GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
Not seen that myself, but as Total have created a JV company with QP to satisfy Government unease, thereby making other moves more complicated, it’s probably a sideshow they can wait out until Tullow shape up or ship out.
Not surprisingly, Impact is clearly happy with its current position, to the point the opportunity to sell now for a massive profit has been discounted. Our on trend 3B/4B holding really could bring a mighty prize, if Venus is proven up in the coming programme.
Impact raising funds for their part of Venus :-
‘Impact Oil & Gas Limited (“Impact” or the “Company”)(“Impact” or the “Company“), a privately-owned, Africa-focused, exploration company, is pleased to announce an Open Offer to existing shareholders to subscribe for new Ordinary shares in the Company, to raise up to $60 million. The capital raised shall be used towards funding Impact’s participating share (held through its wholly owned subsidiary, Impact Oil and Gas Namibia (PTY) Ltd) of the Venus appraisal programme, in Blocks 2913B, offshore Namibia.
Highlights:
Proposed Open Offer to existing shareholders to raise up to $60 million
Each existing shareholder (as per the company register at 5.00pm on 12 July 2022) is entitled to four Open Offer Shares for every 33 Existing Ordinary Shares held
Open Offer Closes 12.00pm (British Summer Time) on 4 August 2022
Major Shareholders, representing 93.62% of the voting rights in the Company, have committed to take up or procure the entirety of their respective Basic Entitlements under the Open Offer
The expected proceeds of up to US$60 million from the Open Offer, together with existing cash reserves, is intended to be used by Impact to fund the upcoming appraisal programme, in Namibia, following the Venus discovery announced in February 2022, and other exploration activities, into early 2023
The Venus discovery is a world class light oil and associated gas field, sitting approximately 290 kms off the Namibian Coast. The Venus-1X discovery well was drilled by TotalEnergies on behalf of the joint venture group comprising TotalEnergies (40%), QatarEnergy (30%), Impact (20%) and state owned NAMCOR (10%)
An appraisal well and a re-entry into Venus-1X is being planned, with spud expected in Q3 2022. The operator plans to conduct flow tests on both wells. The joint venture will also continue to progress its exploration activities on Blocks 2913B and neighbouring Block 2912, including the acquisition of a 3D seismic survey.’
HL inform me today they will no longer cover TED (updates etc). Strange - what do they know that I don’t..?
So a significant new holder has managed to take 3% of the company stock without creating any ripples while doing so - that’s neat!
Still, it’s a positive sign so welcome all the same.
Time to update the major shareholder list, Gil.