Invictus Ernergy injects US$10,2 in Zimbabwe operations

BARELY two weeks after announcing further gas discovery at its Mukuyu-2 exploration well in Mbire District, Mashonaland Central province, Invictus Energy has raised a further US$10,2 million through private placement to fund ongoing operations in Zimbabwe.

The capital will ensure the firm is well funded for a range of activities to roll out at it’s Cabora Bassa project in Northern Zimbabwe.

Earlier this month, the Australian head-quartered firm declared two gas discoveries in the Upper and Lower Angwa formations through the Mukuyu-2 well.

In a statement, Invictus noted that the funding will be utilised for a well test on gas discoveries in the Upper and Lower Angwa formations in Mukuyu-2 well, preparation for 3D seismic over the Mukuyu gas field and long lead items for a planned high impact exploration well from the Company’s extensive portfolio in the Basin Margin or Central Fairway prospects.

“We are pleased to welcome funds from institutional and sophisticated investors that will assist ongoing operations at our Cabora Bassa project,” said Mr Scott Macmillan, the firm’s managing director.

“These funds will be invested into extending the recent success of our dual gas discoveries in the Upper and Lower Angwa formations and completion of a highly successful Mukuyu-2 drill campaign.

“Ongoing operations across the Mukuyu field will include a well test on Mukuyu-2 and preparation for a 3D seismic survey over the Mukuyu gas field.

“We are currently maturing additional drill ready prospects from our recently completed CB23 infill seismic survey and excitingly planning for our next well location within our commanding 360 000 hectare project area.”

Recently, Invictus executed an updated gas supply memorandum of understanding (MoU) with Mbuyu Energy, a Zimbabwean consortium led by IPP developer Tatanga Energy for the latter’s proposed 500-megawatt (MW) gas-to-power project.

The Australian firm intends to supply the gas for the project from its 80 percent-owned and operated Cabora Bassa Project in northern Zimbabwe after the company recently declared gas discovery at its Mukuyu-2 exploration well in Mbire.

Based on the update, Invictus said following the recent confirmation of the discovery of gas at its Cabora Bassa Project in Zimbabwe, the updated MoU built on the previous MoU signed in December 2019 with Tatanga Energy.

The MoU is a precursor to the negotiation of a full long-term gas sale agreement (GSA) to supply sufficient gas to power the proposed plant.

The plant can be expanded in future phases to up to 1 000MW (equating to a forecasted demand of approximately 1,4 trillion cubic feet of natural gas over 20 years).

The company estimates the Mukuyu fields to hold 34,9 trillion cubic feet of condensate gas.

Invictus said the updated MoU will see the parties working together to assess the feasibility of developing the project utilising gas produced from the Mukuyu field or any other field developed in the Cabora Bassa project.

The power project will be developed in line with world-class standards and will support the further integration of renewable sources of energy into the National Grid.-chronicle