Invictus Energy has offered an update on the activities of its Cabora Bassa Project in Zimbabwe, which it owns and operates 80% of.
The non-binding farm-in agreement has been dissolved, as announced on December 22, 2020. The parties have discontinued conversations since Invictus was unable to perform the required transaction due diligence on the counterparty. Other interested parties are being contacted by the company.
The Company’s immediate priority is on completing the seismic acquisition programme, which was announced to the ASX on June 25, 2021, and is expected to be completed by the end of Q3. The construction of the camp and the local recruitment effort for 120 field crew members are nearing completion in preparation for the program’s start.
In SG 4571, the Cabora Bassa Project includes the Mzarabani Prospect, a multi-TCF and liquids-rich conventional gas-condensate target that could be Africa’s largest undrilled seismically characterised structure. A robust dataset gathered by Mobil in the early 1990s defines the prospect, which includes seismic, gravity, aeromagnetic, and geochemical data.
