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Tuesday, August 31, 2021
Impact Oil & Gas Limited announced the completion of the previously announced farm-out transaction between its wholly-owned subsidiary, Impact Africa Limited, and BG International Limited, a wholly owned subsidiary of Royal Dutch Shell plc (Shell) of a 50% working interest and operatorship in the Transkei & Algoa exploration right, offshore South Africa.
Following completion of the transaction, the participating interests in the Transkei & Algoa blocks are as follows: Shell (Operator), 50% and Impact Africa Limited, 50%. Impact is also pleased to announce that the South African Government has granted the Second Renewal Period of the license. This is a two-year exploration period that commenced in August 2021. Impact and Shell intend to proceed with the acquisition of approximately 6,000 sq km of 3D seismic during 2022.
Siraj Ahmed, CEO of Impact Oil & Gas, commented: “We are very pleased to have concluded this transaction with Shell; a world-class operator with deep water expertise. We look forward to working with Shell to build on the considerable work done to date and further explore this exciting exploration province.
“This transaction, and the proposed 3D seismic acquisition program, enables Impact to deliver on its objective of accelerating the exploration of the transform margin of the South African Natal Trough, which Impact believes has significant potential.”
Exploration Right 12/3/252, Transkei & Algoa is located offshore eastern South Africa and covers approximately 45,838 sq km in water depths up to 3,000 meters. The license was initially awarded to Impact Africa Limited as a Technical Cooperation Permit in 2012, followed by an application for an Exploration Right, which was granted in 2014.
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