ExxonMobil to Explore Offshore South AfricaDateline City:
IRVING, Texas
ExxonMobil affiliate to acquire 75 percent interest in Tugela South Exploration Right
Agreement with Impact Africa Limited includes future exploration rights
Independently awarded technical cooperation permit for Deepwater Durban Basin
IRVING, Texas--(BUSINESS WIRE)--Exxon
Mobil Corporation (NYSE:XOM) announced today that its affiliate,
ExxonMobil Exploration and Production South Africa Limited, will soon
begin exploration activities offshore South Africa.
The ExxonMobil affiliate signed an agreement with Impact Africa Limited
(Impact), a subsidiary of Impact Oil & Gas Limited, to acquire a 75
percent participating interest in the Tugela South Exploration Right and
will become operator. Under the agreement, the affiliate also has the
right to acquire 75 percent participating interests in future
exploration rights in three offshore areas covered by technical
cooperation permits currently held by Impact. These exploration rights
and the affiliate?s participating interest in them are subject to South
African government approval.
The Tugela South Exploration Right covers approximately 2.8 million
acres offshore Durban on the east coast of South Africa with water
depths extending from the coastline to approximately 6,500 feet. The
future exploration rights cover an additional 16 million acres offshore
with water depths extending from the coastline to approximately 9,800
feet.
Separately, the ExxonMobil affiliate also has executed a technical
cooperation permit with the South African government to study the
hydrocarbon potential of the Deepwater Durban Basin covering
approximately 12.4 million acres offshore Durban. A technical
cooperation permit is an exclusive right to study an area for one year.
The ExxonMobil affiliate can apply to the South African government for
an exploration right if it chooses to explore this area further.
?We look forward to working with Impact and the South African government
to explore for oil and gas in this new area for ExxonMobil,? said
Stephen M. Greenlee, president of ExxonMobil Exploration Company. ?We
believe South Africa has significant potential and we will continue to
look for additional opportunities there.?
CAUTIONARY STATEMENT
Statements in this release regarding future events and conditions are
forward-looking statements. Actual future results, including resource
recoveries and project plans, costs and timing, could differ materially
due to changes in long-term oil and gas price levels or other market
conditions affecting the oil and gas industry; regulatory approvals and
other political or legal developments; the results of technical studies
or exploration activities; the outcome of commercial negotiations; and
other factors discussed under the heading "Factors Affecting Future
Results" posted in the Investor Information section of our website (
www.exxonmobil.com).
About ExxonMobil
ExxonMobil,
the largest publicly traded international oil and gas company, uses
technology and innovation to help meet the world?s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is the
largest refiner and marketer of petroleum products, and its chemical
company is one of the largest in the world. For more information, visit
www.exxonmobil.com.
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