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Invictus raises US$6m to fund next stage of Muzarabani gas exploration


The money will be used for a 2D seismic campaign. During this survey, explorers use sound devices to predict the location of oil or gas that could be enough for commercial exploration. This exercise helps companies to know where to drill exploration wells, as well as how to design the wells.



Long road: Invictus’ path towards development
Invictus’ initial data is based on surveys done by Mobil when it explored for oil in Muzarabani in the early 1990s. Other surveys that have followed, using more modern technology, have shown what the company describes as potentially “the largest conventional oil and gas prospect onshore in Africa”.

Last December, Invictus received a non-binding farm-in offer for the project. The company is also in advanced talks with the Zimbabwe government over a production sharing agreement. The agreement would spell out how any gas that is discovered will be shared between the developer and the government.