Invictus Energy Limited, an Australian-based oil and gas company, has announced that its 80% owned subsidiary, Geo Associates (Pvt) Ltd, has successfully renewed its SG 4571 licence in Zimbabwe’s Cabora Bassa Basin for a further three-year term.
The licence renewal, which was approved by the Mining Affairs Board and will be published in the Government Gazette, allows Invictus to continue exploring and developing the Mukuyu Discovery, a significant oil find in the region.
The company plans to undertake a comprehensive work program during the third three-year exploration period, which includes the acquisition of 3D seismic data and additional exploration and appraisal drilling.
Invictus Energy Limited has the option to apply for a production special grant licence at any stage, which would enable the company to move forward with commercial production.
“Geo Associates (Pvt) Ltd (Geo Associates), the Company’s 80% owned subsidiary and holder of Special Grant 4571 has received notification that its application to extend the tenure of the SG 4571 licence for a further three years has been approved by the Mining Affairs Board. This will be followed by publication in the Government Gazette.
“The exploration licence for the third period for SG 4571 runs to June 2027. The Company plans to undertake a comprehensive work program for the third three-year exploration period including 3D seismic acquisition and additional exploration/appraisal drilling.
“The Company is able to apply for a production special grant licence at any stage,” the company noted.
Invictus Energy operates as an independent upstream oil and gas company. Its asset portfolio comprises the highly prospective SG 4571 and EPOs 1848/49, situated in the Cabora Bassa Basin, Zimbabwe.
This basin is one of Africa’s most significant under-explored interior rift basins, offering substantial potential for oil and gas discoveries.
Ko nanhasi no gas or it’s being stolen already