Invictus Energy has provided an update on the company’s activities so far this year including the latest on the Cabora Bassa Project in Zimbabwe.
The company announced it has received approval for its investment license renewal from the Zimbabwe Investment and Development Authority (ZIDA), the investment promotion body that facilitates foreign direct investments and local investments in the country.
The Cabora Bassa project is a multi-TCF and liquids-rich conventional gas-condensate target which may be the largest undrilled seismically defined structure onshore Africa. It is defined by a large dataset acquired by Mobil in the 1990s that includes seismic, gravity, aeromagnetic and geochemical data.
It said that the farm-out process of the Cabora Bassa project continues and discussions are currently ongoing with several parties. The project is said to have passed the technical review assessment and is currently undergoing commercial evaluation and detailed forward program costing which includes the cost of drilling.
The evaluation process has been hindered by the pandemic which has led to travel restrictions in Zimbabwe and the low oil prices globally, but the company said it is working with respective parties to finalise all the outstanding requirements and will be providing updates as at when due.
It announced that Geo Associates, its owned subsidiary and holder of Special Grant 4571, have been notified of approval of its application for an extension by three years for the SG 4571, subject to an appearance before the Mining Affairs Board to present an overview of the forward work programme.
The presentation to the mining board was postponed from last week due to the imposed lockdown due to COVID-19 in the country. A soft copy was rather requested by the Board for its perusal with the physical presentation scheduled for a later time.
Invictus released a June 2020 Quarter Highlights where it discussed the Placement with Mangwana Opportunities Fund at a Premium, the appointment of Mr Joe Mutizwa to the board of Invictus Energy Resources (Zimbabwe) Pvt Limited, its ongoing Production Sharing Negotiations with the Republic of Zimbabwe, its farm Out Process Advancing, Drilling Cost Estimate and Rig Identification Commencement, its Community Social Program and Corporate costs.
The company also released a copy of its Stockhead Oil & Gas Virtual Conference Presentation which was given on July 16 2020.
To read the full Quarterly Activities Report, Click Here
To read the Stockhead Oil & Gas Virtual Conference Presentation, Click Here