Invictus exploration licence extended by three years
INVICTUS Energy Limited has indicated that it plans to undertake a comprehensive work programme for the third three-year exploration period including 3D seismic acquisition and additional exploration after its exploration licence was extended by three years.
The company is now planning to apply for a production licence soon.
The Mining Affairs Board approved the application to extend the tenure of the SG 4571 licence. The exploration licence runs until June 2027.
Invictus began operations in Zimbabwe in 2018, focusing on oil and gas exploration after acquiring Special Grant (SG) 4571 and exclusive prospecting orders 1848/49 in the Muzarabani district, located in the north-eastern part of the country.
In a recent notice, the oil firm said “Geo Associates (Pvt) Ltd (Geo Associates), the Company’s 80 percent 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 programme 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.”
In December last year, the firm announced the discovery of one condensate gas at its Mukuyu-2 exploration site in Mbire, Mashonaland Central province, north of Zimbabwe.
It described the gas find, touted to be the largest onshore Africa, as a potential game changer for Zimbabwe’s economic growth and the country’s energy security, among other benefits.
Following the confirmation of the Mukuyu gas-condensate discovery, Invictus is positioning itself to capture early monetisation opportunities and accelerate timelines to first production and revenue generation.
The high-quality natural gas discovered at Mukuyu-2 contains minimal impurities and allows for a simple early production system at the well site to produce for gas to be used in power generation or compressed natural gas for delivery to on-site power generation at Eureka.
This will minimise the company’s capital and surface processing infrastructure requirements for the pilot project as well as in future full-field developments.
Early this year, Invictus concluded a Memorandum of Understanding (MoU) with Dallaglio Investments and Himoinsa Southern Africa for a proposed gas-to-power project to supply electricity to the Eureka Gold Mine.
The MoU provides flexibility to grow the pilot project incrementally through modular expansion as the resource base grows and additional power off-takers are signed up.
The pilot project will also provide proof of concept for future full-field development and large-scale gas-to-power project development.
A feasibility study will be undertaken to determine the optimal delivery of power to Eureka — either well site generation of power and wheeling, utilising the existing grid infrastructure which is located within five kilometres of Mukuyu-2, or on-site generation with natural gas transported via truck between well site and the power plant.-chronicle
