Africa Oil Announces Investment in Impact Oil and Gas

Looks like AOC has put money behind Impact/CNOOC (AGC lease) given the SOSP lease with AP is in doubt..




https://www.naturalgasworld.com/aoc-buys-into-south-africa-explorer-impact-58807

"Canada's has agreed to invest $15mn in shares in Impact Oil and Gas,
giving it a roughly 25.2% stake in that UK private Africa explorer."

"To date, significant gas resources have been discovered by others offshore Senegal/Mauritania though none yet off Senegal/Guinea Bissau. AOC had a request to renew its Senegal Offshore Sud Profond (so near the AGC block) rejected last year by the Senegalese government and said it feared this was"..

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http://www.marketwired.com/press-release/africa-oil-announces-investment-in-impact-oil-and-gas-2245528.htm

Africa Oil CEO Keith Hill commented, "We are very pleased to acquire a significant interest in Impact which holds a highly attractive portfolio in West and South Africa that has the potential for major discoveries in the short and medium term. Impact has done a great job of acquiring these properties at modest prices and bringing in major oil companies to fund upcoming drilling and seismic programs. This investment is a strong complement to our existing holdings in Africa Energy and ECO Atlantic and results in Africa Oil having exposure to some of the most exciting exploration plays in Africa to complement our Kenya development project. The structure of these investments allows us to preserve the necessary cash to ensure we can get to first oil without issuing additional equity."

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https://impactoilandgas.com/news_detail.php?id=farm-out-of-interest-in-agc-profond-psc-to-cnooc-

London, 29 March 2017,

Impact Oil and Gas Ltd, the African-focused pure exploration company, is pleased to announce that its subsidiary, Impact Oil & Gas AGC Ltd (“Impact”), has reached an agreement with CNOOC UK Limited (“CNOOC”), for the farm-out of a 65% participating interest in a Production Sharing Contract (“PSC”) and associated joint operating
agreement in the AGC Profond block located in the offshore joint development zone between Senegal and Guinea-Bissau (“the Zone”).


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http://www.africanpetroleum.com.au/system/files/press/APCL - Corp Update - Senegal - FINAL.pdf

SOSP:
As previously announced on 16 October 2017, the term of the current first renewal phase of the Senegal Offshore Sud Profond (“SOSP”) production sharing contract (“PSC”) expired on 15 December 2017.