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- Invictus Energy (IVZ) executes a farm-in option agreement with Cluff Energy Africa for a two well exploration drilling campaign at the Cabora Bassa Project in Zimbabwe
- Through the deal, Cluff will fund 33.3 per cent of the costs for a 25 per cent interest in Cabora Bassa, while Invictus will remain as operator
- Cluff must exercise the option by March 31 to enter into a binding farm-in and joint operating agreement, plus obtain the necessary funding to meet the farm in commitment for two wells
- On top of the exploration campaign, Invictus and Cluff will investigate the options for mitigating carbon emissions from the project
- Invictus Energy last traded at 13.5 cents on December 8
Invictus Energy (IVZ) has executed a farm-in option agreement with Cluff Energy Africa for a two well exploration drilling campaign at the Cabora Bassa Project in Zimbabwe.
Through the deal, Cluff will fund 33.3 per cent of the costs for a 25 per cent interest in Cabora Bassa, while Invictus will remain as operator.
The exploration campaign involves the Muzarabani-1 well will be drilled to a planned minimum depth of 3000 metres, plus the identification of a second well, following completion of seismic interpretation to a planned minimum depth of 1500 metres.
Under the terms of the non-binding agreement, Cluff must exercise the option by March 31 to enter into a binding farm-in agreement and a joint operating agreement, plus obtain the necessary funding to meet the farm in commitment for two wells.
Invictus and Cluff will also investigate the options for mitigating carbon emissions from the project, including carbon capture and sstorage (CCS).
The move adds another African oil and gas exploration asset to Cluff’s portfolio as it seeks to raise further capital to fund its exploration programs. The Cluff group has previously raised and invested over half a billion dollars for natural resources projects.
“We look forward to CEA completing their capital raise activities and participating in the exciting basin opening 2 well drilling campaign, including drilling the world class Muzarabani-1 well in the first half of next year,” Invictus Managing Director and CEO, Scott Macmillan said.
Invictus Energy last traded at 13.5 cents on December 8.
