French oil giant Total has agreed a farm-in deal with UK based independent Impact Oil and Gas, which will see it take major stakes in deepwater blocks offshore Namibia and South Africa.
Total has acquired 70% of Impact’s interests in Block 2913B, in 2500-3250m water depth, in the Orange River basin offshore Namibia, says Impact.
Total will also acquire 77.78% of Impact’s interests in Orange Basin Deep Technical Co-operation Permit (TCP), in in 2700-4250m water depth, off the Western Cape of South Africa, once an Exploration Right is granted over the area and subject to certain governmental approvals.
Block 2913B covers about 8215sq km and was entered into by Impact in February 2014. Impact subsequently acquired 2D seismic, which identified a number of large Cretaceous oil prospects. At the start of 2017, a 1900sq km 3D seismic program was acquired by the company and is currently being processed.
The Orange Basin TCP lies offshore on the west coast of South Africa and covers approximately 15,474sq km. Licensed in June 2016 as a TCP, it is now in the process of being converted into an Exploration Right. Impact says that a technical evaluation on the TCP is currently underway with the objective of assessing the prospectivity of the Cretaceous basin-floor apron fans similar to those providing the prospects within Namibia Block 2913B.
Total existing acreage offshore South Africa. The firm operates offshore Block 11B/12B with a 50% interest. It is 175km off South Africa in 200-1800m water depth and covers about 19,000sq km. Total also holds a TCP (100%, operator) covering about 76,000sq km in the Outeniqua Block, in 400-4000m water depth.
Robert Wilde, Interim CEO of Impact Oil & Gas says: “We believe Total brings substantial technical and exploration expertise to the licenses, particularly in deep water, and allows Impact to maintain a significant interest in these high impact, exploration assets which could potentially contain multi-billion barrel prospects. The technical evaluation on Orange Deep is currently underway and we believe it may contain deep water fans similar to those identified in Block 2913B, which lies to the north.”