Invictus tempers claims of oil deposits in Zimbabwe, after claims by Mnangagwa
In a statement to the Australian Stock Exchange, Invictus poured cold water on Zimbabwe's expectations of an oil bonanza, saying ‘an oil or gas discovery has not been made’
Harare — Australian-listed Invictus Energy said on Friday it had not found oil and gas deposits in northern Zimbabwe, but there were indications of a "working petroleum system" that could only be confirmed by a planned exploration well. President Emmerson Mnangagwa told reporters on Thursday that Invictus had found oil and gas deposits in the Muzarabani area, and had agreed to enter a production sharing arrangement with Zimbabwe once the project reached commercial production. But in a statement to the Australian Stock Exchange, Invictus tempered Zimbabwe's expectations of an oil bonanza, saying “an oil or gas discovery has not been made”. “The prospective resource estimate for the Muzarabani prospect relates to undiscovered accumulations which have both a risk of discovery and a risk of development,” said Invictus. “Although the Cahora Bassa Basin possess all the elements for a working petroleum system, a discovery can only be confirmed through drilling of an exploration well.” Zimb...
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