ExxonMobil to Explore Offshore South Africa
*ExxonMobil affiliate to acquire 75 percent interest in Tugela South
*Agreement with Impact Africa Limited includes future exploration rights
*Independently awarded technical cooperation permit for Deepwater Durban
IRVING, Texas -- December 17, 2012
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
“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
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).
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Upstream Media Line, 713-656-4376
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