AfrOil: Zimbabwe-focused gas explorer Invictus in talks for possible farm-out deal

An Australian gas explorer and developer, Invictus Energy, is in talks to rope in a strategic partner to facilitate the ramping up of work at its project in north-eastern Zimbabwe.

Invictus, listed on the ASX, declared a find at the licence on the Cabora Bassa Basin in December 2023.

In a quarterly report to June 30, the company said as part of its phased plan to develop the resource base, it is engaged in discussions with a range of upstream and field service companies offering the potential to partner in or finance future exploration, appraisal and development activity in the onshore basin.

It said in the report released on July 30 that the quarter was productive.  Some of its highlights are an investment of $10mn by a local consortium, the signing of a petroleum production sharing agreement with the government, the completion of well testing and appraisal planning and preparation and the signing of a pilot gas-to-power agreement with a major gold mine, Eureka.  The sovereign wealth fund, Mutapa Investment Fund (MIF), committed to underwriting $5mn of the $10mn strategic capital raise

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