Invictus Energy Looks to Divest in Zimbabwe Oil and Gas Project

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Pending positive results from the appraisal program, the company intends to bring in new partners to further develop the project.  “Invictus will be seeking to divest a portion of our 80% equity in the project and bring in a strategic industry partner to fund our share of the development, as is common in the industry,” stated Invictus Energy Managing Director, Scott Macmillan.

In a significant development, Invictus Energy recently announced positive results from its Mukuyu-1 exploration well, which last month confirmed the presence of light oil, gas condensate, and helium in the Cabora Bassa Basin.

The company recently secured $24.24 million through a share purchase plan and private placement to support the project’s next phase. What’s more, Invictus Energy is also considering listing on Zimbabwe’s US dollar-trading Victoria Falls Stock Exchange (VFEX). “It is a logical step for Invictus to have a listing on the VFEX with our presence in the country and we will seek to complete a listing when the timing is right for us to do so,” Macmillan concluded.

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Onur Yilmaz

Onur Yilmaz

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