Invictus reports US$2 million loss

ZIMBABWE’S oil and gas operator, Invictus Energy Limited incurred a loss after tax of Australian $2,6 million (US$1,9 million) for the half year ended 31 December 2021, up 164% compared to the same period in 2020.

For the year ended December 31, 2020, the company incurred A$993 755 (US$718,579) loss.

The Australian Securities Exchange-listed firm is exploring for oil and gas in the Cabora Bassa Basin in Zimbabwe, which is one of the largest under-explored interior rift basins in Africa.

Total net cash outflows from operating and investing activities stood at US$5,9 million compared to US$523745,66 achieved in the previous period.

The group intends to continue cash expenditure on operating activities on the Cobora Bassa Project.

During the reporting period, the company said the Cabora Bassa 2021 seismic survey (CB21 Survey) was completed with a total of 864km of high resolution 2D seismic data acquired.

A total of 424km of data was acquired in SG 4571 (including a 24km test line).-newsday