Invictus Energy’s major subsidiary, Geo Associates (Private) Limited’s special grant has been extended by three more years, BusinessMail has learnt.
Geo Associates (Private) Limited is an Australian headquartered Invictus Energy Limited’s 80%-owned subsidiary.
Invictus Energy is an independent upstream oil and gas company focused on sub-Saharan Africa.
In its latest update, Invictus Energy has said that its Special Grant permit 4571 that was granted in 2017 has been extended till 17, June 2024.
Invictus has started organising the commencement its 2D seismic campaign which is expected to start in July after the main contactor, Polaris Natural Resources receives work permits for its workers.
“The seismic campaign is expected to officially commence in July with line clearing operations and followed by seismic data acqusition,” said the company.
Government recently approved invictus’s petroleum exploration development and production agreement (PEDPA) which is expected to provide a stable, transparent, legal, and fiscal framework for the exploration and production of oil and gas in Zimbabwe.
The agreement allows the government to benefit from any potential finds that Invictus makes as it continues exploration efforts in the Muzarabani prospect for oil and gas.
Invictus intends to conduct,process and interpret a minimun of 400 line kms of 2D seismic inorder to refine the Muzarabani drilling location and identify additional prospectivity for the upcoming drilling campaign.
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