AUSTRALIAN energy firm, Invictus Energy Limited, has changed its designation to developer from explorer as it transitions to a producer, leveraging its gas and oil discovery in north-east Zimbabwe.
In late 2023, Invictus declared multiple high-quality gas-condensate discoveries at the Mukuyu Gas Field, in the upper and lower Angwa formations while drilling at its Cabora Bassa Project.
Mukuyu is part of the drilling site where Invictus is conducting its oil and gas operations in the Muzarabani District of Mashonaland Central province.
“Invictus has launched a new website which has been refreshed to better reflect the company’s direction as we transition from an explorer to developer and ultimately a producer,” Invictus said, in a statement last Friday.
On the new website, the company announced that it was advancing commercialisation opportunities, field appraisal activity and further drilling of exploration targets in its 360 000-hectare licenced area.
“Our goal is to develop our resource base to become an energy supplier to a large and rapidly expanding southern African energy market,” Invictus said.
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“The Cabora Bassa has long been an area of natural energy resource exploration interest due to its geology and rift basin setting analogous to many hydrocarbon habitats. Dating back to the 1990s, Mobil Oil Corporation explored the area and identified significant natural gas potential but later relinquished the area due to a lack of monetisation options and limited gas markets.”
Since acquiring the project in 2018, Invictus said it had undertaken an aggressive work programme acquiring 1 400 kilometres of 2D seismic and drilling two wildcat wells resulting in the Mukuyu gas-condensate discovery in late 2023.
“Invictus has further expanded its acreage to a dominant 360 000-hectare basin scale position, acquiring and interpreting high resolution 2D seismic data which has defined three major play types and identified multiple drill ready prospects across three licenced areas,” Invictus said.
“The company completed a US$10 million strategic investment announced on 29 July 2024 through long-term shareholder Mangwana Capital which was partially underwritten by the Mutapa Investment Fund [the Sovereign Wealth Fund of Zimbabwe].”
Following regulatory approval of the notice of meeting, Invictus will hold an extraordinary general meeting in early October to seek shareholder approval to ratify the second tranche of the US$10 million capital raise.