Licence containing Mukuyu Discovery renewed for 3 years
HARARE – Invictus Energy Ltd, an independent oil and gas company, has had its licence for the Special Grant 4571 block in the Cabora Bassa Basin renewed for an additional three years, allowing them to proceed with their high impact exploration programme.
The Mukuyu gas field discovery within this licence area positions Invictus to apply for a production grant at any time, signaling promising prospects for the company and its stakeholders.
In an update, the company said Geo Associates, the company’s 80%-owned subsidiary and holder of SG 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. It was first granted in August 2017.
The Mukuyu field was identified as the second-largest discovery in Sub-Saharan Africa in an upstream review published by global energy research firm Wood Mackenzie last year. Holding an estimated 230 million barrels of oil equivalent (boe).
Invictus 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 made a gas condensate discovery and is juggling multiple balls ahead of the drilling campaign in a frontier play, while also entertaining farm-in offers and ensuring the Government is on the same page when it comes to a development. finx
