(WO) – Impact Africa Ltd, a wholly owned subsidiary of Impact Oil & Gas Limited, has entered into an agreement with Silver Wave Energy Pte Ltd to acquire a 10% interest in Area 2 offshore South Africa.
Source: Impact Oil & Gas
Impact currently owns a 90% interest and operatorship in Area 2, which was acquired from Silver Wave Energy in 2020. Upon completion of this transaction, Impact will own 100% of Area 2.
Area 2 lies outside and complementary to Impact’s Transkei and Algoa blocks offshore South Africa. Together, the blocks extend the entire length and width of the deepwater section of the east coast, covering a total area of approximately 125,000 km2.2 through an extremely exciting border exploration area with projects that extend across both blocks.
Area 2 lies within the emerging South Africa and Namibia Super Basin (SANAM), which extends from northernmost Namibia to the Durban Basin in eastern South Africa. The block hosts the same prolific petroleum reserves currently being successfully explored in Namibia’s Orange Basin, further demonstrated by the Brulpadda and Luiperd discoveries in South Africa’s Outeniqua Basin.
Impact believes that these areas share high quality Cretaceous host rocks and similar giant stratigraphic traps. The Company also believes that Area 2 will contain higher quality Cretaceous reservoir sands than those currently being explored in the SANAM Super Basin.
Siraj Ahmed, CEO of Impact Oil & Gas, said: “As 100% owner of this high-profile exploration block, we are particularly excited about the possibility that this area offers a very similar deposit to that which has brought Impact such success in Namibia’s Orange Basin.”
Area 2, or exploration right reference number 12/3/276 (Gamtoos, Algoa and Transkei Basins), is located offshore of Eastern South Africa and covers approximately 78,708 km². Although the water depth extends to approximately 4,500 m, the prospective areas are within 3,500 m. The license was initially awarded to Silver Wave Energy in 2015.
Area 2 lies adjacent to exploration claim 12/3/252, Transkei & Algoa, which covers approximately 45,838 km² in water depths of up to 3,000 m.
Upon completion of this transaction, Impact will own a 100% interest and operator role in Area 2. In the adjacent Transkei and Algoa blocks, Impact owns a 45% interest and BG International Limited, a wholly owned subsidiary of Royal Dutch Shell plc, owns a 55% interest and operator role.
