Results of Open Offer – US$ 95 Million Raised

Source Company Press Release
Company Impact Oil & Gas Ltd, Namcor, QatarEnergy, TotalEnergies SE
Tags Corporate: Overview/Strategy, Country: Namibia
Date April 28, 2023

Impact Oil & Gas Limited (“Impact” or the “Company“), a privately-owned, Africa-focused, exploration company, is pleased to announce that it has successfully raised US$95 million through an Open Offer to existing shareholders.

The capital raised shall be used, through its wholly owned subsidiary, Impact Oil and Gas Namibia (PTY) Ltd), to fund Impact’s participating interest share of the multi-well drilling programme in Namibia to further evaluate and appraise the Venus discovery; a world class, light-oil and associated gas field announced in February 2022. Impact holds a 20% participating interest share in Block 2913B (PEL 56) and an 18.89% participating interest share in the adjacent Block 2912 (PEL 91).

Siraj Ahmed, Chief Executive Officer of Impact, commented:

“We are pleased to see the US$ 95 million open offer’s successful completion, having been fully taken up by our existing shareholders, who continue to support our growth and to whom we are most grateful. The funds raised will be applied towards our share of the multi-well drilling programme now underway in Namibia, together with our partners TotalEnergies, QatarEnergy and  NAMCOR.” 

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