Impact Oil & Gas Assumes 100% Stake in South African Area 2 License

Exploration company Impact Oil & Gas has acquired oil and gas company Silver Wave Energy’s 10% stake in the Area 2 license, located offshore South Africa. The acquisition brings Impact Oil & Gas’ stake in the license to 100%.

Situated within the South Africa and Namibia super-basin, Area 2 includes the Gamtoos Basin and sits adjacent to the Transkei & Algoa blocks off South Africa’s eastern coastline. Impact Oil & Gas holds a 45% participating interest in the Transkei & Algoa blocks, which lie in water depths of up to 3,000 meters. Covering an expansive area of 78,708 km², Area 2 reaches water depths of up to 4,500 meters.

Impact Oil & Gas CEO Siraj Ahmed said that “As the holder of 100% of this high-caliber exploration block, we are particularly excited with the opportunity for this area to contain a very similar play to that which has brought Impact so much success in the Namibian Orange Basin.”

The Area 2 license is assumed to have a similar petroleum play to that of Namibia’s Orange Basin, where Impact Oil & Gas currently has a stake in Block 2912 and Block 2913B.