Invictus may sell stake in Zimbabwe oil and gas project

Invictus Energy

19/06/2023 12:19

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      Mud analysis confirmed light oil, gas find
    

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      Appraisal drilling campaign to start next quarter
    

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      Invictus mulls listing on Zimbabwe's dollar-only exchange
    

  
    By Nyasha Chingono
       HARARE, June 19 (Reuters) - Australia's Invictus Energy
 IVZ.AX  may sell a stake in its Zimbabwean oil and gas project
if its appraisal drilling campaign confirms commercially viable
discoveries, managing director Scott Macmillan said.
    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.
    Invictus will start drilling a second well, Mukuyu-2, during
the third quarter of this year. If this appraisal well confirms
that the discovery can be exploited profitably, the company
plans to bring new partners into the project.  
    "Invictus will be seeking to divest a portion of our 80%
equity in the project and bring in a strategic industry partner
to fund our share of the development as is common in the
industry," Macmillan told Reuters in an interview.
    Invictus has recently raised A$35.4 million ($24.24 million)
through a share purchase plan and private placement to fund the
second phase of its Cabora Bassa exploration and appraisal
campaign.
    Macmillan said Invictus would consider listing on Zimbabwe's
United States dollar-only Victoria Falls Stock Exchange (VFEX).
    "It is a logical step for Invictus to have a listing on the
VFEX with our presence in the country and we will seek to
complete a listing when the timing is right for us to do so,"
Macmillan said.

    
($1 = 1.4605 Australian dollars)

 (Reporting by Nyasha Chingono
Editing by Christina Fincher)
 ((NyashaMark.Chingono@thomsonreuters.com;))