Africa Oil Corporation (Africa Oil) announced the acquisition of an additional 7% stake in Impact Oil & Gas Limited (Impact), under the call and put option agreement finalized on August 27, 2024. This strategic move brings its total shareholding to 39.5%.
The acquisition involves 80,160,198 shares in Impact at a price of GBP 0.57 per share, for a total cost of GBP 45.7 million (USD 60.4 million). Additionally, a sum of GBP 6.4 million (USD 8.4 million) was paid for the option during Q3 2024.
A strategic lever in the Orange Basin
With this operation, Africa Oil increases its influence over major oil projects in the Orange Basin, a high-potential region in Namibia. These projects include the development of the Venus oil field and explorations on Blocks 2912 and 2913B, including the Tamboti well, currently being drilled.
Africa Oil’s CEO, Dr. Roger Tucker, stated: “With this acquisition, we consolidate our strategic position in Impact, strengthening our exposure to high-value assets and exciting opportunities within the Orange Basin.”
A strategic position in an increasingly competitive market
The Orange Basin is emerging as a crucial growth area for oil exploration, drawing increasing investments and large-scale projects. This acquisition aligns with Africa Oil’s strategy of maximizing investments in regions with high commercial returns.
This move also highlights the competitive dynamics in Africa’s energy sector, where players seek to secure strategic oil resources in high-potential zones. With this new stake, Africa Oil positions itself as a key player in this critical region.
