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AFRICA OIL ANNOUNCES STRATEGIC FARMOUT OF IMPACT'S NAMIBIAN INTERESTS
AFRICA OIL ANNOUNCES STRATEGIC FARMOUT OF IMPACT'S NAMIBIAN INTERESTS Canada NewsWire ...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n AFRICA OIL ANNOUNCES STRATEGIC FARMOUT OF IMPACT'S NAMIBIAN INTERESTS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Jan. 10, 2024\n \n \n /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI)\n \n – Africa Oil Corp.\n \n (\"Africa Oil\", \"AOC\" or the \"Company\") is pleased to announce a significant value enhancing farmout transaction related to its offshore\n \n Namibia\n \n interests held through its investee company, Impact Oil and Gas Limited (\"Impact\"). On the closing of this transaction Impact will have a 9.5% interest in Blocks 2912 and\n \n 2913B\n \n (together, \"the Blocks\") that is fully carried for all joint venture costs, with no cap, through to first commercial production. Impact will also be cash reimbursed on closing for its share of the past costs incurred on the Blocks net to the farmout interests, which is estimated to be approximately\n \n USD 99 million\n \n .\n \n View PDF version\n \n \n \n Impact Oil and Gas Namibia (Pty) Ltd., a wholly-owned subsidiary of Impact, has signed a farmout agreement (\"Farmout Agreement\") with TotalEnergies EP Namibia B.V., a wholly-owned subsidiary of TotalEnergies S.E. (\"TotalEnergies\"), for a share of Impact's interests in the Blocks. This Agreement provides Impact with carry loan over all of Impact's remaining development, appraisal and exploration costs on the Blocks from\n \n January 1\n \n \n st\n \n , 2024 (\"Effective Date\"), until the date on which Impact receives the first sales proceeds from oil production on the Blocks (\"First Oil Date\").\n \n \n The carry is repayable to TotalEnergies from a share of Impact's after-tax cash flow and net of all joint venture costs, including capital expenditures, from production on the Blocks post the First Oil Date. During the repayment of the carry, Impact will pool its entitlement barrels with those of TotalEnergies for more regular off-takes and a more stable cashflow profile, and will also benefit from TotalEnergies' marketing and sales capabilities.\n \n \n Completion...