Billions earmarked for Zimbabwe oil project

Australian petroleum company, Invictus Energy Limited, which recently confirmed the potential of oil in Muzarabani, Cabora Bassa Basin, in Mashonaland Central, says it is still in the early stages of an exploration programme, but expects to inject billions of dollars into the project depending on the number of wells to be drilled.

Although the firm say it is still at stages that include geophysical interpretation and geological modelling of the subsurface, it has already spent over $1 million on its pre-work studies.

Reiterating that the company has not discovered oil as yet, Invictus Energy Limited (Invictus) managing director, Scott Macmillan, said early stage exploration involves acquiring and interpreting geophysical data such as seismic, gravity and aeromagnetic data that allows you to "see" below the surface.