Independent upstream oil and gas company Invictus Energy is mulling divestment in its Zimbabwean oil and gas project.
The decision is contingent to confirmation of commercially viable discoveries at the company’s Mukuyu-2 exploration well, situated in the Cabora Bassa basin in northern Zimbabwe, which Invictus Energy will start drilling during Q3 2023.
The second phase of the Cabora Bassa project is poised to ascertain the profitability and viability of the resources in the basin.
Pending positive results from the appraisal program, the company intends to bring in new partners to further develop the project.
“Invictus will be seeking to divest a portion of our 80% equity in the project and bring in a strategic industry partner to fund our share of the development, as is common in the industry,” stated Invictus Energy Managing Director, Scott Macmillan.
In a significant development, Invictus Energy recently announced positive results from its Mukuyu-1 exploration well, which last month confirmed the presence of light oil, gas condensate, and helium in the Cabora Bassa Basin.
The company recently secured $24.24 million through a share purchase plan and private placement to support the project’s next phase.
What’s more, Invictus Energy is also considering listing on Zimbabwe’s US dollar-trading Victoria Falls Stock Exchange (VFEX). “It is a logical step for Invictus to have a listing on the VFEX with our presence in the country and we will seek to complete a listing when the timing is right for us to do so,” Macmillan concluded.