Impact Oil & Gas, a privately-owned exploration company, has announced the completion of a $95-million Open Offer, raising capital exclusively from its existing shareholders.
The capital will be used to further appraise TotalEnergies’ Venus-1 discovery located in Block 2913B in the Orange Basin, as well as fund additional exploration activity in neighboring Block 2912. “We are pleased to see the $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,” said Impact CEO, Siraj Ahmed.
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“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.”
Canadian oil and gas company Africa Oil Corp. (AOC) – which carries a 31.1% stake in Impact Oil & Gas – contributed $31.4 million to the offer. The investment has increased AOC’s exposure to Blocks 2913B and 2912, in which Impact Oil & Gas holds a 20% and 18.89% participating interest, respectively.
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While appraisal and development continues on Block 2913B, a new exploration well on Block 2912, Nara 1-X, is also part of Impact’s planned exploration activities this year. The well hopes to confirm the extension of the Venus-1 discovery into the neighboring block, in which case further appraisal wells and 3D seismic surveying would follow to more thoroughly evaluate the reservoir.