Africa-focused Impact Oil and Gas said today that it had raised $12.3million through an underwritten open offer.
Impact, which has bases in Woking and Cape Town, said it would use the proceeds to pay for subsurface technical work on the firm’s portfolio, including 3D seismic surveys.
The business recently started a seismic survey covering about 1,900sq km off Namibia.
The open offer was underwritten by Deepkloof, which is a subsidiary of Hoskins Consolidated Investments and Helios Investment Advisers.
Mike Doherty, Executive Chairman of Impact Oil & Gas said: “Impact continues to deliver on its growth strategy of building a highly attractive portfolio of exploration assets and securing large independent and major oil companies as partners.
“Over the last 18 months we successfully farmed out our AGC block to Woodside Energy, welcomed Statoil into the Tugela South Block, South Africa, that we share with ExxonMobil and extended our acreage position in South Africa through the award of a Technical Cooperation Permit across the Orange Deep Basin Deep Block, offshore South Africa.
“Today’s financing is a further endorsement from our shareholders in our strategy and we would like to thank them for their continued support. The company now has the financial flexibility to continue to pursue its proven growth strategy and invest in its growing asset portfolio.”