Impact Oil & Gas has paid Africa Oil Corp. a dividend of US$31.6 million from a shareholding of 39.5% in Blocks 2912 and 2913B offshore Namibia.
Africa Oil has an indirect interest in this block through a 39.5% shareholding in its investee company, Impact Oil & Gas, which holds a 9.5% interest.
These blocks are operated by TotalEnergies (47.2% in Block 2912 and 50.5% in Block 2913B).
Other partners include QatarEnergy (28.3% in Block 2912 and 30% in Block 2913B) and Namcor (15% in Block 2912 and 10% in Block 2913B).
Block 2913B contains the world-class Venus light oil and associated gas field discovered by the Venus-1X well drilled in 2022, which encountered a high-quality light oil-bearing sandstone reservoir of Lower Cretaceous age.
On January 10, 2024, the company announced a strategic farm-down agreement between Impact and TotalEnergies that allows the company to continue participating in the world-class Venus oil development project and the follow-on exploration and appraisal campaign on Blocks 2913B and 2912 with no upfront costs.
This deal closed on November 1, 2024.
Three follow-on appraisal wells have de-risked the field, and the results support the Venus development case.
During Q3 2024, Africa Oil increased its shareholding in Impact to 32.4% and, on November 5, 2024, served the notice to exercise the call option to acquire additional shares that, on completion, increased its shareholding to approximately 39.5%, enhancing its rights and influence over a core strategic asset and value driver for the company.
The dividend distribution follows receipt of the associated cash payment of US$99 million from TotalEnergies’ completion of the farm-down transaction relating to Blocks 2912 and 2913B, offshore Namibia, in November 2024.
The approved dividend to Impact shareholders is about US$80 million, representing US$0.0702 per ordinary share paid from January 29, 2025.
The dividend payment net to Africa Oil’s shareholding of approximately 39.5% (449,464,396 Impact shares) is approximately US$31.6 million.