Impact Oil looking for N$1 bn to appraise Venus
Impact Oil & Gas Limited, which owns 20% on the interest in Blocks 2913B, today announced an open offer to existing shareholders to subscribe for new ordinary shares in the company to raise up to US$60 million.
The approximately N$1 billion will be used to fund Impact’s participating share of the Venus appraisal programme offshore Namibia, the Africa-focused exploration company said in a statement.
The Venus discovery, announced in February this year, is a world-class light oil and associated gas field, sitting approximately 290 km off the Namibian coast. The Venus-1X discovery well was drilled by TotalEnergies on behalf of the joint venture group comprising TotalEnergies (40%), QatarEnergy (30%), Impact (20%) and state owned Namcor (10%).
An appraisal well and a re-entry into Venus-1X is being planned, with spud expected in the third quarter this year. The operator plans to conduct flow tests on both wells. The joint venture will also continue to progress its exploration activities on Blocks 2913B and neighbouring Block 2912, including the acquisition of a 3D seismic survey.
“We are excited to be preparing for the appraisal of the world class light oil and associated gas discovery in Venus-1X, expected to commence only seven months after the initial discovery was announced. This is remarkable progress that reflects the commitment of the joint venture to accelerate the de-risking and commercialisation of the Venus discovery,” CEO of Impact Oil & Gas, Siraj Ahmed, said in a statement.
The approximately N$1 billion will be used to fund Impact’s participating share of the Venus appraisal programme offshore Namibia, the Africa-focused exploration company said in a statement.
The Venus discovery, announced in February this year, is a world-class light oil and associated gas field, sitting approximately 290 km off the Namibian coast. The Venus-1X discovery well was drilled by TotalEnergies on behalf of the joint venture group comprising TotalEnergies (40%), QatarEnergy (30%), Impact (20%) and state owned Namcor (10%).
An appraisal well and a re-entry into Venus-1X is being planned, with spud expected in the third quarter this year. The operator plans to conduct flow tests on both wells. The joint venture will also continue to progress its exploration activities on Blocks 2913B and neighbouring Block 2912, including the acquisition of a 3D seismic survey.
“We are excited to be preparing for the appraisal of the world class light oil and associated gas discovery in Venus-1X, expected to commence only seven months after the initial discovery was announced. This is remarkable progress that reflects the commitment of the joint venture to accelerate the de-risking and commercialisation of the Venus discovery,” CEO of Impact Oil & Gas, Siraj Ahmed, said in a statement.
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