Mutapa Investment Fund, a Zimbabwean sovereign wealth fund, is about to take part in Invictus Energy’s Petroleum Production Sharing Agreement (PPSA) for Zimbabwe’s Cabora Bassa fuel undertaking.

Australian-based Invictus Energy has launched its quarterly report, revealing substantial progress in its Zimbabwean operations, with a number of milestones achieved and strategic partnerships solid.

According to the corporate’s quarterly report for interval ending 30 SEPTEMBER 2024, its efforts within the Cabora Bassa Basin have yielded promising outcomes.

Invictus is transitioning from explorer to developer, after making a major fuel discovery on the Mukuyu discipline within the Cabora Bassa Basin.

During the quarter, Invictus outlined eight high-potential prospects within the jap Cabora Bassa space, totaling 2.9 trillion cubic ft of fuel and 184 million barrels of condensate.

The prospects, situated within the Company’s Exclusive Prospecting Orders (EPOs) 1848 and 1849, display important fuel volumes at a number of stratigraphic ranges.

The Musuma prospect has emerged as the popular candidate for drilling, with estimated recoverable assets of 1,170 billion cubic ft of fuel and 73 million barrels of condensate.

Invictus plans to check the Dande play in jap Cabora Bassa subsequent 12 months, utilising the Exalo 202 rig already onsite on the Mukuyu-2 location.

“A total of eight key prospects were defined in the Company’s Exclusive Prospecting Orders (EPOS) 1848 and 1849, totalling 2.9 Tcf gas and184 MMbbl condensate” (gross imply unrisked foundation).

“The Central Fairway prospects stretch across the Dande, Pebbly Arkose, and Angwa formations at relatively shallow depth and have high potential gas volumes at multiple stratigraphic levels,” the corporate famous.

Mutapa Investment Fund has been nominated to take part within the Petroleum Production Sharing Agreement (PPSA) on behalf of the Republic of Zimbabwe.

“It can even be assigned because the beneficiary of the product/revenue share and fairness holder on behalf of the Republic of Zimbabwe (refer ASX announcement 29 July 2024)

“This reinforces the importance of Mutapa’s US$5 million equity holding in the Cabora Bassa Project as well as the finalisation of the PPSA, which aims to ensure fair and equitable sharing of the project’s revenue between the Government, Invictus and its partners,” the corporate famous.

Invictus has additionally secured a three-year extension of its exploration license for SG 4571, protecting the Mukuyu Gas Field, till June 2027. The firm plans to undertake a complete work program, together with 3D seismic acquisition and extra exploration/appraisal drilling.

Planning for 3D seismic and appraisal drilling and testing at Mukuyu Gas Field is underway. This work will consider the sphere’s assets and put together for the early commercialisation pilot scheme for a gas-to-power undertaking on the Eureka Gold Mine.

Invictus has additionally introduced important progress in its farm-out discussions with potential companions for the Cabora Bassa Project. The firm mentioned late-stage discussions have progressed with a number of events, enabling the corporate to optimise operational and company outcomes.

On the company entrance, Invictus efficiently accomplished a US$10 million institutional placement, underwritten by US$5 million from Mutapa Investment Fund.

The firm has additionally listed on the Victoria Falls Stock Exchange (VFEX) underneath the ticker INV.vx, facilitating native liquidity and buying and selling.

Victoria (Vicky) McLellan has joined Invictus as the brand new Chief Financial Officer, bringing in depth oil and fuel expertise.

“Vicky is an experienced oil and gas professional, having held a range of commercial and financial roles in oil and gas companies and top tier accounting firms over the past 20 years,” the corporate said.