Zimbabwe offers Invictus Energy 3-year licence for Cabora Bassa Project

Invictus Energy managing director Scott Macmillan, with the President of Zimbabwe, Emmerson Dambudzo Mnangagwa.

Zimbabwe Investment and Development Authority (ZIDA) is permitting Oil and gas explorer Invictus Energy that operates Cabora Bassa Project in Zimbabwe to renew their investment activities’ licenses for a period of three years.

ZIDA has also asked Geo Associates, Invictus Energy’s 80% owned subsidiary and holder of Special Grant 4571 to appear before the Mining Affairs Board to present an overview of the forward work programme.

According to ZIDA, Geo Associates failed to attend a scheduled presentation with the Mining Affairs Board last week but has been deferred due to COVID and the enforced lockdown in the country.

As a result of the meeting being deferred, the Mining Affairs Board has requested a soft copy of the presentation and confirmed that the formal presentation will occur at a future date.

“A soft copy presentation has been lodged with the Mining Affairs board and that it has fulfilled all of its work commitments for its first three year exploration period. A comprehensive work programme has been proposed for the second three year exploration period, including a commitment to drill a minimum of one exploration well. The Company will provide further updates as appropriate”, Geo Associates said.

Gift Kugara , a UK based researcher, said the keenness to continue launching initiatives and programmes that can support sustainable economic development and enhance the competitiveness of business environment in Zimbabwe is a positive move since it benefits both the government and the businesses as it simplifies the annual license renewal process.

Simplifying such procedures for customers, businessmen and investors will further strengthen Zimbabwe’s position as a serious destination for investment and business growth, he said.

Further work

Invictus is currently conducting ongoing 2D seismic reprocessing and interpretation work at Cabora Bassa.

Following on from this work, a final independent prospective resource report is expected to be delivered early next year, which will incorporate the entire SG 4571 permit area.

The company is also continuing geological and geophysical studies on the area including additional basin modelling and a further resource estimate.

This work is expected to lead into a planned marketing program to attract a farm-out partner, Invictus stated.