Petroleum Africa
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Friday, February 14, 2014
Impact Oil & Gas acquired 100% of the share capital of Black Star Petroleum for a combination of cash and Impact shares. This transaction gives Impact two new offshore assets off the west coast of Africa, in addition to its four existing licenses offshore South Africa.
In Guinea Bissaau, Impact has acquired a 90% interest in Block 4B and in Namibia the company now has an 80% stake in Block 2913B, which remains subject to the approval of the government of Namibia The remaining 20% is held by NAMCOR and Southern Oil and Gas Explorers (Pty) Ltd, each holding 10% respectively. Block 2913B was a separately negotiated transaction, the opportunity initially arose through Black Star.
Mike Doherty, Impact’s executive chairman said: “This acquisition gives Impact an exciting opportunity to take licenses in two blocks, in the highly prospective and underexplored Casamance Basin and Orange Basin. It is a demonstration of our corporate strategy to focus on the highly-prospective offshore regions along the Western African coastline. The major deltas and their associated deep marine fans, apparent in these blocks, are similar to those that have resulted in major deepwater oil and gas field finds elsewhere in Africa over the last fifteen years.”
Edward Dawson, Black Star’s MD, added that: “The Black Star shareholders are pleased to become part of a bigger organization especially one with Impact’s pedigree and ambitious plans. We are impressed by their work to date and believe the team are well placed to create value.”
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