Invictus to Start Field Work in Zimbabwe in Weeks
Australia-listed Invictus Energy plans to start a field reconnaissance programme at its Cabora Bassa project in Zimbabwe within a fortnight, it said on October 12.
The Cabora Bassa project comprises the Mzarabani and Msasa gas and condensate prospects, which Invictus describes as "world-class multi-trillion ft3" plays. Its 30-day reconnaissance programme will entail the traversing of proposed infill seismic lines for a planned seismic campaign in the 2021 dry season. The project received environmental approval from Zimbabwean authorities in August
The programme will assess 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), plus any sites of cultural, religious or historic importance, Invictus said.
Invictus also said it had completed a A$220,000 ($158,000) share placement with Mangwana Opportunities Fund at a 9% premium to its previous closing price. The placement represents the second tranche of a funding agreement announced in April.
Zimbabwe does not produce any oil and gas of its own, and exploration has been limited. The country holds large coal reserves and untapped hydropower potential, however, according to the International Energy Agency