate the petroleum potential and potential scenarios for acquiring all or parts of the assets.
This comes after PETRONAS announced in August that it would withdraw from the projects.
"Having secured this Agreement with the South African government through its wholly owned entity SFF is excellent news for Wildcat in its endeavours to secure a deal in South Sudan,” Wildcat chair Mandhir Singh.
“A tie-up with the SFF can only enhance Wildcat opportunities as the SFF is one of only a handful of companies that has successfully signed a petroleum deal in South Sudan since the country gained independence in 2013.”