By Business Reporter – Thursday 15 October 2020
HARARE (Mining Index) – OIL exploration company, Invictus Energy Limited is set to commence a field reconnaissance program in the next fortnight after the company was granted an Environmental Impact Assessment (EIA) by the Environmental Management Agency (EMA) in AUgust this year.
Following the approval of EIA, easing of COVID-19 related restrictions and the completion of the final cultural ceremonies in the Muzarabani and Mbire Districts, Invictus will commence field operations in the Cabora Bassa Basin.
The reconnaissance program and baseline survey consist of the traversing of the proposed infill seismic lines for a planned acquisition campaign in the 2021 dry season.
The program will capture details such as topography, existing access roads, drainage, vegetation cover, soil types, rock exposures, sampling of any natural oil and gas seeps, areas of development (constructions and cultivation), plus any sites of cultural, religious or historic importance.
The duration of the program is expected to be approximately 30 days and is in the final stages of planning and will be completed before the wet season.
Managing Director Scott Macmillan commented;
“We are extremely pleased to commence our activity on the ground in the Cabora Bassa Project having now received all of the necessary approvals and restrictions in the country being eased. The Company has a window of opportunity to carry out a reconnaissance program prior to the onset of the rainy season so that we can map out the routes for the planned seismic acquisition campaign next year. This exercise will enable us to map out the optimal route ahead of the survey which will reduce the acquisition time and maximise efficiency of the survey,”
“The Company is also pleased to have completed a second tranche of funding from the Mangwana
Opportunities Fund at a premium of 10% to the previous closing share price. The funds will be used for the upcoming field program and general working capital.” ENDS// www.miningindex.co.zw
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