NDN Staffer
WINDHOEK, May 1 — Impact Oil & Gas has secured $95 million in additional financing from existing shareholders to continue its drilling program in Namibia. The funds will be used to finance the company’s 20% stake in PEL 56 and 18.89% in PEL 91, which are part of a multi-well drilling program with partners TotalEnergies, QatarEnergy, and Namcor. This program includes appraisal drilling work to follow up on the Venus discovery earlier this year.
Africa Oil has contributed $31.4 million towards the funding, increasing its stake in Impact from 30.9% to 31.1%. Although Africa Oil’s management had faced questions regarding their investment in Impact, their participation in the fundraising suggests they are committed to seeing the drilling program through until more clarity is established on the scale of the fund.
Impact CEO Siraj Ahmed expressed his satisfaction with the continuing support from its shareholders and welcomed the funds that will help the company to continue with its drilling program. The program will involve drilling the Nara-1X well on PEL 91 and testing the potential extension of Venus, with further plans for an appraisal well and 3D seismic if successful.
The Venus discovery is of particular significance to Namibia as it has the potential to produce high-quality oil and gas, which could further attract international investment into the country’s oil and gas sector. With the additional funding, Impact can ensure that the drilling program continues and the full potential of the discovery can be realized.
– Namibia Daily News
