Wildcat Petroleum plc shares rise strongly on Sudan ceasefire breakthrough (LON:WCAT)

Wildcat Petroleum
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In a notable development at the 41st Extraordinary Session of the IGAD Assembly in Djibouti, chaired by President Ismail Guelleh, key Sudanese leaders agreed to a cessation of hostilities. The agreement was announced by IGAD Executive Secretary Workneh Gebeyehu and involves Sudanese Sovereign Council Chairman Abdel Fattah al-Burhan and Rapid Support Forces (RSF) leader Mohamed Hamdan Daglo.

This breakthrough is seen as a pivotal moment in addressing the ongoing conflict in Sudan. Gebeyehu highlighted the importance of this commitment by Sudanese parties to convene and discuss peace, aligning with the aspirations of the Sudanese people.

In turn Wildcat Petroleum (LON:WCAT) shareholders have picked up on the news with Wildcat share price up almost 20% at the time of writing.

The path to this agreement was marked by intense negotiations, including direct interventions by IGAD leaders and a crucial phone call between RSF leader Daglo and President Guelleh. The agreement stipulates that al-Burhan and Daglo will meet within 15 days to initiate confidence-building measures and lay the groundwork for a political resolution.

During the summit, al-Burhan called for specific conditions to be met in any political settlement. These include the evacuation of civilian facilities, relocation of RSF combatants to agreed cantonment sites, and a comprehensive political process leading to national agreement and general elections. He emphasized the importance of maintaining Sudan’s sovereignty and territorial integrity, adhering to the principle of a single army, ensuring accountability, and achieving political power through democratic elections.

In response, Daglo outlined his conditions for the political process in a letter to the IGAD Chair. He called for confidence-building measures, including the re-arrest of former regime leaders. Daglo proposed an initial 30-day ceasefire, extendable, and subject to renewal based on the progress of political negotiations. He also stressed that the political process should exclude the National Congress Party and its affiliates, due to their role in obstructing Sudan’s democratic transition.

The agreement facilitated by IGAD to cease hostilities is a critical step towards resolving the conflict in Sudan.

Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas. 

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