Australia's Invictus Energy rises on carbon offset project award in Zimbabwe

Invictus Energy

03/08/2022 02:08

** Shares of oil and gas co Invictus Energy Ltd  IVZ.AX 
rise as much as 2.3% to A$0.22
    ** Co says it has been awarded three carbon offset projects
for a 30-year term, covering more than 300,000 hectares of
indigenous forests in Zimbabwe  urn:newsml:reuters.com:*:nASX50qqsp
    ** Says all potential future oil and gas production from
Cabora Bassa Project to be carbon-neutral on scope 1 & 2
emissions basis, with excess credits to be sold on Voluntary
Carbon Market
    ** Adds profit from sale of carbon credits will be shared
with Forestry Commission of Zimbabwe and local community to fund
protection of forests 
    ** Stock had risen 72% this year, as of last close

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))