Uncertainty surrounds Invictus Energy’s Zimbabwean venture

Abel Karowangoro

Australian company Invictus Energy, involved in the exploration of oil and gas in Zimbabwe’s Muzarabani area, has disclosed a concerning revelation.
It has been revealed that Invictus lacks the necessary funds to conduct comprehensive explorations in the region.

Invictus Energy Managing director Scott Macmillian announced that it may sell a stake in Muzarabani.

Invictus last month said a mud gas analysis from its Mukuyu-1 exploration well drilled last year confirmed the presence of light oil, gas condensate and helium at the Cabora Bassa project in northern Zimbabwe.

The Muzarabani oil and gas project has garnered significant attention as it holds the potential to transform Zimbabwe’s energy landscape and boost the country’s economy.

However, this recent disclosure regarding Invictus’ financial constraints raises concerns about the future progress and development of the project.

Invictus recently raised A$35,4 million (24,24 million through a share purchase plan and private placement to fund the second phase of the project.

Macmillian reveals that they will be seeking to divest a portion of their 80 percent equity in the project and bring in a strategic industry partner to fund our share of the development as is common in the industry.

This revelation has sparked worries about the project’s viability and the company’s ability to fulfil its commitments.

Investors and stakeholders, who were eagerly awaiting positive outcomes from the exploration activities, now find themselves uncertain about the future prospects of the Muzarabani oil and gas project.

The lack of funds to conduct comprehensive explorations raises questions about the potential delays or even possible abandonment of the project.

Given the current financial constraints faced by Invictus Energy, shows that finding alternative sources of funding or securing additional investment will be crucial to ensure the continuation of the Muzarabani exploration project.

As the situation unfolds, industry experts, investors, and the local community will be closely monitoring the developments surrounding the Muzarabani oil and gas project.

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