ASX-listed Invictus Energy's Zimbabwe gas project secures three-year licence extension

Zimbabwe’s government has extended, by another three years, a special grant licence for a natural gas project which is majority-owned by a Perth-based exploration and development company, Invictus Energy (Invictus).

The licence contains the southern African nation’s first gas discovery, Mukuyu, declared in December 2023.

In a release on January 13, Invictus said Geo Associates, the company’s 80% owned subsidiary and holder of special grant 4571, has received notification that the Minister of Mines and Mining Development, with the authorisation of President Emmerson Mnangagwa, has, in terms of a section of the Mines and Minerals Act, extended the tenure of the permit December 19, 2027.

“The company plans to undertake a comprehensive work programme during the third three-year licence period including 3D seismic acquisition and additional exploration/appraisal drilling and testing. The company is able to apply for a production special grant licence at any stage,” said Invictus, which is listed on ASX, OTCQB and Zimbabwe’s Victoria Falls Stock Exchange.

Mnangagwa’s government has listed the project as one of its priorities and is expected to help the country achieve energy self-sufficiency. 

Invictus signed, in 2024, a pilot gas-to-power deal with Eureka, one of the country’s largest gold mines.  In the same year, Zimbabwe’s sovereign wealth fund, Mutapa, became a strategic investor in the project.