London, [9th December 2016] Impact Oil and Gas (“Impact”), the African-focused pure exploration company is pleased to announce the award of a Technical Co-Operation Permit (“TCP”) by the Petroleum Agency of South Africa (“PASA”) over the Orange Basin Deep Block (“Orange Deep”), offshore South Africa.
Impact holds 100% interest and is Operator of the Orange Deep. This award increases Impact’s world class acreage position in South Africa, to 89,661 km2 (gross) across three non- operated and two operated blocks.
Orange Deep lies offshore on the west coast of South Africa and covers approximately 15,474 km2 in water depths from 2,700m. The block currently has a limited amount of data but lies along the outer edge of the Orange Basin and could contain deep water fans similar to the fans identified in Impact’s Namibian Block 2913B which lies to the north.
A TCP allows for desktop study and the acquisition of seismic data over the area and the Company has commenced a technical evaluation of the area to assess the prospectivity of apron fans that could have up-dip pinch-out seals against the outer high of the continental crust in the north-east of the Orange Deep TCP area and against oceanic crust in the west and south-west of the area. A TCP gives the holder the exclusive right to apply for an Exploration Right.
Mike Doherty, Executive Chairman of Impact Oil & Gas said:
“The acquisition of this permit is in line with Impact’s strategy of acquiring high-potential, oil- prone, deep water acreage along the African continental margin and is an excellent addition to our world class portfolio. Although we have limited information at present, our studies over the next year will determine whether we should apply for an exploration right over the area which we have exclusive rights to.”