17 December 2012
Details
ExxonMobil Exploration and Production
South Africa Limited (The ExxonMobil affiliate)
signed an agreement with
Impact Africa Limted (IMPACT),
a subsidiary of Impact Oil & Gas Limited,
- to acquire 75 % participating interest in
the Tugela South Exploration Right
and become "OPERATOR".
- Under the agreement, the affliate has also the right to
acquire 75 % participating interest in future
exploration rights in 3 offshore areas
covered by technical cooperation permits
currently held by IMPACT
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About the Tugela South Exploration Rights
- Covering approximately 2.8 million acres
offshoreDurban on the East coast of South Africa
- With water depths extending from the coastline to
approximately 6,500 feet
- The future exploration rights cover an
additional 16 million acres with offshore depths extending
from the coastline to approximatley 9,800 feet
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About the ExxonMobil affiliate
- The affliate also has executed a cooperation permit
with South Africa government
to study the hydrocarbon potential of
the Deepwater Durban Basin
covering approximately 12.4 million acres offshore Durban.
- A technical cooperation permit is an exclusive right to
study an area for 1 year.
- The ExxonMobil Affiliate can apply the right to the
South African government for an exploration right
if it chooses to explore this area further.
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