Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Wildcat Petroleum (LON: WCAT) shares are rallying on Monday following the company’s announcement that it has appointed the Centre for Citizenship, Enterprise and Governance (CCEG) as its Blockchain Developer and Cryptocurrency Platform Provider.
The company has commissioned the CCEG to produce a report on the application of blockchain technology to the upstream sector of the petroleum industry and how to implement this into future acquired oil exploration and production assets.
The report will specifically look at regulatory approval issues and appropriate jurisdictions if it were to conduct an ICO or launch an asset-backed token.
“While we continue to make progress seeking a deal in the oil and gas sector, we are extremely excited to be making excellent strides in advancing the blockchain aspect of our growth strategy,” stated Mandhir Singh, Wildcat’s chairman.
“Having a recognised global player such as CCEG as our partner will be invaluable in facilitating legal compliance, system integrity and to ensure that our approach is robust,” Singh added.
Professor Olinga Taeed, CCEG’s founder and director, was recently appointed as Wildcat’s blockchain advisor.
Wildcat’s share price is up 18.97% at the time of writing, priced at 2.035p.
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