It’s that word blockchain again working its magic on a company’s share price.
Wildcat Petroleum PLC (LON.WCAT) has jumped 33p or 11.38% to 3.23p as it unveiled the results of a report it commissioned from the Centre for Citizenship, Enterprise and Governance into how blockchain technology could be applied to the oil industry.
The report indicates the potential benefits to Wildcat from issuing blockchain tokens for oil assets alongside cash, debt or equity. It also suggests getting the support of sovereign wealth funds in oil producing states such as the UAE and Saudi Arabia, where CCEG has high level contacts. It could also issue free tokens to investors to enhance shareholder returns.
All this is designed to help Wildcat gain first mover advantage in the use of blockchain in the sector.
Wildcat said CCEG had presented a number of possible business models for the company which it believed would be viable and would be accepted by UK regulators.It has appointed CCEG and specialist lawyers at gunnercooke LLP to explore the best options.
It added that the token it is…
