Page 8 - AfrOil Week 29 2022

AfrOil INVESTMENT AfrOil

To date, it reported, major shareholders rep-
resenting fully 93.62% of voting rights in the
company have committed to exercising their
rights under this offer, which is due to expire on
August 4.
Impact did not reveal the exact financial
terms of the open offer subscription. However,
it did state that it hoped to raise up to $60mn
in this fashion. It also explained that it intended
to use the proceeds of the subscription to cover
its subsidiary Impact Oil and Gas Namibia (Pty)
Ltd’s share of costs for appraisal drilling work at
Block 2913B offshore Namibia.
“The expected proceeds of up to $60mn
from the open offer, together with existing cash Block 2913B is within the PEL 56 licence area (Image: TotalEnergies)
reserves, represent the majority of the company’s
anticipated funding requirement for the next its share of an appraisal programme on this
12 months,” the statement said. “These funds block and continue with its exploration activity
should provide sufficient capital to secure the on Blocks 2913B and neighbouring Block 2912,
company’s funding requirements for the major- including the acquisition of 3D seismic,” it said.
ity of the appraisal programme costs.” TotalEnergies announced the discovery of oil
The Impact subsidiary holds a 20% stake at Venus-1x in February of this year. The field
in Block 2913B, which contains the massive was initially estimated to hold 300-500mn bar-
Venus-1x discovery. Reuters had reported last rels of light crude, but the figure now looks to
month, citing four industry sources, that the be closer to 1.5-2.0bn barrels, high enough to
South African company wanted to unload this make Venus the biggest discovery in sub-Saha-
stake and had hired Jefferies Group, a US invest- ran Africa in several decades.
ment banking company, to serve as its advisor Equity in the project is split between TotalEn-
for the sale process. ergies, the operator, with a 40% working interest;
Impact never commented on or confirmed QatarEnergy, with 30%; Impact, with 20%; and
those reports. In its July 18 statement, it made National Petroleum Co. of Namibia (NAM-
no mention of plans to exit the project. “Follow- COR), with 10%. Impact’s shareholders include
ing the light oil and associated gas discovery in South Africa’s Hosken Consolidated Invest-
Block 2913B, Impact is now preparing to fund ments and Canada’s Africa Oil Corp. ™

PERFORMANCE
NOC says Libya’s crude oil exports

have resumed after months of closures

LIBYA LIBYA’S National Oil Corp. (NOC) said the
country’s crude exports resumed on July 20, fol-
lowing several months of oilfield and terminal
closures.
Oil production had resumed earlier on July
19 at several sites – including Sharara, the coun-
try’s largest oilfield – after nearly three months Libyan PM Dbeibah’s attempt to replace Sanalla as head of NOC has drawn concern
of closure. On the same day, NOC reported that from the US government and other observers (Image: Twitter/@USEmbassyLibya)
the Italian-flagged tanker IBELA had entered
the Brega oil terminal to load a shipment. Lanuf terminals, the statement said.
Then on July 20, a Maltese-flagged tanker, State-owned NOC had lifted the force
the Matala, docked at the Sidra terminal to ship majeure on all fields and oil terminals in the
1mn barrels of crude oil, before heading to Italy, North African country earlier in July.
according to a statement from NOC. Mean- PrimeMinister Abdulhamid Dbeibah
while, two more tankers, the Marshall Islands- responded to the closure by saying on July 17
flagged Nissos Sifnos and the Liberia-flagged that crude exports were approaching full capac-
Crudemed, were due to ship a combined 1.6mn ity following several months of oilfield and ter-
barrels on July 20 from the Zueitina and Ras minal closures.

P8 www. NEWSBASE .com Week 29 20•July•2022