News / National
Invictus Energy reclassified its Zimbabwe operation
28 Aug 2024 at 13:25hrs | Views
Australian energy firm Invictus Energy Limited has reclassified itself from an explorer to a developer as it moves towards becoming a producer. This shift follows significant gas and oil discoveries at the Mukuyu Gas Field in north-east Zimbabwe's Muzarabani District.
In late 2023, Invictus identified high-quality gas-condensate deposits at Mukuyu while drilling at its Cabora Bassa Project. The company has updated its website to reflect its new focus on development and production.
Invictus aims to commercialize its discoveries, continue field appraisal, and explore further drilling opportunities within its 360,000-hectare licensed area. The company's goal is to become a key energy supplier in southern Africa.
Since acquiring the project in 2018, Invictus has conducted extensive seismic surveys and drilling, culminating in the Mukuyu discovery. The firm has expanded its acreage and identified multiple prospects for future exploration.
In July 2024, Invictus secured a US$10 million strategic investment from Mangwana Capital, supported by the Mutapa Investment Fund, Zimbabwe's Sovereign Wealth Fund. The company plans to hold an extraordinary general meeting in early October to seek shareholder approval for the next phase of this capital raise.
In late 2023, Invictus identified high-quality gas-condensate deposits at Mukuyu while drilling at its Cabora Bassa Project. The company has updated its website to reflect its new focus on development and production.
Invictus aims to commercialize its discoveries, continue field appraisal, and explore further drilling opportunities within its 360,000-hectare licensed area. The company's goal is to become a key energy supplier in southern Africa.
Since acquiring the project in 2018, Invictus has conducted extensive seismic surveys and drilling, culminating in the Mukuyu discovery. The firm has expanded its acreage and identified multiple prospects for future exploration.
In July 2024, Invictus secured a US$10 million strategic investment from Mangwana Capital, supported by the Mutapa Investment Fund, Zimbabwe's Sovereign Wealth Fund. The company plans to hold an extraordinary general meeting in early October to seek shareholder approval for the next phase of this capital raise.
Source - newsday
