The Tugela South Exploration Right covers approximately 2.8 million acres on the east coast of South Africa with water depths extending from the coastline to approximately 6,500 feet.
The ExxonMobil affiliate will become operator after signing an agreement with Impact Oil & Gas Limited subsidiary Impact Africa Limited (Impact), to acquire a 75 percent participating interest in the Tugela South Exploration Right. Under the agreement, the affiliate also has the right to acquire 75 percent participating interests in future exploration rights - held by Impact - in three offshore areas, covering an additional 16 million acres offshore with water depths extending from the coastline to approximately 9,800 feet.
The exploration rights and the affiliate's participating interest in them are subject to South African government approval, Marinelink.com reports.
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