ExxonMobil farms into South Africa offshore tract

ExxonMobil (NYSE:XOM) has agreed to acquire a 75% operating interest from Impact Oil & Gas in the Tugela South Exploration Right concession offshore South Africa.

Offshore staff

IRVING, Texas – ExxonMobil (NYSE:XOM) has agreed to acquire a 75% operating interest from Impact Oil & Gas in the Tugela South Exploration Right concession offshore South Africa.

Under the agreement, ExxonMobil also has the right to acquire 75% stakes in future exploration rights in three offshore areas covered by technical cooperation permits currently held by Impact, subject to South African government approval.

Tugela South covers about 2.8 million acres offshore Durban on the country’s east coast, in water depths extending from the coastline to 6,500 ft (1,981 m). The future exploration rights cover an additional 16 million acres offshore in water depths extending from the coastline to 9,800 ft (2,987 m).

Additionally, ExxonMobil has executed a technical co-operation permit with the government to study the hydrocarbon potential of theDeepwater Durban basin covering roughly 12.4 million acres offshore Durban. This gives it the exclusive right to study the area for one year. The company can apply to the government for an exploration right if it chooses to explore this area further.

12/18/2012

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