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Impact Acquires 100% Interest in Transkei & Algoa & Tugela South Exploration Rights

Source: www.gulfoilandgas.com 10/28/2020, Location: Africa

Impact Oil & Gas Limited, a privately-owned, African-focused, exploration company, is pleased to announce that its wholly-owned subsidiary, Impact Africa Ltd, has received approval from the Government of South Africa to take forward the Transkei & Algoa Exploration Right and the Tugela South Exploration Right, offshore South Africa, on a 100% operated basis.

ExxonMobil Exploration and Production South Africa Limited (“ExxonMobil”) and Equinor South Africa B.V. (“Equinor”) elected to relinquish their 40% and 35% respective working interests in the Transkei & Algoa Exploration Right and the Tugela South Exploration Right. Following receipt of government consent, Impact took assignment of ExxonMobil’s and Equinor’s, 40% and 35% respective working interests in the Transkei & Algoa Exploration Right and the Tugela South Exploration Right on 20 October 2020.

PHILIP BIRCH, EXPLORATION DIRECTOR OF IMPACT, COMMENTED:
“Impact sees significant exploration potential in South Africa, in particular in the Transkei and Algoa areas, where recent data has allowed us to map some very exciting leads.”

The Transkei block benefits from 12,000km of 2D seismic data, acquired in 2013 and 2018. During March this year, the Transkei & Algoa joint venture received all of the 2D seismic data, processed to depth. Impact is encouraged by the results of its interpretation of this data and sees world class hydrocarbon potential. Impact has applied to enter the Second Renewal Period and has high-graded areas for the acquisition of 3D seismic over the Transkei area.

SIRAJ AHMED, CEO OF IMPACT OIL & GAS, COMMENTED:
“Southern Africa is a strategically important exploration province for Impact, so we are delighted to be taking forward the exploration of these blocks. We thank the teams at ExxonMobil and Equinor for their collaboration and invaluable contributions to our exploration of these area. Impact is now focused on building upon the substantial work done to date by the previous JV partnership and progressing our active farm-out process.”

Transkei & Algoa, offshore South Africa
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, followed by an application for an Exploration Right, which was granted in 2014.

Tugela South, offshore South Africa
Exploration Right 12/3/154, Tugela South is located offshore eastern South Africa and covers an area of approximately 9,054km² in water depths up to 1800 metres.

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