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LocalNews

Muzarabani oil project gets priority status

By Business Reporter – Friday 17 January 2020

HARARE (Mining Index) – INVICTUS’ Cabora Bassa project has been identified and classified by the Office of the President and Cabinet (OPC) as a priority development project to be implemented under a 100-day cycle.

Listed on the Australia Stock Exchange (ASX), Invictus Energy is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa.

“The Company’s Cabora Bassa project has been classified 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,” revealed Invictus in a statement.

In March 2018, President Emmerson Mnangagwa spelt our Vision 2030 in which he said Zimbabwe is going through the primary stages of a radical economic transformation that will witness the country becoming middle-income economy by 2030, with a gross national income expected to increase to between US$1 005 and US$12 235 per capita (World Bank statistics).

“By way of background, the Ministry of Mines and Mining Development has been tasked to identify priority projects to be implemented under the new Zimbabwe Government’s 5th 100 Day Cycle Priority Projects using the Rapid Results Initiative,” said Invictus.

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. The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.

Invictus said its board is encouraged by the strong support being offered by the Government of Zimbabwe 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,”

“Invictus and One-Gas Resources look forward to working in conjunction 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,” said Invictus.

Invictus’ Cabora Bassa project at Muzarabani is being held through the company’s 80 percent interest in Geo Associates (Private) Limited. ENDS// www.miningindex.co.zw

 

 

 

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