Impact Oil & Gas acquires Black Star

Impact Oil & Gas, an Africa-focused exploration company, has acquired 100% of the share capital of Black Star Petroleum for a combination of cash and Impact shares. In Guinea Bissau, it has acquired a 90% interest in block 4B (the remaining 10% is held by Petrogin, the national oil company of Guinea Bissau). In Namibia, Impact has acquired an 80% interest in block 2913B, which remains subject to the approval of the government of Namibia; the remaining 20% is held by Namcor (The National Petroleum Corporation of Namibia) and Southern Oil and Gas Explorers, each holding 10% respectively. Whilst Block 2913B was a separately negotiated transaction, the opportunity initially arose through Black Star.

 

The deal provides Impact with the opportunity to take licences in two blocks in the highly prospective and underexplored Casamance Basin and Orange Basin.