Petroleum Africa
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Wednesday, August 14, 2024
Impact Oil & Gas Limited announced that its subsidiary, Impact Africa Ltd, has entered into an agreement with Silver Wave Energy Pte Ltd to acquire its entire interest (10%) in Area 2, offshore South Africa.
Impact currently owns a 90% participating interest and operatorship in Area 2, acquired from Silver Wave Energy in 2020. Following completion of this transaction, Impact will own 100% of Area 2. Area 2 sits outboard of, and compliments, Impact’s Transkei & Algoa blocks, off the east coast of South Africa. Together, the blocks extend the entire length and breadth of the deep-water part of the east coast margin, covering a combined area of approximately 125,000 sq km across a very exciting frontier exploration area, with plays extending across both blocks.
Closing of the transaction is subject to customary conditions, including the approval of the Government of South Africa.
Area 2 lies within the emerging South Africa and Namibia (SANAM) super-basin, which stretches from northernmost Namibia to the Durban Basin of eastern South Africa. The Block shares the same prolific petroleum play as is currently being successfully explored in the Orange Basin of Namibia, and further proven by the Brulpadda and Luiperd discoveries in South Africa’s Outeniqua Basin. Impact believes that all of these areas share common world-class Cretaceous source rocks and similar giant stratigraphic traps. Furthermore, we believe Area 2 will contain higher quality Cretaceous reservoir sands than those currently explored in the SANAM super-basin.
Siraj Ahmed, CEO of Impact Oil & Gas, commented: “We are pleased to have concluded this agreement with Silver Wave Energy and thank the Silver Wave team for their collaboration over the past four years. As the holder of 100% of this high-caliber exploration block, we are particularly excited with the opportunity for this area to contain a very similar play to that which has brought Impact so much success in the Namibian Orange Basin.”
Following completion of this transaction, Impact will hold 100% participating interest and operatorship in Area 2. In the adjacent Transkei & Algoa blocks Impact holds a 45% participating interest and BG International Limited, a wholly owned subsidiary of Royal Dutch Shell plc, holds a 55% participating interest and Operatorship.
About Area 2, offshore South Africa
Exploration Right reference 12/3/276 (Gamtoos, Algoa and Transkei Basins), is located offshore eastern South Africa and covers approximately 78,708km². Although water depths extend to approximately 4,500 meters, the prospective areas sit within 3,500 meters. The license was initially awarded to Silver Wave Energy in 2015.
Area 2 sits adjacent to Exploration Right 12/3/252, Transkei & Algoa, which covers approximately 45,838 sq km in water depths up to 3,000 meters.
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