Impact Oil and Gas ltd, the African-focused exploration company welcomes Statoil South Africa B.V. (“Statoil”) as a partner on this acreage block. Statoil has completed a transaction with ExxonMobil Exploration and Production South Africa Limited, taking a 35% interest in Exploration Right 12/3/252 Transkei-Algoa (“Transkei-Algoa”).

Exploration Right 12/3/252 Transkei-Algoa is located offshore eastern South Africa and covers approximately 45,838km² in water depths up to 3,000 metres. The licence was initially awarded to Impact as a Technical Cooperation Permit in 2012, following an application for an Exploration Right, which was granted in 2014. Under the terms of the farm-out agreement between ExxonMobil and Impact in 2012, ExxonMobil subsequently applied for a  75% working interest and operatorship of the licence. The holders have collectively gathered extensive new data, significantly progressing the technical understanding of the exploration potential of the ER .

The participating interests in the Exploration Right 12/3/252 Transkei-Algoa are now as follows:

• Statoil has a 35% interest, Operator ExxonMobil retains 40% interest, while Impact Africa ltd (Impact’s subsidiary) holds 25%

ROBERT WILDE, CEO OF IMPACT OIL & GAS SAID:
"Its great to see Statoil strengthen its position in South Africa and we are delighted to welcome them as a partner on the license. We are excited by the potential within the Transkei-Algoa licence and look forward to working alongside two companies of such high calibre.”