Namibia – Acquisition of an 80% interest

On 10 February 2014, Impact Oil and Gas Limited (“Impact”), the Africa focussed specialist upstream explorer, announced it had successfully acquired an 80% interest in Block 2913B offshore Namibia, subject to the approval of the Government of Namibia, through its acquisition of Black Star Petroleum Limited. Impact is pleased to announce that Government consent has now been granted and on 10 April 2014 Impact, through its wholly owned subsidiary Black Star, completed the acquisition of an 80% participating interest and operatorship of Block 2913B (“Block 2913B”) from Grisham Asset Corp. The remaining 20% is held by NAMCOR (The National Petroleum Corporation of Namibia (Pty) Ltd) and Southern Oil and Gas Explorers (Pty) Ltd, each holding 10% respectively.

Namibia Block 2913B lies within the southernmost region offshore Namibia, adjoining the maritime boundary with South Africa. These blocks are located in the Namibian portion of the Orange Basin, with Block 2913B containing oil prospective deep marine sands lying within large anticlinal traps immediately west of the Orange River delta.

NAMCOR Managing Director, Obeth Mbui Kandjoze, said

“NAMCOR is delighted to welcome Impact Oil and Gas to Namibia. The NAMCOR / Impact joint venture faces an exciting future as it focuses on proving a new oil prospective zone along the front of the ancient Orange River delta”.

Mike Doherty, Executive Chairman of Impact Oil and Gas Limited commented:

“Impact is delighted to have successfully acquired this high quality exploration licence in such an attractive exploration area, which adds another high quality exploration licence to our expanding portfolio. This demonstrates our continued commitment to building a first class Africa-focused oil exploration portfolio.”

Spectrum Survey

Impact participated in a Spectrum non-exclusive 2D seismic survey over Block 2913B in order to accelerate its Namibia exploration programme.

Mike Johnson, Senior Vice President for Multi-Client Business Development Europe, Africa, Middle East at Spectrum commented,

“We were delighted to extend the survey to include coverage of Impact’s Block 2913B. We now have a very large seismic grid in the area which provides invaluable regional information for companies working in this highly prospective area of Southern Namibia.