INVICTUS Energy has raised A$15 million, equivalent to US$10,2 million, through private placement to fund ongoing operations at its prospective area in the Cabora Bassa Basin, north of Zimbabwe, where it is exploring for oil and gas.
A fortnight ago, the Australian-headquartered company made further gas discovery at its Mukuyu-2 exploration well in Mbire District, Mashonaland Central province, reaffirming the country’s potential as one of the world’s biggest gas producers.
The latest announcement follows an earlier proclamation made by Mines and Mining Development Minister Zhemu Soda and GeoAssociates (Invictus Energy parent firm) that substantial moveable hydrocarbons had been discovered in the Upper Angwa geological zone of the Mukuyu-2 exploration well.
In its latest update, Invictus said it had successfully raised US$10,2 million through an institutional placement to continue funding operations at its 80 percent-owned and operated Cabora Bassa project in Zimbabwe.
“The capital will ensure the company is well funded for a range of activities to roll out at its Cabora Bassa project in Northern Zimbabwe
“Earlier this month, Invictus declared two gas discoveries in the Upper and Lower Angwa formations through the Mukuyu-2 well.
“Funding will be utilised for a well test on gas discoveries in the Upper and Lower Angwa formations in Mukuyu-2 well, preparation for 3D seismic over the Mukuyu gas field and long lead items for a planned high-impact exploration well from the company’s extensive portfolio in the Basin Margin or Central Fairway prospects,” he said.
Commercial discovery of hydrocarbons would give Zimbabwe a reliable source of energy and open up avenues for further massive economic growth and development.
Such benefits include improved export earnings, massive job creation, and energy security for Zimbabwe, which at the moment is experiencing an acute power deficit at a time when the country aims to attain an upper middle-income economy status by 2030.
Invictus managing director Mr Scott Macmillan was quoted as saying, “We are pleased to welcome funds from institutional and sophisticated investors that will assist ongoing operations at our Cabora Bassa project.
“These funds will be invested into extending the recent success of our dual gas discoveries in the Upper and Lower Angwa formations and completion of a highly successful Mukuyu-2 drill campaign.
“Ongoing operations across the Mukuyu field will include a well test on Mukuyu-2 and preparation for a 3D seismic survey over the Mukuyu gas field.
“We are currently maturing additional drill-ready prospects from our recently completed CB23 infill seismic survey and excitingly planning for our next well location within our commanding 360 000-hectare project area.
“I thank those who continue to support Invictus Energy’s operations as we enter a much-anticipated phase of project activity at Cabora Bassa,” he said.