- Invictus has had its EIA renewal approved by the Zimbabwe Environmental Management Agency this week.
- Clears pathway for “high-impact” Musuma-1 drilling campaign.
- Previous IVZ drilling included one of southern Africa’s biggest discoveries.
Late Friday, Invictus Energy’s (ASX:IVZ) share price has rocketed up +29.6% on news it has been granted a key environmental approval as it progresses drilling plans for its Cabora Bassa Basin asset in Zimbabwe.
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Renewal of the environmental management plan concludes permitting requirements and enables Invictus to undertake exploration in the field, including seismic acquisition, drilling, and well testing for the upcoming program.
MD, Scott Macmillan, said that with a Petroleum Production Sharing Agreement (PPSA) expected to be executed in April, Invictus intends to progress its high-impact forward work program in the Cabora Bassa Basin.
The program includes appraisal of the Mukuyu gas field following the Mukuyu-1 and Mukuyu-2 gas-condensate discoveries and drilling of the Musuma-1 exploration well, designed to unlock a significant new play in the eastern portion of the Cabora Bassa Basin.
“Establishing a strong and bankable petroleum industry regulatory framework is critical to unlocking the full value of the Cabora Bassa project and the Mukuyu discovery,” Mr Macmillan told IVZ shareholders today.
“We remain well positioned to move forward rapidly following execution of the PPSA, with a clear pathway towards commercialisation and development, including relevant permits for an early production gas-to-power pilot project.”
Zimbabwe’s finance minister, Professor Mthuli Ncube, said Cabora Bassa represents a transformative opportunity for the nation’s energy sector and broader economy.
“The additional time taken reflects a clear commitment to ensuring the agreement is robust, internationally competitive and fully aligned with long-term sector development objectives,” he explained in an update.
“The Petroleum Production Sharing Agreement reflects international best practice while safeguarding Zimbabwe’s long-term national interests and establishes a durable and investor-aligned framework that will underpin the development of a new petroleum sector in Zimbabwe.
“We are now in the final stages and look forward to execution in due course.”
IVZ is up +29.6%, to 5.7¢. Mkt cap $70.55M.
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