NDN Staffer
WINDHOEK, May 6 — Impact Oil & Gas, a privately-owned exploration company focused on Africa, has raised N$1.7 billion from its shareholders to evaluate an oilfield off the coast of Namibia. The capital raised will be used to fund the company’s share of the multi-well drilling programme in Namibia to further evaluate and appraise the Venus discovery, a world-class, light-oil and associated gas field announced in February 2022.
The drilling programme is expected to provide significant benefits for Namibia’s economy and job market, as well as contribute to the country’s growing reputation as a key player in Africa’s energy sector. The discovery of Venus is particularly significant, as it has the potential to provide a significant source of light oil and associated gas to the country, which could be used to meet domestic energy needs and support economic growth.
One of the contributors to the funding offer was Canadian-listed oil and gas company Africa Oil Corp, which provided N$577.2 million (US$31.4 million) and in turn, increased its stake in Impact Oil & Gas to 31.1% from 30.9%. Impact Oil & Gas holds a 20% and 18.89% participating interest in Blocks 2913B and 2912, respectively.
The capital raised by Impact Oil & Gas underscores the strong interest in Namibia’s energy sector, particularly given the country’s favourable regulatory environment and significant untapped oil and gas reserves. The country has made significant strides in recent years to attract foreign investment into its energy sector, and Venus’ discovery is a testament to its potential.
As the drilling programme gets underway, Namibians can look forward to the economic benefits that could arise from the development of the Venus discovery. From increased job opportunities to a boost in economic activity, the discovery has the potential to transform Namibia’s energy sector and contribute to the country’s overall economic growth.
– Namibia Daily News
