UK's Impact Oil & Gas Completes Divestment of South African Offshore Exploration Assets

en.Wedoany.com Reported - On November 12, UK oil and gas exploration company Impact Oil & Gas completed the restructuring of its offshore oil and gas assets in Namibia and South Africa, selling Impact Africa Limited, its wholly-owned subsidiary holding South African exploration licenses, and related assets to Impact Energies Limited. The latter is a wholly-owned subsidiary of Deepkloof Limited, Impact's major shareholder. The transaction was completed after obtaining approval from South African regulatory authorities and the consent of relevant joint venture partners, following which Impact Oil & Gas has transitioned into an oil and gas exploration and development company centered on Namibia.

The transfer involves three exploration areas off South Africa's east and west coasts. Impact Africa previously held a 45% participating interest in the Transkei and Algoa blocks off the east coast, a 100% participating interest in Block Area 2, and a 22% participating interest in the Orange Basin Deep block off the west coast. Among these, the legal transfer of a 10% interest in Block Area 2 had previously involved arrangements for signing an assignment agreement with joint venture partner Silver Wave Energy. Upon completion of the transaction, the aforementioned South African exploration assets are being taken over by Impact Energies and operated as an independent business portfolio.

Following the asset restructuring, Impact Oil & Gas's core assets have shifted to a 9.5% participating interest each in offshore Namibia Blocks 2912 and 2913B, corresponding to Petroleum Exploration Licenses 91 and 56, respectively. Block 2913B contains the Venus light oil discovery, operated by France's TotalEnergies. Impact's interests in both blocks remain unchanged in this restructuring, and the joint venture partners are currently advancing preparations for the final investment decision (FID) on the Venus field development.

The restructuring does not divest all of Impact's South African-related investments. The company retains approximately a 20% stake in Africa Energy Corp., which holds interests in offshore South African gas condensate discovery projects. In addition, Meren Energy's direct carried interest in offshore South African Block 3B/4B is also unaffected by this transaction. Meren is a shareholder of Impact, and its effective interest in the core Namibian assets remains unchanged.