Business - COVID-19 - Featured - Regional - October 16, 2020

Zimbabwe’s oil and gas exploration beacons!

ZIMBABWE is set to redefine Africa’s energy landscape as renowned regional energy player Invictus Energy has announced major work operations at its that will herald a new chapter in its country operations at its 2500 acres Cabora Bassa basin.

The project which received a government priority status, encompasses the Muzarabani Prospect, the potentially largest, undrilled seismically-defined structure onshore Africa.

The Australia Stock Exchange Limited (ASX) company Invictus announced that it is set to commence a field reconnaissance program in the next fortnight to spearhead its oil and gas exploration campaign.

“Invictus Energy Limited (“Invictus” or “the Company”), is pleased to announce that the Company is set to commence a field reconnaissance program in the next fortnight and has completed a further placement for the equivalent of AUD$220k at a share price of $0.066 with the Mangwana Opportunities Fund under a second tranche of the equity funding agreement as announced on 30 April 2020,” said the company I its recent communique.

The process that will include capture of details such as topography, existing access roads, drainage, vegetation cover, soil types, rock exposures, sampling of any natural oil and gas seeps, areas of development (constructions and cultivation) comes ahead of the planned acquisition campaign in 2021’s dry season.

The reconnaissance that will also run with a baseline survey will put cultural, religious or historic sites factors in context.

Invictus Enegry says planning is at its advanced stage and the process will last 30 days. To beat the wet season time.

Asing of the country’s Covid-19   business restrictions and  the granting of the Environmental Management Agency (EMA)  certificate has spurred the company’s hope.

“Following the approval of the Environmental Management Plan, easing of COVID-19 related restrictions, and the completion of the final cultural ceremonies in the Muzarabani and Mbire Districts, the Company will commence field operations in the CaboraBassa Basin,” reads the communique.

The company’s Managing Director Scott Macmillian expressed confidence in the developments.

“We are extremely pleased to commence our activity on the ground in the Cabora Bassa Project having now received all of the necessary approvals and restrictions in the country being eased,” Macmillian said in

“The Company has a window of opportunity to carry out a reconnaissance program before the onset of the rainy season so that we can map out the routes for the planned seismic acquisition campaign next year.

This exercise will enable us to map out the optimal route ahead of the survey which will reduce the acquisition time and maximize the efficiency of the survey.

According to experts, field reconnaissance is key in confirming desk study field  findings,  with  additional information relevant for the project collected  while simple index tests on ground properties are carried out.

The Company is also pleased to have completed the second tranche of funding from the Mangwana Opportunities Fund at a premium of 10% to the previous closing share price. The funds will be used for the upcoming field program and general working capital,” he said.

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