Exploration companies big and small are warming up for a busy next 12 months – although some have warned this may be the last such push in the energy industry.
Impact Oil and Gas
Shell has completed a deal to enter the Transkei & Algoa exploration right, offshore South Africa, with Impact Oil & Gas.
Shell’s Nigerian production fell to 223,000 barrels of oil equivalent per day in 2020, with the company blaming security issues, sabotage and theft.
Shell is entering Impact Oil and Gas’ Transkei and Algoa exploration right offshore South Africa, shortly after the exit of ExxonMobil and Equinor.
Impact Oil and Gas has farmed in to Area 2, offshore South Africa, under a deal with Silver Wave Energy.
South Africa has approved Impact Oil and Gas to take over the Transkei and Algoa exploration right, and Tugela South exploration right, offshore South Africa.
Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.
Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields.
China’s largest offshore crude producer has snapped up a 65% stake in a licence off the coast of West Africa.
Africa-focused Impact Oil and Gas said today that it had raised $12.3million through an underwritten open offer.