Recent visit by Company to S.Sudan (Replacement)

(Correction - MOU is valid to 31/5/2028 not 2024 as stated in RNS 3512N released 07.00 on 7 May 2024.The corrected text is below)

After a recent very successful trip to South Sudan, the Company is happy to announce that it has signed an MOU with the Ministry of Petroleum (MOP) covering the following:

To establish a collaboration agreement to form a Production Sharing Service Agreement (PSSA) between the MOP and WCAT to work together to advance the development and commercial exploitation of the hydrocarbon assets in selected fields in the Republic of South Sudan. A working party made up of members of both WCAT and MOP will be established to select suitable fields for development and agree suitable terms and conditions. (*).

The MOU is valid to 31/5/2028 and recognises the current status of existing Exploration and Production contracts in South Sudan including pre-emption rights. It can be terminated on 30 days' notice by either party.

WARRANTS

Dr Omar has been of great assistance to the Company in helping to secure this deal in South Sudan. His extensive expertise and knowledge have been a great assistance to the Company. As a result the Company has decided to compensate him with the awarding of 20 million warrants with a strike price of 0.20p and an expiry date of 31st Dec 2024.

Chairman, Mandhir Singh "It was very disappointing that the Company was unable to secure the Bamboo field in Sudan (North), however the Company hopes to make up for this disappointment by concentrating on South Sudan.

(*) The market will be informed when the working party has been set-up.