Invictus gets multiple farm-in bids for Zimbabwe gas project
Australia’s Invictus Energy has received three farm-in offers for its Cabora Bassa gas project in Zimbabwe including an updated bid from Cluff Energy Africa, it said on April 27.
Ongoing due diligence and internal approvals are being undertaken by additional parties which may result in further bids being received, the company added. Invictus said it is assessing the current bids and working to complete further due diligence requirements ahead of the upcoming two-well drilling campaign.
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The company last month expanded the acreage of licence area SG 4571. Invictus’ 80% owned subsidiary Geo Associates and the Sovereign Wealth Fund of Zimbabwe (SWFZ) executed an initial agreement regarding the amalgamation of SG 4571 licence and with SWFZ’s MSC003 Cabora Bassa South Reserved Area to cover the entire Cabora Bassa basin.
The SWFZ will be entitled to a 10% equity back-in-right to the extended SG 4571, which is exercisable within six months post positive final investment decision to develop any discovered resource within the licence.