Oil and gas exploration firm Africa Oil Corp. has acquired an option to purchase a 7% stake – increasing its ownership to 39.5% – in Impact Oil & Gas, an African-focused exploration company with assets in the Orange Basin, offshore Namibia.
Under a call and put option agreement signed on August 27, Africa Oil Corp. is positioned to acquire approximately 80 million additional shares in Impact Oil & Gas over the next six months.
“Through our shareholding in Impact we have exposure to an exciting opportunity set in Namibia’s Orange Basin, including the Venus oil discovery, and a highly prospective exploration and appraisal program on Blocks 2913B and 2912.” stated Africa Oil Corp. CEO Roger Tucker.
With first oil expected for 2029, the Venus Oil Discovery holds an estimated 1.5 to 2 billion barrels of oil in place, with the potential to produce approximately 250,000 barrels of oil per day.
