Africa Oil Corp. has announced a significant value-enhancing farmout transaction related to its offshore Namibia interests.

Africa Oil Corp. has announced a significant value-enhancing farmout transaction related to its offshore Namibia interests held through its investee company, Impact Oil and Gas Limited. This transaction will result in Impact having a 9.5% interest in Blocks 2912 and 2913B, fully carried for all joint venture costs, with no cap, through to first commercial production. Impact will also be reimbursed on closing for its share of the past costs incurred on the Blocks net to the farmout interests, estimated to be approximately $99 million. Impact Oil and Gas Namibia (Pty) Ltd., a wholly-owned subsidiary of Impact, has signed a farmout agreement with TotalEnergies EP Namibia B.V., a wholly-owned subsidiary of TotalEnergies.

January 10, 2024
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