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October 26, 2014

Impact Oil and Gas wins new exploration license offshore of West Africa

Impact Oil and Gas has secured a new exploration license covering the AGC Profond block, which is located offshore of West Africa in the Senegal Guinea Bissau Joint Development Zone (AGC).

AGC

Impact Oil and Gas has secured a new exploration license covering the AGC Profond block, which is located offshore of West Africa in the Senegal Guinea Bissau Joint Development Zone (AGC).

The Agence de Gestion et de Coopération entre la Guinée-Bissau et le Sénégal awarded the AGC Profond licence, which covers an area of 6,700km² in water depths ranging from 1,000m to more than 3,000m.

It is located in a proven petroleum area west of the Dome Flore and Dome Gea oilfields, near Impact’s Block 4B, offshore of Guinea Bissau.

Impact said that this increases its total license holding offshore of West Africa to more than 100,000km².

A consortium led by Ophir Energy previously held the AGC Profond. The company drilled the Kora-1 well in the northern part of the block in 2011.

Impact plans to acquire, reprocess and interpret existing data on the license during the initial term of three years.

"Impact said the new license increases its total license holding in offshore West Africa to more than 100,000km²."

Additional seismic data may be acquired if it is deemed necessary, also, a well may be drilled before the end of the initial period or during the first two-year renewal period.

Impact operates the license with an 85% stake and Senegal-registered firm Enterprise AGC owns the remaining interest.

Impact Oil and Gas executive chairman Mike Doherty said: "The award of offshore AGC Profond, Impact’s second licence in the petroliferous Casmance basin, is an exciting addition to our growing world-class porftolio of assets.

"The recent discovery in the Sangomar licence, announced by Cairn, highlighted offshore Senegal as a very prospective region for good-quality oils. As with our other licences, we look forward to moving ahead quickly to explore this promising area."


Image: The AGC Profond licence covers about 6,700km² in water depths ranging from 1,000m to more than 3,000m. Photo: courtesy of Impact Oil and Gas Ltd.

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