IVZ media thread, page-4843

Interesting news in "The Zimbabwe Mail

AUSTRALIA-listed Invictus Energy—plans to construct a gas-powered electricity plant, a senior official has said, but did not provide details regarding the expected generation capacity and the amount to be invested. Invictus is exploring oil and gas in Muzarabani and Mbire districts in Mashonaland Central Province and results from the seismic survey have indicated the presence of hydrocarbons, an organic compound consisting of light oil, helium, and gas.Early this year, it announced it had found natural gas and oil reserves, but technical hiccups experienced on the Mukuyu-1 well prevented the company from extracting a fluid sample to fulfill regulatory requirements to declare a commercial discovery. However, due to encouraging confirmatory results of hydrocarbon presence obtained from the Mukuyu-1 well, Invictus has indicated that the drilling campaign on the Mukuyu-2 would begin on Sunday. Nearly 4,000 meters were drilled on Mukuyu 1.In an interview on Wednesday after a media tour of the Mukuyu-2 well site where the drilling rig has already been mounted, Geo Associates managing director Mr Paul Chimbodza, whose company is the licence holder for the 700 000-hectare prospective area also known as the Cabora Bassa Basin said: “It’s very important in the context that if you look at the Vision 2030, it is underpinned by a number of enablers and one of those key enablers is the supply of adequate electricity.“And this project could go a long way in not only making Zimbabwe energy sufficient but we hope that Zimbabwe could actually be a net exporter of power into the region.