Impact Oil & Gas has stuck a deal with Woodside Energy which will sees the Australian oil major taking a 65% stake in the AGC project, offshore west Africa.
The AGC Profond block is found within the joint development area between Senegal and Guinea-Bissau, it covers 6,700 square kilometres and has water depths between 1,400 and 3,700 metres.
It is located to the west of the Dome Flore and Dome Gea oil accumulations, and to the south of the recent FAN-1 and SNE-1 discoveries made by Cairn Energy and ConoccoPhilips.
Impact secured the acreage in October 2014, and since then it has focussed on the re-interpretation of 2D and 3D seismic data.
“We believe that this block has substantial potential as it sits along the fairway that has been proven by the recent success of the Cairn and Kosmos drilling to the north,” said executive chairman Mike Doherty.
“Impact continues to deliver on its strategy of building an attractive group of exploration assets and securing large independent and major oil companies as partners.
“The fact that a major company is joining us at this challenging time in our industry demonstrates that majors continue to see value in high-potential acreage offshore Africa.”
This is the latest new blue-chip partner for Impact, which in October saw StatOil join its joint venture partnership offshore South Africa via a transaction with fellow partner ExxonMobil.