Impact Oil & Gas subsidiary Impact Africa Ltd. agreed to acquire 90% working interest and operatorship of Area 2, offshore South Africa (Exploration Right reference 12/3/276), from Silver Wave Energy Pte Ltd.
Area 2 is immediately east and adjacent to Impact’s Transkei and Algoa blocks and lies within the emerging Southern African Aptian deep water oil and gas play, stretching over 124,000 sq km from northern most Namibia, around Cape Agulhas and the Transkei margin, to Durban basin in the northeast. Prospective areas are in about 3,500 m of water.
The play has been opened by Brulpadda and Luiperd discoveries in Outeniqua basin and will be further tested in 2021 by a well on the Venus prospect in ultra-deep-water Namibia. Impact expects this Southern African Aptian play to have a common world-class Lower Cretaceous source rock, similar quality Apto-Albian reservoir sands, and a geological setting suitable for the formation of large stratigraphic traps.
Following the deal’s close, subject to customary conditions including the approval from the government of South Africa, Impact will be operator with 90%. Silver Waver Energy will hold the remaining 10%.
