Page 15 - AfrOil Week 46

AfrOil INVESTMENT AfrOil

Likewise, the country’s Ministry of Petro- an associated LNG plant from UK-based Afren.
leum, Energy and Renewable Energy has not The offshore block contains the Lion oilfield,
responded to reports of the discussions between as well as the Panthere natural gas deposit, and
the parties. is located around 13.7 km from the shore, in a
Petroci is currently the majority shareholder shallow-water zone that is around 97 km west of
in CI-11, with a stake of 68%. The NOC has Abidjan, the Ivorian capital city. It is one of two
served as operator of the project since 2013, blocks in Côte d’Ivoire that reported gas produc-
when it acquired an interest in the block and in tion levels up in the first half of 2020. ™

Block 11B/12B is home to the Brulpadda and Luiperd discoveries (Image: Impact Oil & Gas)
Impact Oil & Gas and Africa Energy

consolidate holdings in Block 11B/12B

SOUTH AFRICA UK-BASED Impact Oil & Gas and Africa 10% (subject to certain consents and approvals)
Energy Corp. of Canada have merged their of the Block 11B/12B exploration [licence],” he
holdings in Block 11B/12B offshore South said. “This transaction provides Impact with a
Africa. significant shareholding in Africa Energy, and I
Impact announced the transaction in a state- look forward to working closely with the Africa
ment on November 13, saying it had successfully Energy Board.”
executed a previously announced plan for the Siraj Ahmed, Impact’s CEO, added: “We are
consolidation of its own indirect interest in the pleased to have concluded this milestone trans-
block with the indirect interest of Africa Energy. action. Impact retains a significant indirect
The plan took the form of a subscription agree- interest in the very exciting Brulpadda and Lui-
ment, under which the latter company issued perd discoveries, and we look forward to con-
509,092,771 common shares to the former. tinuing to work with the Africa Energy team. In
As a result of this issue, Impact now owns addition, this transaction strengthens Impact’s
36.5% of all common shares in Africa Energy. It balance sheet and reduces our anticipated fund-
also has the right to claim at least one seat on the ing needs over the next year.”
latter company’s board of directors so long as it Block 11B/12B lies off South Africa’s south-
holds a stake of 10% or more, and it has already ern coast in the Outeniqua basin. It covers an
exercised that right by appointing Johnny Cope- area of about 19,000 square km and lies in waters
lyn, its chairman, to the board. ranging from 200 to 1,800 metres in depth.
The consolidation will allow both companies Equity in the block is split 45% to Total; 25%
to continue participating in the exploration and to Qatar Petroleum; 20% to CNR International
development of Block 11B/12B. France’s Total is (South Africa) and 10% to Main Street 1549
leading work at the block and has made two sig- Proprietary. Prior to the consolidation, equity
nificant gas condensate finds there at the Brul- in Main Street 1549 Proprietary was split 49%
padda and Luiperd discoveries. to Africa Energy and 51% to Arostyle Invest-
Copelyn said he expected the deal to bene- ments, a black-owned South African company.
fit Impact. “We are delighted to conclude this In turn, Africa Oil had a 31.1% direct interest in
transaction with Africa Energy, consolidating Africa Energy, as well as an indirect interest via
our respective interests into one vehicle holding its 31.1% stake in Impact Oil & Gas. ™

Week 46 18•November•2020 www. NEWSBASE .com P15