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Statoil Joins Impact and ExxonMobil in Transkei-Algoa

Source: www.gulfoilandgas.com 9/14/2017, Location: Africa

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Following Statoil South Africa B.V. (Statoil) announcement on 07 September 2017, Impact Oil and Gas (Impact), the African-focused exploration company, welcomes Statoil as a partner in this acreage. Statoil has completed a transaction with ExxonMobil Exploration and Production South Africa Limited (ExxonMobil), acquiring a 35% interest in Exploration Right 12/3/252 Transkei-Algoa (Transkei-Algoa).

Exploration Right 12/3/252 Transkei-Algoa is located offshore eastern South Africa and covers approximately 45,838km² in water depths up to 3,000 metres. The licence was initially awarded to Impact as a Technical Cooperation Permit in 2012, following an application for an Exploration Right, which was granted in 2014. Under the terms of the farm-out agreement between ExxonMobil and Impact in 2012, ExxonMobil subsequently applied for a 75% working interest and operatorship of the licence. The holders have collectively gathered extensive new data, significantly progressing the technical understanding of the exploration potential of the ER.

The participating interests in the Exploration Right 12/3/252 Transkei-Algoa are now as follows: Statoil has a 35% interest, Operator ExxonMobil retains 40% interest, while Impact Africa ltd (Impact’s subsidiary) holds 25%.

Robert Wilde, CEO of Impact Oil & Gas said:

“It is great to see Statoil strengthen its position in South Africa and we are delighted to welcome them as a partner on the licence. We are excited by the potential within the Transkei-Algoa licence and look forward to working alongside two companies of such high calibre.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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