Impact Oil & Gas Restructures Portfolio, Separating South African Assets to Focus on Namibia’s Venus Project
Impact Oil & Gas has agreed to restructure its business by separating its South African and Namibian assets into distinct corporate entities, in a move aimed at streamlining operations and strengthening its investment focus on offshore development projects.
The company has signed a share purchase agreement with IOG Energies, a wholly owned subsidiary of Deepkloof and Impact Oil & Gas’s majority shareholder. Meren Energy, the company’s second-largest shareholder, has also expressed support for the transaction.
Under the agreement, Impact Oil & Gas will transfer all shares in its wholly owned subsidiary, Impact Africa Limited (IAL), along with its associated assets, to IOG Energies.
IAL holds a 45% interest in the Transkei & Algoa blocks under Exploration Right 12/3/252, located offshore along South Africa’s east coast.
It also holds a 100% interest in Area 2 under Exploration Right 12/3/276, although 10% of this licence is subject to a deed of assignment involving Silver Wave Energy, its joint venture partner.
In addition, IAL owns a 22% stake in the Orange Basin Deep block under Exploration Right 12/3/335 off South Africa’s west coast.
Following completion of the transaction, Impact Oil & Gas will primarily retain its 9.5% participating interest in offshore Namibian assets, including Block 2912 under Petroleum Exploration License 91 and Block 2913B under Petroleum Exploration License 56. These interests are held through its subsidiary, Impact Oil and Gas Namibia.
The Namibian portfolio includes the Venus oil field discovery, one of the most significant offshore finds in the region.
Block 2913B covers 8,215 km² in water depths of up to 3,000 metres, with participating interests held alongside TotalEnergies (45.25%), QatarEnergy (35.25%), NAMCOR (10%), and Impact Oil & Gas (9.5%).
Block 2912, which lies adjacent to and beyond PEL 56, covers 7,884 km² offshore and is jointly held by the same consortium partners.
The company said it will concentrate its efforts on advancing the Namibian assets toward a final investment decision (FID) and eventual first oil, in partnership with its joint venture partners TotalEnergies, QatarEnergy, and NAMCOR.
Completion of the restructuring remains subject to regulatory approvals in South Africa and consent from relevant joint venture partners.
Despite the corporate separation, Impact Oil & Gas confirmed that its existing management team and employees will continue overseeing both entities, including the newly formed structure under IOG Energies.
Chief Executive Officer Siraj Ahmed said the restructuring represents a strategic milestone for the company, enabling it to secure funding through to first oil at the Venus development while also creating a dedicated platform to attract investment into its South African exploration portfolio.
He added that the new structure aligns shareholder interests and allows for more focused execution in Namibia ahead of first oil, while maintaining efficient management of South African exploration assets through a separate entity.
Impact Oil & Gas currently operates across approximately 15,000 km² of offshore acreage, with the majority of its focus directed toward Namibia.
The Venus development, in which the company holds a 9.5% interest, is operated by TotalEnergies.
Partners are targeting a final investment decision on the estimated 750-million-barrel project in the first half of 2026.
