Impact Oil and Gas (“Impact”), the African- focused pure exploration Company, is pleased to announce that it has started shooting 3D seismic data off the coast of Gabon, on block B7 – one of its 100% owned blocks. Polarcus, a marine geophysical company with a pioneering environmental agenda has been contracted to carry out the survey using the M/V Polarcus Nadia. The survey will cover 2,300km2 of 3D seismic and is expected to complete in two months.
Impact’s three blocks; D13, D14 and B7 were recently awarded following the highly competitive 10th deep water offshore licensing round in August 2014. Impact was the only small private company to be invited by the Government to fully participate in the bidding and subsequent negotiation process and was awarded 100% of all three blocks applied for, increasing the Company’s world-class acreage footprint in an exciting play, highly contested by the majors and large independents. Other companies to win licenses offshore Gabon in the round included Repsol, Marathon, Noble Energy, Woodside and Petronas. Further blocks may be awarded in the near future. The Impact acquisition of seismic is the first proprietary survey undertaken on any of the newly awarded blocks in the 10th licensing round.
Impact’s contractor, Polarcus, is led by a team of highly experienced maritime and seismic industry professionals. Polarcus operates a fleet of seven high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency.
Data processing and interpretation will begin when the survey is completed, early next year. The seismic programme is being financed from a proportion of the US$55 million recently raised through a private placing of new shares to both new and existing investors including Helios Investment Advisers LLP, an Africa focused Private Equity Group and a subsidiary of Hoskins Consolidated Investments (HCI) of South Africa. HCI is a Black Economic Empowerment (BEE) investment holding company listed on the Johannesburg Securities Exchange.
Executive Chairman, Mike Doherty said:
“The shooting of 3D seismic in one of the most prospective regions on the West African coastline, so soon after the award of Blocks D13, D14 and B7, once again demonstrates Impact’s ability to move quickly and efficiently to mobilize resources and undertake our committed work programmes at the earliest opportunity. We are delighted to be working with Polarcus, a Company which is at the forefront of data acquisition technology who share our commitment to operating to the highest environmental standards to ensure there is a minimal environmental impact
“This extensive survey will provide valuable pre-drill information, allowing us to evaluate the exploration potential of block B7, which is located close to recent discoveries in the area, and
build upon the Company’s positive momentum. We look forward to the successful completion of the seismic and to analyzing the results.”