Wildcat Petroleum plc (LSE: WCAT),which is targeting investment opportunities in businesses and assets within the upstream sector of the petroleum industry, and exploring the implementation of blockchain technology within the sector, is pleased to announce that it has signed a Memorandum of Understanding (the "MoU") with Crown Energy AB ("Crown Energy") the NGM Main Regulated Stockholm listed international group focused on oil and gas exploration in Africa and the Middle East, for their potential participation in any future Initial Coin Offering ("ICO") that Wildcat may launch.
Wildcat is working on a proprietary and innovative model to monetise hydrocarbon blocks based on Blockchain Technology. The model is currently in development and hopefully by the end of 2021 the final version will be launched. Crown Energy has oil blocks in Madagascar, South Africa, and Iraq. These blocks potentially contain 2.5 billion of barrels of oil equivalent of prospective and contingent oil resources. Under the MoU, the two parties agree that there may be scope to tokenise these prospective oil resources.