NAMIBIA: No hydrocarbons were encountered in the Marula-1X well

Impact Oil & Gas announces the conclusion of the third drilling campaign, offshore Namibia, after completion of drilling operations on the Marula-1X exploration well in Block 2913B (PEL 56), offshore Namibia.

Highlights:

o   Safely drilled the Marula-1X well to a total depth of 6,460mMD on block 2913B, targeting  Albian aged sandstones, within           the Marula fan complex, approximately 47 Km south of the Venus-1X well, using the Deepsea Mira semi-submersible                   drilling rig.

o   No hydrocarbons were encountered in the Marula-1X well. No DST was performed.

o   Following completion of drilling operations on the Marula-1X exploration well, the Deepsea Mira rig will be demobilised.

o   A comprehensive analysis of the well results is now underway.

Siraj Ahmed, Chief Executive Officer of Impact commented:

“The initial data from the Marula-1X well confirms a disappointing outcome for the Marula prospect. However, the full suite of well data acquired will be integrated into the evaluation to realise the block’s full potential”