Africa Oil has indirect interests in these blocks through a 31.1% shareholding in its investee company Impact Oil & Gas Limited (“Impact”), which has a 18.9% interest in Block 2912 and a 20.0% interest in Block 2913B. These blocks are operated by TotalEnergies (37.8% in Block 2912 and 40% in Block 2913B). Other partners include QatarEnergy (28.3% in Block 2912 and 30% in Block 2913B) and NAMCOR (15% in Block 2912 and 10% in Block 2913B). 

Block 2913B contains the world class Venus light oil and associated gas field that was discovered by the Venus-1X well drilled in 2022, which encountered high-quality light oil-bearing sandstone reservoir of Lower Cretaceous age. Three follow-on appraisal wells have de-risked the field with the results supporting the  Venus development case.

On January 10, 2024, the Company announced a strategic farm down agreement between Impact and TotalEnergies, that allows the Company to continue its participation in the world class Venus oil development project, and the follow-on exploration and appraisal campaign on Blocks 2913B and 2912 with no upfront costs. On closing of the farm-out transaction with TotalEnergies, Impact will retain a carried 9.5% WI in each of the two Blocks.