South Africa/Namibia: Impact raises $40m for wells

Impact Oil & Gas Limited has secured $40m via an open offer at 20p/share. The proceeds will be used to fund Impact’s share of costs for Total’s Venus-1 well offshore Namibia later in H1, and black economic empowerment company Arostyle Investments’ share of costs for the drilling of the Luiperd-1 exploration well offshore South Africa in Q2. Impact’s funding of Arostyle, agreed in December 2018, gives it exposure to Block 11B/12B, where Total announced the Brulpadda discovery in 2019.