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Tuesday, May 2, 2023
Impact Oil & Gas Limited announced that it has successfully raised $95 million to fund its participating interest share of the multi-well drilling program in Namibia to further evaluate and appraise the Venus discovery; a world class, light-oil and associated gas field announced in February 2022.
The funds were raised through an Open Offer to existing shareholders.
The Venus discovery sits in the Orange Basin, approximately 290 kilometers off the coast of Namibia, in the deep offshore and was drilled to a total depth of 6,296 meters by operator TotalEnergies using the Maersk Voyager drillship.
Impact holds a 20% participating interest share in Block 2913B (PEL 56) and an 18.89% participating interest share in the adjacent Block 2912 (PEL 91).
Siraj Ahmed, Chief Executive Officer of Impact, commented: “We are pleased to see the US$ 95 million open offer’s successful completion, having been fully taken up by our existing shareholders, who continue to support our growth and to whom we are most grateful. The funds raised will be applied towards our share of the multi-well drilling program now underway in Namibia, together with our partners TotalEnergies, QatarEnergy and NAMCOR.”
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