Wildcat Petroleum PLC, which is focussing on investment opportunities in assets and businesses, has announced signing an MoU with Crown Energy AB. The NGM Main Regulated Stockholm listed international crew targeted on oil and gas exploration in the Middle East and Africa, for their capable involvement in any future ICO that Wildcat may start.
Wildcat Petroleum PLC Signs an MoU With Crown Energy AB
Wildcat has recently revealed that they have been working on an exclusive and innovative project to monetize hydrocarbon blocks based on blockchain technology.
In addition to this, the project is presently in the stages of development, and hopefully, by the end of this year, the final version is going to be introduced.
Crown Energy has oil blocks in South Africa, Iraq, and Madagascar, moreover, these blocks potentially consist of 2.5 billion barrels of oil equivalent of prospective and fortuitous oil resources.
Under the Memorandum of Understanding, the two parties agree that there may be scope to tokenize these prospective oil resources.
The firm would also like to note that it is making slow and steady progress towards obtaining an oil asset and will be making further announcements to the market regarding this in due course.
The Chairman of Wildcat, Mandhir Singh commented:
“The level of interest in Wildcat’s blockchain approach that we have received from oil and gas companies in recent weeks has been incredible and we are thrilled to announce this MoU with Crown Energy AB.”
Crown Energy on Acquisition of an Attractive Oil And Gas
In addition to this, Mandhir Singh revealed in the favor of the collaboration:
“The Company has received numerous similar expressions of interest from both public and private oil companies looking for an alternative way to monetize non-performing oil blocks. Assisting these oil companies to monetize their assets has the potential to provide the Wildcat with a valuable future revenue stream with minimum risk and negligible additional costs.”
The CEO of Crown Energy AB, Andreas Forssell commented on the acquisition:
“It is a pleasure to collaborate with such an innovative and forward-thinking oil company and believe this will be a mutually beneficial relationship. We feel that their blockchain approach to oil and gas could prove transformative to not just the Company but also the sector.”