HARARE, Zimbabwe – Australian energy firm Invictus Energy Limited has officially transitioned from an exploration company to a developer, following significant gas and oil discoveries in north-eastern Zimbabwe.
The company is now positioning itself to become a major energy producer in the region.
In late 2023, Invictus made multiple high-quality gas-condensate discoveries at the Mukuyu Gas Field, located in the upper and lower Angwa formations within its Cabora Bassa Project. This project is situated in the Muzarabani District of Mashonaland Central province, a site that has garnered considerable interest for its natural energy resources.
As part of its transition, Invictus has launched a new website designed to better reflect its evolving focus from exploration to development and production. The company is now advancing commercialisation opportunities, conducting field appraisal activities, and planning further drilling within its expansive 360,000-hectare licensed area.
“Our goal is to develop our resource base to become an energy supplier to the rapidly expanding southern African energy market,” Invictus said in a statement.
The Cabora Bassa area, known for its promising geology and rift basin setting, has been a focal point for natural energy resource exploration since the 1990s. Although Mobil Oil Corporation initially identified significant natural gas potential in the area, it relinquished its interests due to limited monetisation options and a lack of established gas markets at the time.
Since acquiring the Cabora Bassa Project in 2018, Invictus has aggressively pursued its exploration goals, acquiring 1,400 kilometers of 2D seismic data and drilling two wildcat wells. These efforts culminated in the discovery of the Mukuyu gas-condensate field in late 2023.
Invictus has since expanded its licensed area to 360,000 hectares, using high-resolution seismic data to define three major play types and identify multiple drill-ready prospects.
In a strategic move to bolster its development efforts, Invictus completed a US$10 million investment in July 2024, with long-term shareholder Mangwana Capital and partial underwriting from the Mutapa Investment Fund, Zimbabwe’s Sovereign Wealth Fund.
The company has scheduled an extraordinary general meeting for early October to seek shareholder approval to ratify the second tranche of the capital raise, following regulatory approval.
With these developments, Invictus is poised to play a crucial role in supplying energy to southern Africa, leveraging its discoveries and strategic investments to drive its transition from explorer to producer.
Source: News Day