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Monday, October 23, 2017
Impact Oil and Gas Ltd. hooked a major player for its block offshore Namibia, France’s Total. The company signed, through a wholly-owned subsidiary, a farm out agreement with Total E&P Namibia which gives the French firm a 70% share of Impact’s holdings in Block 2913B.
The farm-out of Block 2913B offshore Namibia has received all required approvals and has been completed.
Namibia Block 2913B lies in water depths of 2,500-3,250 meters, adjacent to the South Africa maritime boundary. The license is located within the Orange River Basin, shared between both Namibia and South Africa. Block 2913B covers approximately 8,215 sqkm and was entered into by Impact in February 2014. Impact subsequently acquired 2D seismic, which identified a number of large Cretaceous oil prospects. At the start of 2017 the company acquired a 1,900sqkm 3D seismic program, which is currently being processed.
The license commitments in the current exploration phase of the block have been satisfied.
The farm out also gives Total 77.78% of Impact’s interests in Orange Basin Deep TCP, in South Africa, once an Exploration Right is granted over the area.
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