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Wildcat Petroleum signs up Namibia explorer for blockchain project

The company is working on a blockchain technology for oil industry transactions, eyeing a possible launch by the end of this year

Wildcat Petroleum - Wildcat Petroleum signs up Namibia explorer for blockchain project

Wildcat Petroleum PLC (LON:WCAT) has signed an agreement with Nabirm Global, a licence holder in Namibia, for a possible future blockchain project.

Nabirm owns an exploration licence offshore Namibia estimated to have a potential 8.7bn barrels of prospective resources, and, Wildcat is exploring the implementation of blockchain technology to improve efficiencies in industry transactions.

"This is the second MOU we have signed in a matter of days and there is still a pipeline of similar expressions of interest to work through,” said Wildcat chairman Mandhir Singh.

“This MOU combined with the Crown MOU signed earlier this week gives WCAT the potential to tokenise over 11 billion barrels of oil. As the company continues to seek an attractive oil and gas acquisition it is hopeful that it will add its own barrels of oil to this figure in due course."

On Monday, Wildcat signed a similar agreement with Crown Energy, a Stockholm-listed firm focussed on oil and gas assets in Madagascar, South Africa, and Iraq.

Wildcat said that its model for the blockchain is currently in development and hopefully by the end of 2021 the final version will be launched.

The company and new partner Crown see scope to tokenise the explorer’s prospective oil resources.

Additionally, it said that it is making steady progress towards acquiring an oil asset and will make further announcements in due course.

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Price: 1.725 GBX

Market Cap: £41.4 m

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