Impact Oil & Gas to raise $60mn
Africa-focused Impact Oil & Gas on July 18 announced an open offer to existing shareholders to subscribe to new ordinary shares to raise up to $60mn. The capital raised shall be used towards funding Impact’s participating share of the Venus appraisal programme, in Block 2913B, offshore Namibia.
The Venus discovery is a light oil and associated gas field, sitting approximately 290 km off the Namibian coast. The Venus-1X discovery well was drilled by TotalEnergies on behalf of the joint venture group comprising TotalEnergies (40%), QatarEnergy (30%), Impact (20%) and state-owned NAMCOR (10%).
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An appraisal well and a re-entry into Venus-1X are being planned, with spud expected in Q3 2022, Impact said. The operator plans to conduct flow tests on both wells. The joint venture will also continue to progress its exploration activities on Block 2913B and neighbouring Block 2912, including the acquisition of a 3D seismic survey.