Impact acquires 100% stake in South African offshore exploration rights

first_imgThe company has secured approval from the South African Government to take over the rights The Tugela South exploration right is located offshore of eastern South Africa. (Credit: Pixabay/Keri Jackson.) Impact Oil & Gas, an Africa-focused oil and gas exploration company, has acquired the 100% stake in Transkei & Algoa Exploration Right and the Tugela South Exploration Right, offshore South Africa.The company acquired the stakes from ExxonMobil Exploration and Production South Africa and Equinor South Africa, who agreed to relinquish their 40% and 35% working interests respectively in the Transkei & Algoa Exploration Right and the Tugela South Exploration Right.Impact has secured approval from the South African Government to take over the rights.Impact Oil & Gas CEO Siraj Ahmed said: “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.”Details of the two exploration rightsLocated offshore of eastern South Africa, the Transkei & Algoa exploration right covers an area of about 45,838km² in water depths up to 3,000m.Impact had initially secured the licence  as a technical cooperation permit in 2012. It was followed by an application for an exploration right, which was granted in 2014.The Tugela South exploration right is located offshore of eastern South Africa and covers an area of about 9,054km² in water depths up to 1800m.Impact stated that the Transkei block benefits from 12,000km of 2D seismic data, which was acquired between 2013 and 2018.In this March, the Transkei & Algoa joint venture received all of the 2D seismic data, processed to depth.Impact exploration director Philip Birch said: “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.”last_img read more

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