Wildcat Petroleum (LON: WCAT) shares are soaring on Monday after the company appointed Michael Edelson as a senior business advisor.
The recently floated company said Edelson has been part of several successful projects involving shell companies, helping to float over 20 firms during his career, one of which was ASOS. He is currently a non-executive director of Manchester United FC, chairman of SysGroup plc, and on the board of many private companies and charitable trusts.
Wildcat will be drawing upon Edelson’s extensive experience and connections to help it source investment opportunities and develop business partnerships.
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The London-listed firm is looking to change how the petroleum industry operates, introducing blockchain technology and novel solutions to its business.
As part of its commercial strategy, the company is looking to deploy blockchain technology to acquired future assets to improve efficiencies of oil and gas trading when completing transactions across multiple markets.
“We are delighted to have Michael as part of our team given his plc experience and the advice and business network upon which we will be able to draw upon,” said Mandhir Singh, Wildcat’s chairman.
“Having him on board is a huge coup for Wildcat and a great vote of confidence in the Company’s vision. With Michael’s assistance we believe that we can achieve our goals quicker and more effectively,” added Singh.
The company’s stock price has seen substantial gains following the news, trading to highs of 1.80p. It is currently priced at 1.48p, up over 51%.
