AfrOil: Impact Oil & Gas may exit Namibia’s Venus project

South Africa’s Impact Oil & Gas is reportedly mulling the possibility of selling its 20% stake in Block 2913B offshore Namibia, which contains the massive Venus-1x discovery.

Four industry sources told Reuters earlier this week that the privately owned company had hired Jefferies Group, a US investment banking company, to serve as its adviser for the sale process. Impact has asked Jefferies to draw up plans for the sale, which may yield $500mn to $1bn, they said.

The sources indicated that the company was taking this step even as it was holding talks with investors to raise $100mn to cover its share of costs for appraisal drilling at the Venus field. This programme will commence in August, according to Patrick Pouyanné, CEO of TotalEnergies (France), the operator of Block 2913B.

For its part, Impact declined to comment on media speculation about its future plans, and a spokesperson said the company expected to participate in the appraisal programme at Block 2913B.