Invictus Energy Declares Gas Discovery In Zimbabwe
Australian firm Invictus Energy has declared a gas find at its Muzarabani prospect in Zimbabwe.
Scott Macmillian, Invictus’ Managing Director, on Thursday, 07 December said that “the discovery represents one of the most significant developments in the onshore Southern Africa oil and gas industry for decades”.
In a statement, Mines and Mining Development Minister Zhemu Soda that the “discovery will have a positive impact on the economic and social development of Zimbabwe”. Read the statement:
The Government of Zimbabwe is pleased to announce that Geo Associates and its partners Invictus Energy and One Gas Resources have successfully declared a gas discovery in Zimbabwe through the ongoing exploration activities in Muzarabani.
This is a major discovery and represents one of the most significant developments in the onshore Oil and Gas Sector in the Southern Africa Region. The discovery is the first Triassic-aged hydrocarbon in Sub-Saharan Africa.
Geo Associates has delivered an exceptional result from the first two wells drilled in Mukuyu, opening up substantial room in their large portfolio of prospects and leads for further discoveries.
The results were shared as should be the norm have now been shared with the Government. The company has also proceeded to make this announcement at the Australian Stock Exchange as per listing requirements.
A total of four hydrocarbon samples were recovered to the surface from two separate zones in the Upper Angwa using the wireline formation testing tool.
The samples meet key international standards and; gas and fluid properties will be confirmed following laboratory testing.
Currently, the Company is conducting further appraisal and evaluation work to confirm the size and quality of the gas reservoirs, and to determine the optimal development plan.
The discovery also bodes well for other prospects and leads in the remainder of the larger Cabora Bassa Basin.
This discovery is a result of the long-term partnership between Geo Associates and the Government of Zimbabwe, with the Government providing an appropriate mining title and a conducive regulatory and fiscal environment for the project.
Zimbabwe is proud and grateful for this cooperation, and we are confident this will unlock the full potential of Zimbabwe’s oil and gas resources.
We believe that this discovery will have a positive impact on the economic and social development of Zimbabwe.
Gas will also support the diversification of Zimbabwe’s energy mix, enhance its energy security, and create jobs and opportunities for local communities. We are confident that this discovery will open up new horizons for Zimbabwe.
Both the Government and the Investor would want to reiterate that this is gas a discovery, we have not yet confirmed the discovery of oil as further exploration, tests and evaluations are still ongoing. The discovery will change the economic landscape of the country.
The nation will be kept appraised and informed of developments over this oil and gas exploration project.
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