- Invictus Energy is in talks with banks in Southern Africa to raise equity and debt finance following its gas discovery.
- This discovery marks the first Triassic-aged hydrocarbon discovery in sub-Saharan Africa.
Australia’s Invictus Energy has confirmed a gas discovery at its exploration site in the Cabora Bassa basin, Zimbabwe. In a press release by the managing director of Invictus Energy, Scott Macmillan, the firm stated that the discovery represents one of the most significant developments in Southern Africa’s onshore oil and gas industry for decades, marking the first Triassic-aged hydrocarbon discovery in sub-Saharan Africa.
The statement reads in part, “The company has delivered an exceptional result from the first two wells drilled in Mukuyu, which provides significant running room in our extensive portfolio of prospects and leads to further discoveries in our acreage in the Cabora Bassa basin. The confirmation of gas and fluid properties from the recovered samples will occur after laboratory testing once the sample bottles are dispatched from the rig for analysis.”
Furthermore, in an exclusive report by Africa Report, Macmillan disclosed that the firm is in talks with banks in Southern Africa to raise equity and debt finance following its gas discovery. He declined to say how much the firm seeks, stating that he “won’t over-leverage” the company or dilute existing shareholdings.
In another press release, Zimbabwe’s Mines and Mining Development Minister, Soda Zhemu, confirmed the discovery. He described it as a significant development in Southern Africa’s onshore oil and gas sector. He added that this discovery will impact Zimbabwe’s economic and social development, diversify its energy mix, enhance energy security, and create jobs and opportunities for local communities.