Impact entered into an agreement* for Area 2 offshore South Africa with Silver Wave Energy Pte Ltd in November 2020 for 90% working interest and operatorship.
Area 2, 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 metres. The licence was initially awarded to Silver Wave Energy in 2015.
Area 2 lies within the emerging Southern African Aptian deep water oil and gas play, stretching from northern most Namibia, around Cape Agulhas and the Transkei margin, to the Durban Basin in the north-east. This play has been opened by the Brulpadda and Luiperd discoveries in the Outeniqua Basin and will be further tested during 2021 by the well on the giant Venus prospect in ultra-deep-water Namibia, where Impact is a substantial partner. Impact believes that there is good evidence for this Southern African Aptian play to have a common world-class Lower Cretaceous source rock, similar excellent quality Apto-Albian reservoir sands, and a geological setting suitable for the formation of large stratigraphic traps.
Impact Oil & Gas Limited. 90% (Operator)*
Silver Wave Energy Pte Ltd 10%
*Closing of the transaction is subject to customary conditions, including the approval of the Government of South Africa.