Invictus Energy (ASX:IVZ) expands licence footprint in Cabora Bassa Basin, Zimbabwe

• Invictus Energy (IVZ) picks up two more exploration rights in Zimbabwe’s Cabora Bassa Basin, expanding its licence footprint in the southern African country
• The company has executed an agreement with the Sovereign Wealth Fund of Zimbabwe for the new exploration rights, which are contiguous to its current licence in the area
• Invictus says its licence footprint now covers the entire conventional oil and gas play fairway in the Cabora Bassa Basin
• Following today’s agreement, the company has selected the Baobab prospect as the commitment well to be drilled in the expanded licence area
• Shares in Invictus Energy are up 5.56 per cent to 29 cents per share at 10:57 am AEST

Invictus Energy (IVZ) picks up two more exploration rights in Zimbabwe’s Cabora Bassa Basin, expanding its licence footprint in the southern African country.

The company has executed an agreement with the Sovereign Wealth Fund of Zimbabwe for the new exploration rights, which are contiguous to its current licence in the area.

Invictus’ acreage now covers the entire conventional oil and gas play fairway in the basin.

Following this agreement, the company has selected the Baobab prospect as the commitment well to be drilled in the expanded licence area.

At the Baobab prospect, Invictus will test one of the multiple Basin Margin targets which show similar characteristics to the prolific East Africa Rift “String of Pearls” play.

Managing Director Scott Macmillan said the combined exploration licences provided the company with a “basin master” position in the region.

“The exploration licences are focused on the core prospective area in the basin, which is covered by our CB21 Seismic Survey and minimises our holding costs through the relinquishment of non-prospective areas in the basin,” Mr Macmillan said.

“We are grateful for the constructive efforts by the Zimbabwe Government to conclude the amendments to the Petroleum Act to facilitate the signing of the Petroleum Production Sharing Agreement (PPSA).”

Shares in Invictus Energy were up 5.56 per cent to 29 cents per share at 10:57 am AEST.