Oz Invictus Updates on Zimbabwe Project
Sydney-listed Invictus Energy October 31 said the farm-out process for its Cabora Bassa project in Zimbabwe has garnered interest from exploration and production companies as well as private equity companies focused on upstream investments.
“The company has received strong interest from these parties to partner with Invictus for the company’s forward work program. To date no formal agreements have been entered into as the farm-out process is still ongoing with additional companies currently evaluating the opportunity,” the company said in its quarterly report.
In May, Invictus and its partner in Cabora Bassa project, One-Gas Resources, entered into a non-binding memorandum of understanding with Sable Chemical Industries to supply gas from the project.
Invictus is focused on energy resources in sub- Saharan Africa where its asset portfolio consists of the Special Grant 4571 (SG 4571) permit, which covers 250,000 acres located in the Cabora Bassa Basin in northern Zimbabwe. SG 4571 contains the Mzarabani and Msasa conventional gas-condensate prospects.
In July, Invictus Energy said the SG 4571 permit holds a resource of about 9 trillion ft³ of gas and 300mn barrels of condensate, based on an independent report carried out by Getech. The Mzarabani prospect is estimated to contain 8.2 trillion ft3 plus 250mn barrels of condensate across five horizons.
Additionally, the Msasa prospect identified in SG 4571 is estimated to contain 1.05 trillion ft3 plus 44mn barrels of condensate across three horizons, Invictus said.