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Harare, Zimbabwe:
“ The company recently entered into a gas selling Memorandum of Understanding (MOU) with Tatanga Energy to develop a 500MW Gas to Power facility in Zimbabwe. There is an acute energy supply and Gas is becoming an increasingly source of supply of reliable and clean energy. The company is looking to achieving a number of significant milestones in 2020, firstly our production sharing agreement with the Republic of Zimbabwean which will provide a transparent and, stable legal and fiscal framework. We are also concluding processes to bring in a partner for the forward exploration program and provide exposure to our shareholders to the drilling of one of the World’s largest conventional Oil and Gas prospects.”
Scott Macmillan
Managing Director,
INVICTUS ENERGY LTD
With Southern Africa in an energy crisis that has rendered havoc on several countries on their abilities to sustain production in both primary and secondary sectors, several governments have been left in dire need to explore alternative energy sources. Nearly 10,000MW worth of coal fired power is reported have been retired and innovative companies have been provided with an opportunity to fill the gap.
Invictus Energy Limited has announced today that the Company’s Cabora Bassa project at Muzarabani held through the Company’s 80% interest in Geo Associates (Private) Limited has been classified as a priority development project by the Office of the President and Cabinet of Zimbabwe. By way of background, the Ministry of Mines and Mining Development has been tasked to identify priority projects to be implemented under the new Zimbabwe Government’s 5th 100 Day Cycle Priority Projects using the Rapid Results Initiative.
The Company’s Cabora Bassa project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy. The company reported that its board has been encouraged by support being offered to fast track the Cabora Bassa project to achieve a number of outcomes including the finalisation of a Production Sharing Agreement (PSA) with the Republic of Zimbabwe.
The PSA will ensure that a predictable, stable and transparent legal and fiscal regime is put in place that is commensurate with terms in the region, follows international best industry practice and meets the country’s aspirations. The company together with One-Gas Resources is hoping to work in conjunction with the Office of the President and Cabinet and the Zimbabwe Ministry of Mines and Mining Development and other Ministries to progress the Cabora Bassa project to ensure that key outcomes are delivered during this period.
Several investment deals have been announced in Zimbabwe in the mining, energy and power space and the global investment community awaits with eagerness to see how these will help the Southen African country.
About the Cabora Bassa
Project The Cabora Bassa Project encompasses the Mzarabani Prospect, a multi-TCF and liquids rich conventional gascondensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data. SG 4571 contains the Mzarabani conventional gas-condensate prospect, the largest undrilled, seismically defined structure in onshore Africa with TCF+ potential.
About Invictus Energy Ltd
Invictus Energy Ltd is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa. Its asset portfolio consists of a highly prospective portion of the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.