Zimbabwe institutional investors have injected $10 million into Invictus Energy Ltd.’s Cabora Bassa project, boosting the Australian-listed company’s efforts to develop the country’s first major oil and gas field.
Zimbabwe institutional investors have injected $10 million into Invictus Energy Ltd.’s Cabora Bassa project, boosting the Australian-listed company’s efforts to develop the country’s first major oil and gas field.
Invictus Energy Ltd., which has been actively exploring in Zimbabwe since 2022, has made significant progress in its exploration programme, including the discovery of a major gas-condensate field at the Mukuyu-2 well.The well, which is located in the Cabora Bassa Basin, has been confirmed as a major find, with estimated resources of over 1 trillion cubic feet of gas and 100 million barrels of condensate.
The funding, led by Mangwana Capital and partially underwritten by the Mutapa Investment Fund, will support further exploration and development activities at the project, including flow testing and early monetization opportunities.
The Mutapa Investment Fund, the sovereign wealth fund of Zimbabwe, has also committed to participating in the project through a petroleum production sharing agreement. The agreement provides a stable and transparent legal and fiscal framework for the project's development.
“Mutapa’s investment is a strong endorsement of the Cabora Bassa Project and recent significant gas-condensate discoveries delivered from Mukuyu-2.,” Managing Director of Invictus Energy, Scott Macmillan, said in a company statement.
“Further support of institutional investors and the Mangwana Opportunities Fund strengthens our investor base and in-country presence. Our partnership with Mangwana continues to assist the Company advance key objectives in country and provide exposure for local investors to our world class Cabora Bassa Project.”
Looking ahead
Invictus Energy aims to develop a profitable production business in Zimbabwe, leveraging its position as the sole oil and gas resource holder in the country.
Amongst potential offtakers, the company has already secured a gas supply deal with Mbuyu Energy to build a 500MW gas-fired power plant, which will use gas from the Mukuyu field or another field in the Cabora Bassa project. The deal with Mbuyu Energy, announced on December 18th, updates a previous MoU signed in 2019 and sets the stage for a long-term contract to supply sufficient gas to power the proposed plant.
Invictus Energy Ltd., which has been actively exploring in Zimbabwe since 2022, has made significant progress in its exploration programme, including the discovery of a major gas-condensate field at the Mukuyu-2 well.The well, which is located in the Cabora Bassa Basin, has been confirmed as a major find, with estimated resources of over 1 trillion cubic feet of gas and 100 million barrels of condensate.
The funding, led by Mangwana Capital and partially underwritten by the Mutapa Investment Fund, will support further exploration and development activities at the project, including flow testing and early monetization opportunities.
The Mutapa Investment Fund, the sovereign wealth fund of Zimbabwe, has also committed to participating in the project through a petroleum production sharing agreement. The agreement provides a stable and transparent legal and fiscal framework for the project's development.
“Mutapa’s investment is a strong endorsement of the Cabora Bassa Project and recent significant gas-condensate discoveries delivered from Mukuyu-2.,” Managing Director of Invictus Energy, Scott Macmillan, said in a company statement.
“Further support of institutional investors and the Mangwana Opportunities Fund strengthens our investor base and in-country presence. Our partnership with Mangwana continues to assist the Company advance key objectives in country and provide exposure for local investors to our world class Cabora Bassa Project.”
Looking ahead
Invictus Energy aims to develop a profitable production business in Zimbabwe, leveraging its position as the sole oil and gas resource holder in the country.
Amongst potential offtakers, the company has already secured a gas supply deal with Mbuyu Energy to build a 500MW gas-fired power plant, which will use gas from the Mukuyu field or another field in the Cabora Bassa project. The deal with Mbuyu Energy, announced on December 18th, updates a previous MoU signed in 2019 and sets the stage for a long-term contract to supply sufficient gas to power the proposed plant.
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