Petroleum Africa
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Friday, November 13, 2020
Impact Oil & Gas has successfully completed the previously announced transaction with Africa Energy Corp for the consolidation of its indirect interest in the Block 11B/12B exploration right, offshore South Africa (Exploration Right reference 12/3/067).
At completion, Africa Energy issued 509,092,771 common shares to Impact pursuant to the terms of a subscription agreement between the Company and Africa Energy, as previously announced in its news release dated 24 August 2020. Following completion, Impact holds 36.5% of the Common Shares in Africa Energy.
Impact has the right, for so long as it holds not less than 10% of the Common Shares, to appoint one nominee to the board of directors of Africa Energy. Johnny Copelyn, Chairman of Impact, was accordingly appointed to the board of Africa Energy on 22 October 2020.
Johnny Copelyn, Chairman of Impact Oil & Gas, commented: “We are delighted to conclude this transaction with Africa Energy, consolidating our respective interests into one vehicle holding 10% (subject to certain consents and approvals) of the Block 11B/12B exploration right. This transaction provides Impact with a significant shareholding in Africa Energy and I look forward to working closely with the Africa Energy Board.”
Siraj Ahmed, CEO of Impact Oil & Gas, commented: “We are pleased to have concluded this milestone transaction. Impact retains a significant indirect interest in the very exciting Brulpadda and Luiperd discoveries and we look forward to continuing to work with the Africa Energy team. In addition, this transaction strengthens Impact’s balance sheet and reduces our anticipated funding needs over the next year.”
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