Impact Oil & Gas Limited announced the completion of the farm-in transaction between its wholly-owned subsidiary, Impact Africa Limited and Silver Wave Energy Pte Ltd for the acquisition of a 90% working interest and operatorship of Area 2, offshore South Africa.

Following receipt of approval from the Government of South Africa, Impact now owns a 90% working interest and operatorship of Area 2 with effect from 14 May 2021.

Philip Birch, Exploration Director of Impact Oil & Gas, commented: “We are pleased to have concluded this transaction with Silver Wave Energy for Area 2 in deep water South Africa. This acquisition consolidates Impact’s position along the transform margin of the South African Natal Trough, adding over 78,000 sq km of acreage. Importantly, when added to Impact’s Transkei & Algoa license, this captures the full length of all the large deep marine fans in the Natal Trough, which Impact believes to be a potential super-basin. This combined position offers substantial running room, with multiple play types underlain by very thick and oil-mature Cretaceous source rocks.”

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Source: PetroleumAfrica