Capital Raising of USD $10,000,000

Monday 26 November 2018

Impact Oil and Gas (“Impact”), one of the leading oil exploration companies operating offshore Southern and West Africa, is pleased to announce that it has raised USD $10,000,000 through the exercise of options agreed under the previously announced subscription agreement (“Subscription Agreement”) entered into on 7 February 2018, with Deepkloof Limited (“Deepkloof”), a subsidiary of Hosken Consolidated Investments (“HCI”) of South Africa, and Africa Oil Corp (“AOC”). The Subscription Agreement provided for subscriptions totalling, up to USD $35,000,000.

Impact CEO Siraj Ahmed said:

Today’s announcement reflects the continued support from our shareholders, Deepkloof and Africa Oil. With their backing, we have a strong balance sheet from which we can continue to de-risk our portfolio whilst evaluating new opportunities.”