Impact Consolidates Offshore S African Position
Africa-focused Impact Oil & Gas has received approval from the government of South Africa to acquire all shares in the Transkei & Algoa and Tugela South blocks, offshore South Africa, it said on October 28.
ExxonMobil and Equinor decided to relinquish their 40% and 35% respective working interests in the Transkei & Algoa and Tugela South. Impact, which already had a 25% stake, was assigned its former partners' shares on October 20, after getting the government's consent.
“The Transkei block benefits from 12,000 km of 2D seismic data, acquired in 2013 and 2018. During March this year, the Transkei & Algoa joint venture received all of the 2D seismic data, processed to depth,” Impact said.
Impact said it is encouraged by the results of its interpretation of this data and sees "world-class" hydrocarbon potential. The company has applied to enter the second renewal period and has high-graded areas for the acquisition of 3D seismic over the Transkei area, it added.
Transkei & Algoa spans around 45,800 km² in water depths up to 3,000 metres. The licence was initially awarded to Impact as a technical cooperation permit in 2012, but the company applied for and was granted exploration rights in 2014.
Tugela South is located offshore eastern South Africa and covers an area of approximately 9,054 km² in water depths up to 1,800 metres.