London 07 February 2019
The Brulpadda well encountered 57 meters of net gas condensate pay in Lower Cretaceous reservoirs. Following the success of the main objective, the well was deepened to a final depth of 3,633 meters and has also been successful in the Brulpadda-deep prospect.
Total is Operator and holds a 45% participating interest, with Qatar Petroleum holding 25%, CNR International 20%, and Main Street 10%.
Following the success of Brulpadda and confirmation of the play potential, Total and its partners plan to acquire 3D seismic this year, followed by up to four exploration wells.
Block 11B/12B is located in the Outeniqua Basin approximately 175 kilometres off the southern coast of South Africa and targets the same play fairway as Impact’s own southern Africa exploration portfolio. The block covers an area of approximately 19,000 km² and lies in water depths ranging from 200 to 1,800 meters.
Main Street / Arostyle: As per the Company’s announcement on 21 December 2018, Impact entered into a financing agreement with Arostyle Investments to provide funding, by way of a loan, for Arostyle to complete its acquisition of a 5.1% effective interest in the Block 11B/12B Exploration Right through Arostyle’s 51% ownership of Main Street. The Impact financing was advanced on terms that are representative of its corresponding financial exposure.
Siraj Ahmed, CEO, commented:
“We are thrilled to have played an indirect-role in the drilling of such a significant prospect for South Africa. The Brulpadda-1AX well is the first exploration well that Impact is associated with and early indications of positive results reaffirm our decision to explore offshore South Africa. We look forward to updating our shareholders in due course as we look to de-risk our own portfolio of high impact assets.”