Africa Oil Corp is set to receive a US$31.6 million dividend from Impact Oil & Gas following the successful farm-out of Blocks 2912 and 2913B offshore Namibia to TotalEnergies, a transaction finalized in November 2024.
Africa Oil Corp holds a 32.4% stake in Impact, with an option to increase its shareholding to 39.5%, translating to an effective economic interest of approximately 3.8% in the Namibian blocks. As part of the deal, Impact received US$99 million from TotalEnergies.
The UK-based exploration company has approved a total of US$80 million in gross dividend payments, amounting to approximately US$0.07 per share, with payouts scheduled to commence on January 29.
Impact CEO Siraj Ahmed stated that the dividend reflects the company’s strong liquidity, enhanced by the farm-out agreement, which includes a carry provision and allows for surplus capital distribution.
“This move demonstrates our commitment to delivering shareholder value,” Ahmed said.
Impact Oil & Gas, an independent exploration company, focuses on deepwater prospects in Western and Southern Africa. Its portfolio includes interests in Namibia’s Venus oil discovery and indirect stakes in South Africa’s Brulpadda and Luiperd gas condensate discoveries.
The company holds a gross exploration area of over 170,000 km² and has partnerships with industry majors Shell, TotalEnergies, and QatarEnergy.
