Impact Oil & Gas has announced the completion of the previously announced farm-out transaction between its wholly-owned subsidiary, Impact Africa Limited, and BG
International Limited, a wholly owned subsidiary of Royal Dutch Shell plc of a 50% working interest and operatorship in the Transkei & Algoa exploration right, offshore South Africa (Exploration Right reference 12/3/252).
Following completion of the transaction, the participating interests in the Transkei & Algoa blocks are as follows: Shell (Operator), 50% and Impact Africa Limited, 50%. Impact ihas further announced that the South African Government has granted the Second Renewal Period of the licence. This is a two-year exploration period that commenced in August 2021. Impact and Shell intend to proceed with the acquisition of approximately 6,000 km2 of 3D seismic during 2022.
Siraj Ahmed, CEO of Impact Oil & Gas, commented: “We are very pleased to have concluded this transaction with Shell; a world-class operator with deep water expertise. We look forward to working with Shell to build on the considerable work done to date and further explore this exciting exploration province. “This transaction, and the proposed 3D seismic acquisition programme, enables Impact to deliver on its objective of accelerating the exploration of the transform margin of the South African Natal Trough,
which Impact believes has significant potential.”