Africa Oil acquires further interest in Impact to increase stake in Namibia’s Orange Basin

<!DOCTYPE html>      <html lang="en" class="no-js">  <head> <link rel="profile" href="http://www.w3.org/1999/xhtml/vocab"/> <meta name="viewport" content="width=device-width, user-scalable=no"> <meta http-equiv="Content-Type" content="text/html; charset=utf-8" /> <link rel="shortcut icon" href="https://newsbase.com/sites/default/themes/website/favicon.ico" type="image/vnd.microsoft.icon" /> <link rel="canonical" href="https://newsbase.com/story/africa-oil-acquires-further-interest-in-impact-to-increase-stake-in-namibia-s-orange-basin-354668" /> <link rel="shortlink" href="https://newsbase.com/story/africa-oil-acquires-further-interest-in-impact-to-increase-stake-in-namibia-s-orange-basin-354668" /> <meta name="twitter:url" content="https://newsbase.com/story/africa-oil-acquires-further-interest-in-impact-to-increase-stake-in-namibia-s-orange-basin-354668" /> <meta name="twitter:title" content="Africa Oil acquires further interest in Impact to increase stake in" />   <title>Africa Oil acquires further interest in Impact to increase stake in Namibia’s Orange Basin | Newsbase</title> <link href='//fonts.googleapis.com/css?family=Droid+Serif:700' rel='stylesheet' type='text/css'>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-KGMK4M97F4"></script> <script> window.dataLayer = window.dataLayer || []; function gtag() { dataLayer.push(arguments); } gtag('js', new Date()); gtag('config', 'G-KGMK4M97F4'); </script>  <script async src="https://www.googletagmanager.com/gtag/js?id=UA-160251610-1"></script> <script> window.dataLayer = window.dataLayer || []; function gtag() { dataLayer.push(arguments); } gtag('js', new Date()); gtag('config', 'UA-160251610-1'); </script>  <script>(function (w, d, s, l, i) { w[l] = w[l] || []; w[l].push({ 'gtm.start': new Date().getTime(), event: 'gtm.js' }); var f = d.getElementsByTagName(s)[0], j = d.createElement(s), dl = l != 'dataLayer' ? '&l=' + l : ''; j.async = true; j.src = 'https://www.googletagmanager.com/gtm.js?id=' + i + dl; f.parentNode.insertBefore(j, f); })(window, document, 'script', 'dataLayer', 'GTM-W9MMTSF');</script>  <script> (function () { var zi = document.createElement('script'); zi.type = 'text/javascript'; zi.async = true; zi.referrerPolicy = 'unsafe-url'; zi.src = 'https://ws.zoominfo.com/pixel/615eb5c857ded60015dbea86'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(zi, s); })(); </script> <script src="https://www.google.com/recaptcha/api.js?render=6LcBCooaAAAAABP3OO_Oz_iXJQVZAT_wwA4p1k3B" async defer></script> <style type="text/css" media="all"> @import url("https://newsbase.com/modules/system/system.base.css?s57gvt"); @import url("https://newsbase.com/modules/system/system.menus.css?s57gvt"); @import url("https://newsbase.com/modules/system/system.messages.css?s57gvt"); @import url("https://newsbase.com/modules/system/system.theme.css?s57gvt"); </style> <style type="text/css" media="all"> @import url("https://newsbase.com/modules/comment/comment.css?s57gvt"); @import url("https://newsbase.com/modules/field/theme/field.css?s57gvt"); @import url("https://newsbase.com/modules/node/node.css?s57gvt"); @import url("https://newsbase.com/modules/user/user.css?s57gvt"); @import url("https://newsbase.com/sites/default/modules/contrib/views/css/views.css?s57gvt"); @import url("https://newsbase.com/sites/default/modules/contrib/media/modules/media_wysiwyg/css/media_wysiwyg.base.css?s57gvt"); </style> <style type="text/css" media="all"> @import url("https://newsbase.com/sites/default/modules/contrib/ctools/css/ctools.css?s57gvt"); </style> <style type="text/css" media="all"> @import url("https://newsbase.com/sites/default/themes/website/css/reset-grids-min.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/pure/pure-min.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/pure/grids-responsive-min.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/css/base.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/css/system.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/css/page.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/css/site-wide-fields.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/css/menus.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/css/nbrof.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/css/cms.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/fontawesome/css/fontawesome.min.css?s57gvt"); @import url("https://newsbase.com/sites/default/themes/website/fontawesome/css/solid.min.css?s57gvt"); </style> <script type="text/javascript" src="https://newsbase.com/sites/default/modules/contrib/jquery_update/replace/jquery/1.7/jquery.min.js?v=1.7.2"></script> <script type="text/javascript" src="https://newsbase.com/misc/jquery-extend-3.4.0.js?v=1.7.2"></script> <script type="text/javascript" src="https://newsbase.com/misc/jquery-html-prefilter-3.5.0-backport.js?v=1.7.2"></script> <script type="text/javascript" src="https://newsbase.com/misc/jquery.once.js?v=1.2"></script> <script type="text/javascript" src="https://newsbase.com/misc/drupal.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/js/libs/modernizr-2.5.3.min.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/js/libs/customselect.min.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/js/libs/autoellipsis.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/js/form_inputs.min.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/js/responsive.min.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/js/global.min.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/js/lazy-load.min.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/js/libs/jquery.cycle2.min.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/fontawesome/js/fontawesome.min.js?s57gvt"></script> <script type="text/javascript" src="https://newsbase.com/sites/default/themes/website/fontawesome/js/solid.min.js?s57gvt"></script> <script type="text/javascript"> <![CDATA[//><!]]> </script> </head> <body class="html not-front not-logged-in one-sidebar sidebar-second page-story page-story-africa-oil-acquires-further-interest-in-impact-to-increase-stake-in-namibia-s-orange-basin-354668" > <div id="skip-link"> <a href="#main-content" class="element-invisible element-focusable">Skip to main content</a> </div>  <noscript> <iframe src="https://www.googletagmanager.com/ns.html?id=GTM-W9MMTSF" height="0" width="0" style="display:none;visibility:hidden"></iframe> </noscript>  <noscript> <img src="https://ws.zoominfo.com/pixel/615eb5c857ded60015dbea86" width="1" height="1" style="display: none;" /> </noscript> <header> <div id="header-wrapper" class="pure-g"> <div id="social-links" class="pure-u-8-24"> <p>Follow us online</p> <ul> <li class="twitter"><a href="https://twitter.com/NewsBase">Follow us on Twitter</a></li> <li class="linkedin"><a href="https://www.linkedin.com/company/newsbase">Connect with us on LinkedIn</a></li> <li class="facebook"><a href="https://www.facebook.com/NewsBase?fref=ts">Find us on Facebook</a></li> </ul> </div> <div id="logo-wrapper" class="pure-u-8-24"> <a href="/" title="Home" rel="home" id="logo"> <img src="https://newsbase.com/sites/default/themes/website/logo.png" alt="Home"/> </a> </div> <div id="free-trial-signup" class="pure-u-5-24"> <a href="/why-sign">Sign up for a free trial</a> </div> <div id="login-wrapper" class="pure-u-2-24"> <a href="/login">Log In</a> </div> <div class="menu-wrapper pure-u"> <div id="main-menu" class="pure-u navigation"> <a href="#" id="toggle-menu" class="closed">Menu</a> <span class="element-invisible">Main menu</span><ul id="main-menu_links" class="menu"><li class="menu-1485 first"><a href="/publications">Our Publications</a></li> <li class="menu-2868"><a href="/latest-stories" title="">Latest Stories</a></li> <li class="menu-1481"><a href="/our-company">About Us</a></li> <li class="menu-3134"><a href="/events">Events</a></li> <li class="menu-3025"><a href="/my-newsbase" title="My NB">My NB</a></li> <li class="menu-3132 last"><a href="/store">Store</a></li> </ul> </div> <div id="aws-search" class="aws-search"> <form class="search-form" action="/search" method="get" id="newsbase-search-cloudsearch-form" accept-charset="UTF-8"><div><div class="form-item form-type-searchfield form-item-search-by"> <label class="element-invisible" for="edit-search-by">Search </label> <input type="search" id="edit-search-by" name="search_by" value="" size="20" maxlength="128" placeholder="Search" class="form-text form-search" /> </div> <input type="submit" id="edit-submit" name="op" value="" class="form-submit" /><input type="hidden" name="form_build_id" value="form-3Gr-LVmoCqunxqKVHZwqtcqu3aPDFhrH7JSIuRsXePM" /> <input type="hidden" name="form_id" value="newsbase_search_cloudsearch_form" /> </div></form> </div> </div> </div> </header> <div id="wrap"> <div id="page"> <div id="main-wrapper"> <div id="main"> <div class="pure-g"> <div id="content-header" class="pure-u-1"> <div class="section"> <div> </div> </div> </div>  </div> <div class="pure-g"> <div id="content" class="pure-u-1 pure-u-xl-2-3"> <div id="content-inner"> <div class="pure-g"> <article id="main-content" class="pure-u-1"> <div id="block-system-main" class="block block-system"> <div class="pure-g"> <div class="pure-u-1"> <div class="content"> <div id="node-story" class="node-story clearfix"> <div class="story-current-issue"> <a href="/publications/afroil-africa-oil-gas"> <img class="story-issue_img" src="https://bne-newsbase.s3.amazonaws.com/publications/afroil.png" alt="Newsbase - Africa Oil & Gas"> </a> <a href="/store" class="pdf-download_button"><i class='fas fa-lock'></i> Subscribe to download</a> <a class="story-issue_link" href="/issues-archive/afroil">Archive</a> </div> <h1 class="page-title">Africa Oil acquires further interest in Impact to increase stake in Namibia’s Orange Basin</h1> <div class="story-bylines"> <div class="story-bylines_monitorLink"> <a href="/publications/afroil-africa-oil-gas">AfrOil - Africa Oil & Gas</a> </div> </div> <div class="story-date"> Elena Kachkova in Johannesburg 22 November 2024 </div> <article id="main-content" class="pure-u-1"> <p>Canadian oil and gas exploration and production company Africa Oil has increased its shareholding in Africa-focused independent explorer Impact Oil and Gas to 39.5%, the company said in a<a href="https://markets.ft.com/data/announce/detail?dockey=600-202411210200CANADANWCANADAPR_C5488-1"> statement</a> on November 21.</p> <p>Under a call-and-put option agreement announced in August, Africa Oil completed the purchase of an additional interest of approximately 7.0% in Impact, a UK-based privately owned company with exploration and appraisal assets in Namibia’s Orange Basin.</p> <p>According to the statement, the company has acquired an additional 80,160,198 shares in Impact at an exercise price of £0.57 per share for a payment at completion of £45.7mn ($60.4mn). An option purchase cost of £6.4mn ($8.4mn) was paid during Q3 2024. Africa Oil now holds 449,464,396 shares in Impact representing a shareholding position of approximately 39.5% on a fully diluted basis.</p> <p>“With this purchase we have achieved a key strategic objective of materially increasing Africa Oil's ownership in Impact, enhancing our rights and influence over a core strategic asset and value driver for the company,” Africa Oil CEO Roger Tucker said. “We have greater exposure to an exciting opportunity set in Namibia’s Orange Basin, including the Venus oil development, and a highly prospective exploration programme on Blocks 2912 and 2913B including the Tamboti exploration well that is currently drilling.”</p> <p>Africa Oil’s investment in Impact is part of its strategy to become the leading independent exploration and production company in the Orange Basin offshore Namibia and South Africa. The prolific Venus oil discovery in February 2022 by TotalEnergies in Namibia, which could produce 250,000 barrels per day (bpd), is one of the assets that Africa Oil has exposure to through its shareholding in Impact.</p> <p>In a previous <a href="https://www.newswire.ca/news-releases/africa-oil-announces-third-quarter-2024-results-873252857.html">statement </a>on November 13 with published financial and operating results for Q3 2024, Africa Oil updated the market on its appraisal and exploration campaign offshore Namibia. According to the statement, Impact has a 9.5% Working Interest in each of Block 2913B (PEL 56) and Block 2912 (PEL 91) located within the northern part of the Orange Basin.</p> <p>The adjacent blocks cover approximately 16,000 square kilometres in the highly prospective area that has garnered significant interest from international exploration companies owing to promising hydrocarbon discoveries like the Venus prospect.</p> <p>“On October 20, 2024, the DeepSea Mira spud the Tamboti-1X well, targeting significant additional resource in the north of Block 2913B,” the statement said. “Beyond Tambotti-1X, there are a number of prospects in the southern part of the Blocks that are currently being matured by the recent 3D seismic data and create an opportunity for follow-on potential high-impact exploration wells.”</p> <p>Africa Oil also has producing and development assets in deepwater Nigeria and an exploration/appraisal portfolio in the west and south of Africa. The company is listed on the Toronto Stock Exchange and Nasdaq Stockholm.</p> </article> </div> </div> </div> </div> </div> </article> </div> </div> </div>  <div id="sidebar-second" class="pure-u-1 pure-u-xl-1-3 sidebar"> <div class="section"> <div class="pure-g"> <div class="pure-u-1" > <div> <div id="block-block-17" class="block block-block front-sidebar-banner"> <div class="pure-g"> <div class="pure-u-1"> <div class="content">  <style type="text/css">.front-sidebar-banner {margin-bottom: 30px;} .front-sidebar-banner img {width: 100%; height: auto;} </style> <script type="text/javascript">if (!window.AdButler){(function(){var s = document.createElement("script"); s.async = true; s.type = "text/javascript";s.src = 'https://servedbyadbutler.com/app.js';var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n);}());}</script><script type="text/javascript"> var AdButler = AdButler || {}; AdButler.ads = AdButler.ads || []; var abkw = window.abkw || ''; var plc472350 = window.plc472350 || 0; document.write('<'+'div id="placement_472350_'+plc472350+'"></'+'div>'); AdButler.ads.push({handler: function(opt){ AdButler.register(166939, 472350, [458,568], 'placement_472350_'+opt.place, opt); }, opt: { place: plc472350++, keywords: abkw, domain: 'servedbyadbutler.com', click:'CLICK_MACRO_PLACEHOLDER' }}); </script> </div> </div> </div> </div> <div id="block-block-15" class="block block-block contact-us-block"> <div class="pure-g"> <div class="pure-u-1"> <h2>Contact Us</h2> </div> <div class="pure-u-1"> <div class="content"> <ul> <li class="tel"><strong>Telephone</strong><a href="tel:+49 176 640 16602">+49 176 640 16602</a> </li> <li class="email"><strong>Email</strong><a href="mailto:editor@newsbase.com">editor@newsbase.com</a> </li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div>  </div> </div> </div>  <footer> <div id="footer-contact"> <div class="pure-g"> <div class="pure-u-1-3"> <div class="sign-up"> <h3>Sign up for a free Trial</h3> <p>NewsBase tells you what's going on and why in the global energy industry.</p> <a href="https://to989.infusionsoft.com/app/form/trial-nb-2wk" class="sign-up">Sign up now</a> </div> </div> <div class="pure-u-1-3"> <div class="contact-us"> <h3>Contact Us</h3> <ul> <li class="tel">Tel: <a href="tel:+49 176 640 16602">+49 176 640 16602</a> </li> <li class="email">E-mail: <a href="mailto:editor@newsbase.com">editor@newsbase.com</a> </li> </ul> </div> </div> <div class="pure-u-1-3"> <div class="twitter"> <h3> <a href="https://twitter.com/NewsBase">Twitter</a> </h3> <div id="block-views-tweets-block" class="block block-views"> <div class="pure-g"> <div class="pure-u-1"> <div class="content"> <div class="view view-tweets view-id-tweets view-display-id-block view-dom-id-3a6cb706ab421297d3528d4f56ecc863"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <span class="views-field views-field-text"> <span class="field-content">RT <a target="_blank" rel="nofollow" class="twitter-timeline-link" href="http://twitter.com/NewsBase" class="twitter-atreply">@NewsBase</a>: Slovenia To Quit Energy Charter Treaty As It Pursues Green Transition <a target="_blank" rel="nofollow" class="twitter-timeline-link" href="https://twitter.com//search?q=%23Slovenia" class="twitter-hashtag">#Slovenia</a> <a target="_blank" rel="nofollow" class="twitter-timeline-link" href="https://twitter.com//search?q=%23renewableenergy" class="twitter-hashtag">#renewableenergy</a>… <a href="https://t.co/hFydSFbYX4">https://t.co/hFydSFbYX4</a></span> </span> — <span class="views-field views-field-created-time"> <span class="field-content"><em class="placeholder">2 years 6 days</em> ago</span> </span></li> <li class="views-row views-row-2 views-row-even views-row-last"> <span class="views-field views-field-text"> <span class="field-content">EurOil: Power Cut To <a target="_blank" rel="nofollow" class="twitter-timeline-link" href="https://twitter.com//search?q=%23Druzhba" class="twitter-hashtag">#Druzhba</a> Pipeline Shuts Down <a target="_blank" rel="nofollow" class="twitter-timeline-link" href="https://twitter.com//search?q=%23Oil" class="twitter-hashtag">#Oil</a> Supplies From Ukraine To <a target="_blank" rel="nofollow" class="twitter-timeline-link" href="https://twitter.com//search?q=%23Hungary" class="twitter-hashtag">#Hungary</a> Power to the Druzhba (Fr… <a href="https://t.co/rs3j1xp3w1">https://t.co/rs3j1xp3w1</a></span> </span> — <span class="views-field views-field-created-time"> <span class="field-content"><em class="placeholder">2 years 6 days</em> ago</span> </span></li> </ul></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div id="credit" class="pure-g"> <div class="pure-u-1"> <div class="pure-g"> <div class="pure-u-1-2"> <div class="site-copyright"> <div class="copyright-text"> Copyright © Newsbase  Ltd. 2024 </div> <div id="footer-menu"> <div id="block-menu-menu-footer-menu" class="block block-menu"> <div class="pure-g"> <div class="pure-u-1"> <div class="content"> <ul class="menu"><li class="first last leaf"><a href="/terms-conditions" title="">Terms & Conditions</a></li> </ul> </div> </div> </div> </div> </div> </div> </div> <div class="pure-u-1-2"> <div class="site-credit"> <a href="https://intellinews.com">Built by Intellinews</a> </div> </div> </div> </div> </div> </footer> </div> </div>  <script type="text/javascript"> <![CDATA[//><!]]> </script> <script type="text/javascript" src="//s7.addthis.com/js/300/addthis_widget.js#pubid=ra-5dea1a66bfa584ed"></script>  <script> window.__lc = window.__lc || {}; window.__lc.license = 12722988; ;(function(n,t,c){function i(n){return e._h?e._h.apply(null,n):e._q.push(n)}var e={_q:[],_h:null,_v:"2.0",on:function(){i(["on",c.call(arguments)])},once:function(){i(["once",c.call(arguments)])},off:function(){i(["off",c.call(arguments)])},get:function(){if(!e._h)throw new Error("[LiveChatWidget] You can't use getters before load.");return i(["get",c.call(arguments)])},call:function(){i(["call",c.call(arguments)])},init:function(){var n=t.createElement("script");n.async=!0,n.type="text/javascript",n.src="https://cdn.livechatinc.com/tracking.js",t.head.appendChild(n)}};!n.__lc.asyncInit&&e.init(),n.LiveChatWidget=n.LiveChatWidget||e}(window,document,[].slice)) </script> <noscript><a href="https://www.livechatinc.com/chat-with/12722988/" rel="nofollow">Chat with us</a>, powered by <a href="https://www.livechatinc.com/?welcome" rel="noopener nofollow" target="_blank">LiveChat</a></noscript>  </body> </html>

CINXE.COM

Africa Oil acquires further interest in Impact to increase stake in Namibia’s Orange Basin | Newsbase