Acquisition of Namibian 3D seismic survey commences

London, [12 December 2016], Impact Oil and Gas (“Impact”), the African-focused pure exploration company is pleased to announce that it has started acquiring proprietary 3D seismic data offshore southern Namibia on Block 2913B. The Block, which has a water depth from 2,500m, lies 300km offshore and is immediately adjacent to the South Africa maritime boundary. The survey will cover approximately 1,900km2 of 3D seismic, targeting the highly material Aptian basin floor fan reservoir. Impact holds an 85% working interest in the Block and is the main operator. NAMCOR, a state oil company, holds 10% and Grisham Assets Corp. 5%.

Petroleum Geo-Services (“PGS”), a dedicated marine geophysical company, has been contracted to carry out the survey using its pioneering GeoStreamer® technology to acquire high quality 3D seismic data using the M/V Ramform Sterling. The survey is expected to be completed in late December 2016.

Impact’s contractor, PGS, is led by a team of highly experienced maritime and seismic industry professionals, who have proven reliability working offshore Namibia and are well renowned for their fleet of high performance 3D seismic vessels, incorporating innovative design and advanced maritime technologies for improved efficiency and operating to international best practice safety standards.

Impact acquired Block 2913B in February 2014 and subsequently licenced 2D seismic in July 2014, which modelling identified a large apron fan draped over oil-mature Aptian source rocks to form an extensive stratigraphic trap. Data processing and interpretation on the 3D seismic will begin once the survey is completed, early next year.

Mike Doherty, Executive Chairman of Impact Oil & Gas said:

“The 2D seismic that we acquired from Spectrum in July 2014 helped us to identify a large Aptian basin-floor fan play with considerable reserves potential. The 3D data will build on our knowledge of this and other plays within the Block and enhance our prospects of forming a joint venture with a major oil company in this area.

We have recently extended our acreage position in the Orange Basin by signing a new TCP (Technical Cooperation Permit) covering our Orange Deep Block in South Africa. The more knowledge that we gain in this area is leading us to the conclusion that the Orange Basin, as a whole, is very prospective”.

Download the full press release here..