Impact Oil & Gas, the oil and gas exploration company focused on emerging hydrocarbon plays around the African continent, announces the acquisition, under an existing option agreement with Singapore based Silver Wave Energy [Limited] (“Silver Wave”), of an 80% working interest in, and operatorship of, Exploration Licences covering four blocks in the Tugela Area offshore the south east coast of the Republic of South Africa. The blocks are 2931C, 2931D, 2932C and 2932A and cover a total of 11,325 square kilometres.
The Impact management team became aware of the potential and the opportunity in early 2009 and concluded an agreement with Silver Wave to apply for the blocks and to work exclusively with the management team. Silver Wave was awarded the blocks in the Fourth Offshore Licensing Round of the Petroleum Agency of South Africa (“PASA”) in December 2009. In March 2010, Impact Oil & Gas was formed and the option agreement with Silver Wave referred to above was signed. Exploration Licences covering the four blocks were awarded to Silver Wave in May 2011, following which Impact completed a £9.6 million fundraising with institutional and other investors in the UK and Canada and the acquisition of 2D seismic on the blocks commenced.