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Impact Oil Secures $55m Investment in Gabon

Source: 8/12/2014, Location: Africa

Impact Oil & Gas has raised a total of US$55 million through a private placing of new shares to both new and existing investors. The bulk of the placing, a total of US$50 million, has been raised from two key new investors; one investor is a fund managed by Helios Investment Advisers LLP, an Africa focused Private Equity Group while the other is a subsidiary of Hoskins Consolidated Investments (HCI) of South Africa. HCI is a Black Economic Empowerment (BEE) investment holding company listed on the Johannesburg Securities Exchange.

Impact has issued a total of 106,808,477 new shares to the placees representing 32.4% of the enlarged capital of the company. The two main investors have each nominated a non-executive director to join the company’s board, with Andrew Bartlett and John Copelyn nominated by Helios and HCI respectively.

In a further development Impact has signed three new licence agreements with the Government of Gabon covering Blocks B7, D13 and D14 offshore. These blocks were awarded following a competitive and transparent bidding process in the 10th licensing round. Impact was the only small private company to be invited by the Government to participate in the round and to be subsequently awarded acreage – all the other companies involved were large independents and majors.

In Namibia the Government has approved Impact’s application to increase its interest in Block 2913B, offshore Namibia, from 80% to 85%. Impact’s partners in Namibia are now NAMCOR (the State Oil Company, with 10%) and Grisham (5%) – an indigenous Namibian company. Impact is currently interpreting 2D seismic data over this Block, which was acquired earlier this year.

Executive Chairman, Mike Doherty said: “All of these developments put the company in a very strong position. We are pleased to have secured financing to enable us to continue to expand our exploration activities offshore Africa and to have now built a world class deep-water portfolio. The successful equity raise will be applied primarily, to our new venture areas – Gabon, Guinea-Bissau and Namibia. Our exploration activities in South Africa continue to progress and are largely financed through arrangements with our partner, ExxonMobil.

The award of our new acreage in Gabon is particularly significant given the highly competitive nature of the environment in which it was secured. Impact was able to demonstrate to the Gabonese Authorities that it had the necessary technical, financial and environmental management resources to carry out advanced exploration in one of the most prospective regions on the West African coastline.

Another major benefit is that our Board has been strengthened by the additional appointees and we welcome Andy and Johnny. We look forward to having their considerable experience and expertise in the management team.”

For more information about related Opportunities and Key Players visit West Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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