Invictus Streamlines Path to Production with Aggre...

Invictus Streamlines Path to Production with Aggressive Exploration Drive

Nyashadzashe Ndoro- Chief Reporter

Invictus Energy Limited has reported significant progress in its Cabora Bassa Project in Zimbabwe during the quarter ending 31 March 2025, positioning the company for further exploration and appraisal activities.

A key operational highlight was the three-year extension of the Special Grant 4571 Licence until 19 December 2027. This extension allows Invictus, through its 80% owned subsidiary Geo Associates (Pvt) Ltd, to proceed with a comprehensive work program that includes planned 3D seismic acquisition and additional exploration and appraisal drilling and testing. The company retains the option to apply for a production special grant licence at any stage.

Further bolstering its development plans, the Victoria Falls Stock Exchange listed oil and gas exploration company has cited the recent approval of the Environmental Social Impact Assessment (ESIA) for pilot production activities at the Cabora Bassa Project by the Zimbabwe Environmental Management Agency (EMA).

This approval encompasses the Eureka Gold Mine Gas-to-Power Project, a collaboration with Dallaglio (owner of Eureka Mine) and Himoinsa SA (the mine's power generation provider). The project aims to utilize gas from the Mukuyu field for reliable and cost-effective power supply to the mine, with initial feasibility studies indicating a strong economic outlook based on prevailing grid tariffs.

The ESIA approval also covers future extraction operations across SG 4571 and Exclusive Prospecting Orders (EPOs) 1848 and 1849. Invictus is currently advancing pilot production planning, including detailed feasibility studies and evaluating technology partners for gas liquefaction and logistics. Discussions with additional potential offtake partners, both domestic and regional, are also underway to potentially expand the pilot project phase.

Looking beyond the Mukuyu gas-condensate discovery, Invictus announced post quarter-end the selection of Musuma-1 as the first high-impact exploration well to be drilled in EPO 1848/49. This well targets a new play type within the Cabora Bassa Basin and is estimated to hold a significant potential resource of 1.2 Tcf of gas and 73 million barrels of condensate. Musuma-1 exhibits compelling seismic Direct Hydrocarbon Indicator (DHI) responses and consistent "flat spots," indicative of hydrocarbon-bearing zones.

The planned low-cost, low-risk vertical well will target the relatively shallow reservoir in the Dande Formation to a total depth of approximately 1,500 metres. Musuma was identified as one of eight high-potential prospects from the CB23 Seismic Survey.

Drilling is scheduled for the second half of 2025, with a comprehensive appraisal program planned in the event of a significant hydrocarbon discovery. This new exploration focus offers additional optionality to the Mukuyu discovery and supports Invictus' early gas monetization strategy.

On the corporate front, Invictus reported progress in its farm-out process, with ongoing discussions advancing with a number of prospective partners. These discussions involve industry operators and investment groups with the potential to provide strategic investment, as well as technical and operational expertise aligned with the company's work program.

The focus remains on identifying partners that can complement Invictus' strengths and accelerate resource appraisal and commercialization.

Furthermore, the Invictus Board completed a successful in-country visit to Zimbabwe at the end of March, focusing on the finalization of the Petroleum Production Sharing Agreement (PPSA). Following a detailed review, it was agreed to unify the PPSA with the existing Petroleum Exploration Development and Production Agreement (PEDPA) into a single, streamlined agreement.

This consolidation aims to simplify administrative processes and enhance governance as the Cabora Bassa Project progresses towards development. The revised agreement is in its final stages of preparation and is being fast-tracked for execution in the coming weeks.

Invictus Energy, headquartered in Perth, Australia, with offices in Harare, Zimbabwe, is transitioning from explorer to developer following the significant gas discovery at the Mukuyu field.