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Did Mnangagwa lie on oil?
02 Nov 2018 at 06:27hrs | Views
Contrary to The Herald story that President Mnangagwa confirmed the positive presence of oil in Muzarabani, Invictus energy Limited has issued a statement that there is no discovery of oil yet.
The Herald quoted Mnangagwa saying, "We have since been advised by Invictus that the findings are positive and point to oil and gas deposits in the area.
Invictus Energy Limited (Invictus or the Company), wishes to clarify some reports circulating in the media regarding and oil and/or gas discovery that has allegedly been made in the Muzarabani Area in northern Zimbabwe."
Find the full statement Below:
On 1 November 2018, Invictus management attended a press conference hosted by the Zimbabwe President, His Excellency CDE E.D. Mnangagwa and the Minister of Mines Hon. Winston Chitando in Harare.
At no time did President Mnangagwa state that an oil discovery had been made in Zimbabwe, but that the exploration activity being undertaken by Invictus had positive indications and that an exploration well would be drilled to confirm the potential of the Mzarabani Prospect.
The Company wishes to reiterate that an oil or gas discovery has not been made and the Prospective Resource Estimate for the Mzarabani Prospect relates to undiscovered accumulations which have both a risk of discovery and a risk of development. Although the Cabora Bassa Basin possess all the elements for a working petroleum system, a discovery can only be confirmed through drilling of an exploration well.
Invictus Energy Ltd Managing Director Scott Macmillan said: "We are honoured to have been received by President Mnangagwa and Minister Chitando to provide an overview to the Zimbabwe Government of our exploration activity and progress to date in SG 4571. We are extremely pleased to have the support of government as we progress our work program towards the drilling of the first exploration well in the Cabora Bassa Basin. We look forward to working with the Government on Zimbabwe on this exciting project which if successful can make a significant contribution to Zimbabwe."
The Herald quoted Mnangagwa saying, "We have since been advised by Invictus that the findings are positive and point to oil and gas deposits in the area.
Invictus Energy Limited (Invictus or the Company), wishes to clarify some reports circulating in the media regarding and oil and/or gas discovery that has allegedly been made in the Muzarabani Area in northern Zimbabwe."
Find the full statement Below:
On 1 November 2018, Invictus management attended a press conference hosted by the Zimbabwe President, His Excellency CDE E.D. Mnangagwa and the Minister of Mines Hon. Winston Chitando in Harare.
At no time did President Mnangagwa state that an oil discovery had been made in Zimbabwe, but that the exploration activity being undertaken by Invictus had positive indications and that an exploration well would be drilled to confirm the potential of the Mzarabani Prospect.
The Company wishes to reiterate that an oil or gas discovery has not been made and the Prospective Resource Estimate for the Mzarabani Prospect relates to undiscovered accumulations which have both a risk of discovery and a risk of development. Although the Cabora Bassa Basin possess all the elements for a working petroleum system, a discovery can only be confirmed through drilling of an exploration well.
Invictus Energy Ltd Managing Director Scott Macmillan said: "We are honoured to have been received by President Mnangagwa and Minister Chitando to provide an overview to the Zimbabwe Government of our exploration activity and progress to date in SG 4571. We are extremely pleased to have the support of government as we progress our work program towards the drilling of the first exploration well in the Cabora Bassa Basin. We look forward to working with the Government on Zimbabwe on this exciting project which if successful can make a significant contribution to Zimbabwe."
Source - Byo24News
