HARARE – Invictus Energy Limited, an Australian-based oil and gas company, says its 80% owned Zimbabwean subsidiary, Geo Associates, has secured a three-year extension for its SG 4571 licence in the Cabora Bassa Basin, home to the promising Mukuyu discovery.
The licence renewal was formally completed with the publication of General Notice 2113 of 2024 in the Government Gazette.
The Minister of Mines and Mining Development, acting under presidential authority, has extended the licence tenure to December 19, 2027. This renewal enables Invictus to embark on a comprehensive work program, featuring 3D seismic surveys, exploration and appraisal drilling, and testing.
“Geo Associates (Pvt) Ltd (Geo Associates), the Company’s 80% owned subsidiary and holder of Special Grant 4571 has received notification that the Minister of Mines and Mining Development, with the authorisation of the President, has, in terms of section 301 of the Mines and Minerals Act [Chapter 21:05] extended the tenure of SG 4571 licence for a further three years to 19 December 2027,” the company said in a statement.
The Mukuyu discovery, located in the SG 4571 licence area, has generated significant interest in the oil and gas industry and lnvictus Energy’s plans to further explore and develop the discovery are expected to boost Zimbabwe’s energy sector and potentially unlock significant economic benefits.
With the licence extension in place, Invictus Energy is now well-positioned to advance its operations in Zimbabwe. The company can apply for a production special grant licence at any stage, marking a crucial step towards unlocking the full potential of the Mukuyu discovery.
Meanwhile, the company has successfully completed its Zimbabwe Strategic Capital Raise, securing US$10 million in funding. Invictus also accepted an additional US$2 million in oversubscriptions, demonstrating strong investor demand. These funds will be used to accelerate the development of the Mukuyu gas field and other prospects in the Cabora Bassa Basin.
