- Project classified as priority development project
- projected to give significant economic benefit
- Company encouraged by Government’s support
Harare-Australian Stock Exchange listed independent oil and gas exploration company, Invictus Energy’s Cabora Bassa project in Muzarabani has been classified as a priority development project by the Office of the President and Cabinet of Zimbabwe.
The classification came as the project is seen as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy in pursuit of the vision of becoming a Middle Income Economy by 2030.
This follows a government directive for the Ministry of Mines and Mining development to identify priority projects to be implemented under the new Zimbabwe Government’s 5th 100 Day Cycle Priority Projects using Rapid Results Initiative.
The Company said it is encouraged by the strong support being offered by the Zimbabwean Government to fast track the Cabora Bassa project to achieve a number of outcomes including the finalisation of a Production Sharing Agreement (PSA) with the Republic of Zimbabwe.
“The PSA will ensure that a predictable, stable and transparent legal and fiscal regime is put in place that is commensurate with terms in the region, follows international best industry practice and meets the country’s aspirations”, the Company said.
Invictus says it looks forward to working with the Office of the President and Cabinet and the Zimbabwe Ministry of Mines and Mining Development and other Ministries to progress the Cabora Bassa project to ensure that key outcomes are delivered during this period.
The company has been exploring the Muzarabani area with an aim to drill the first gas and oil exploration well in the Cabora Bassa Basin in Zimbabwe.
The basin which spans 30120 kms was previously explored by Mobil Oil between 1989 and 1993 and the conclusions then were that the basin was likely to contain gas which implied the existence of oil.
The Cabora Bassa Project encompasses the Muzarabani Prospect, a multi-TCF and liquids rich conventional gas-condensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa.
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