AUSTRALIAN energy firm Invictus Energy Limited’s gas and oil exploration licence has been extended for three years, with the firm planning to apply for a production licence soon.
Invictus launched its operations locally in 2018 to explore oil and gas after obtaining Special Grant (SG) 4571 and exclusive prospecting orders 1848/49 in the Muzarabani district, located in the north-eastern part of Zimbabwe.
“Geo Associates (Pvt) Ltd, the company’s 80% owned subsidiary and holder of Special Grant 4571, has received notification that its application to extend the tenure of the SG 4571 licence for a further three years has been approved by the Mining Affairs Board. This will be followed by publication in the Government Gazette,” Invictus said in a statement.
“The exploration licence for the third period for SG 4571 runs to June 2027. The company plans to undertake a comprehensive work program for the third three-year exploration period including 3D seismic acquisition and additional exploration/appraisal drilling. The company is able to apply for a production special grant licence at any stage.”
The firm is listed on the Australian Securities Exchange (ASX).
Invictus has a market capitalisation of AUD100,67 million (US$67,85 million) on the ASX as of yesterday.
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“The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development,” Invictus said.
“Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. Prospective resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.”
SPE is the Society of Petroleum Engineers International, an American not-for-profit professional association with 127 000 members in 145 countries engaged in the exploration and production of oil and gas and related energy resources.
SPE International has the petroleum resources management system for consistent and reliable definition, classification and estimation of hydrocarbon resources.