INVICTUS Energy has expanded its exploration footprint in the Cabora Bassa basin following a successful assignment agreement with the Sovereign Wealth Fund of Zimbabwe (SWFZ).
Invictus is an independent upstream oil and gas company headquartered and listed on the Australian Securities Exchange with offices in Harare.
The group is opening one of the last untested large frontier rift basins in onshore Africa, the Cabora Bassa basin in northern Zimbabwe through a high impact exploration programme.
The exploration will be executed by Invictus’ subsidiary Geo Associates (Pvt) Ltd and SWFZ after an agreement for the exploration rights to Exclusive Prospecting Orders (EPOs) 1848 and 1849.
In a statement by the energy utility company, the exploration licenses cover a combined area of approximately 360 000 hectares, with EPOs 1848 and 1849 each covering an area of approximately 130 000 hectares and the current SG 4 571 licence area covering a further 100 000 hectares.
Invictus managing director Scott Macmillan welcomed the union with SWFZ saying the bilateral agreement could potentially provide them with future discoveries on a large scale within the basin.
“We are extremely pleased to have concluded the assignment agreement with the Sovereign Wealth Fund of Zimbabwe to expand our exploration footprint in the Cabora Bassa basin,” said Macmillan.
“The combined Exploration Licenses provide us with a basin master position encompassing the entire conventional oil and gas play fairway and running room in the basin,” he added.
“The Exploration Licenses are focused on the core prospective area in the basin, which is covered by our CB21 Seismic Survey and minimizes our holding costs through the relinquishment of non-prospective areas in the basin.
“We are grateful for the constructive efforts by the Zimbabwe Government to conclude the amendments to the Petroleum Act to facilitate the signing of the Petroleum Production Sharing Agreement (PPSA).
“The PPSA will provide a robust framework to facilitate long-term investment in the oil and gas sector which with confidence ensures the country derives its fair share of any discovered resources.
“We are excited to confirm Baobab-1 as the second well to be drilled in our basin opening exploration program, which will target the newly identified basin margin play, displaying similar characteristics to the prolific East Africa Rift “String of Pearls” play.”
Source NewZimbabwe
