London: 28 April 2023
Impact Oil & Gas Limited (“Impact” or the “Company“), a privately-owned, Africa-focused, exploration company, is pleased to announce that it has successfully raised US$95 million through an Open Offer to existing shareholders.
The capital raised shall be used, through its wholly owned subsidiary, Impact Oil and Gas Namibia (PTY) Ltd), to fund Impact’s participating interest share of the multi-well drilling programme in Namibia to further evaluate and appraise the Venus discovery; a world class, light-oil and associated gas field announced in February 2022. Impact holds a 20% participating interest share in Block 2913B (PEL 56) and an 18.89% participating interest share in the adjacent Block 2912 (PEL 91).
Siraj Ahmed, Chief Executive Officer of Impact, commented:
“We are pleased to see the US$ 95 million open offer’s successful completion, having been fully taken up by our existing shareholders, who continue to support our growth and to whom we are most grateful. The funds raised will be applied towards our share of the multi-well drilling programme now underway in Namibia, together with our partners TotalEnergies, QatarEnergy and NAMCOR.”
Impact Oil and Gas +44 1483 750 588
Siraj Ahmed, CEO
PR & Media: Camarco +44 20 3757 4980
Georgia Edmonds, Hugo Liddy, Kirsty Duff
About Impact Oil & Gas
Impact is a UK-based, privately owned, independent exploration company with a focus on finding large scale, deep water plays offshore Western and Southern Africa. These plays must be of sufficient materiality to attract partnership by industry majors with the expertise to subsequently drill.
Since acquiring its first asset offshore South Africa over a decade ago, the Company has expanded its asset base across the offshore margins of Southern and West Africa. It is now partnered with Shell in South Africa, CNOOC in AGC (a joint development zone between Senegal and Guinea Bissau) and TotalEnergies and QatarEnergy in Namibia and South Africa. The Company’s current portfolio covers a combined area of over 180,000 km² (gross) (including an indirect interest in Block 11b/12b, South Africa).
As a pure exploration company, Impact has matured a number of significant prospects across a portfolio that has, for the most part, been grown organically. Whilst Impact indirectly participated in the Brulpadda-1X and Luiperd-1X gas condensate discoveries on Block 11b/12b in South Africa in 2019 and 2020, respectively, the Venus discovery was made from Impact’s home-gown portfolio. This deep-water Cretaceous play extends from southernmost Namibia, around South Africa as far as the Durban Basin and is the focus of Impact’s exploration strategy. Impact holds a material acreage position across the entire play fairway; the results of the Venus and Graff wells have enhanced our confidence in the prospectivity seen across our southern African portfolio.