Australia's Invictus Energy hits over 11-month high as co expands licence area of Zimbabwe project

Invictus Energy

28/03/2022 02:31

** Shares of Invictus Energy  IVZ.AX  jump as much as 13.2%
to A$0.215, hitting their highest since April 16
    ** Invictus says its unit Geo Associates has significantly
increased the licence area at its Cabora Bassa gas-condensate
project in Zimbabwe  urn:newsml:reuters.com:*:nASX3cxXKm
    ** Co says it has signed a heads of agreement with the
Sovereign Wealth Fund of Zimbabwe that will see permit acreage
expanded sevenfold from 100,000 hectares to 709,300 hectares,
covering the entire Cabora Bassa Basin
    * Stock posts its biggest intra-day percentage gain since
March 18
    ** Invictus to increase its minimum work programme
obligations on the project to two exploration wells including
one in the expanded area, with drilling slated to start around
the end of June 
    ** Stock up 52% YTD, as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))