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    Invictus terminates Zimbabwe farm in pact

Summary

The Australian explorer had signed the non-binding farm-in agreement regarding its 80% owned and operated Cabora Bassa project in December.

by: Shardul Sharma

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Invictus terminates Zimbabwe farm in pact

Sydney-listed Invictus Energy on July 12 said it had terminated the non-binding farm-in agreement regarding its 80% owned and operated Cabora Bassa project in Zimbabwe. The deal was announced in December.

“Invictus was unable to satisfactorily complete the required transaction due diligence on the counterparty and the parties have ceased discussions,” it said. “The company continues to engage with additional interested parties.”

Invictus said its near-term focus is on completing the seismic acquisition programme, which is expected to conclude approximately at the end of Q3.

The Cabora Bassa project, in SG 4571, encompasses the Mzarabani prospect, a conventional gas-condensate target.