Invictus’ Cabora Bassa project in Zimbabwe includes Prospect Mzarabani, a conventional target for gas condensate.
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Invictus Energy, listed on the Australian Stock Exchange, announced on March 24th that it had new and existing investors have received firm commitments to raise A $ 8 million ($ 6 million) through a stock placement. The funds will be used for the SG 4571 seismic acquisition campaign in Zimbabwe and the ordering of long lead drill items for the Mzarabani-1 exploration well.
“We are extremely pleased with the excellent support from new and existing shareholders, and it is a strong one Confirmation of our Cabora Bassa project and the exciting and top-notch Mzarabani-1 prospectus the company is preparing, ”said Scott, General Manager of Invictus Said Macmillan.
The placement funds will allow the company to run a 2D seismic acquisition campaign to refine drill targets in the Mzarabani stacked prospect and identify additional prospectivity in the SG 4571 permit, he added. The company will also use a portion of the proceeds from the placement to order long-lead drilling rigs and perform a rig tender exercise. Additionally, the placement will provide ongoing working capital to aid the development of the project as it continues to prepare for a high impact basin opening drilling campaign expected in late 2021 or early 2022, Macmillan said Cabora Bassa project includes the Mzarabani and Msasa gas and condensate prospectuses, which Invictus calls « world-class multi-trillion-ft3 » games. The project was approved by the Zimbabwean authorities for the environment last August.
Zimbabwe does not produce its own oil and gas and exploration has been limited. However, according to the International Energy Agency, the country has large reserves of coal and untapped hydropower potential.
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