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Presentation to the Portfolio Committee on Mineral Resources

Presentation to the Portfolio Committee on Mineral Resources. Impact Africa Limited holds an Exploration Right and three Technical Cooperation Permits along the eastern coast of South Africa.

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Presentation to the Portfolio Committee on Mineral Resources

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  1. Presentation to the Portfolio Committee on Mineral Resources

  2. Impact Africa Limited holds an Exploration Right and three Technical Cooperation Permits along the eastern coast of South Africa.

  3. We have carried out a number of geological, geophysical and environmental studies and found the eastern coastline to be prospective for oil and gas

  4. The strong Agulhas current flows throughout the year Main prospects lie in deep water – 60 to 100 kms offshore in a very challenging environment Potential prospects so far identified, lie in very deep water and a long way offshore. The Agulhas current, one of the worlds major currents, flows constantly along the coastline

  5. ExxonMobil are partnering with us, subject to government approval, in the further exploration of our blocks. Offshore exploration is technically very challenging and carries considerable financial risk.

  6. We believe that the industry as a whole is willing to take those risks – provided the rewards are commensurate with the risks taken. The potential benefits for South Africa are great – not to mention that the country could become self-sufficient in oil and gas. The oil and gas exploration industry is a dynamic, worldwide business – countries are ranked by their prospectivity and their fiscal terms. South Africa is currently considered to have very high geological risk as no major oil or gas fields have yet been found

  7. If we aren’t able to find a mutually workable solution, the possibilities that exist offshore may, therefore, lie untapped for decades to come and the huge potential benefit to the country will remain unrealised.

  8. Impact Africa Limited is a member of OPASA which has prepared a detailed response. We agree with the OPASA suggestion and proposal that the industry is meaningfully consulted when the relevant sections of the Act are being implemented by Ministerial regulations.

  9. Thank you

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