Company strategy
Build a portfolio of high-potential conventional oil and gas assets that deliver significant benefits to our shareholders while fostering the development of the region and the communities we operate in.
Target under-explored or emerging play types ahead of larger industry players, adding value through our technical expertise, regional experience and strategic partners.
Proactively manage our portfolio with disciplined, value-driven capital allocation, ensuring flexibility to seize growth opportunities and capture value-accretive assets.
Deliver successful exploration and development of oil and gas assets, aimed at providing energy solutions to Zimbabwe and sub-Saharan Africa, to address chronic energy shortages and the region’s surging demand.
Licence areas
| Asset overview | SG 4571 & EPOs 1848/49 |
|---|---|
|
Ownership |
80% |
|
Acreage |
360,000 hectares |
|
Exploration Licence Status |
SG 4571: 3rd term until June 2027; EPOs 1848/49: 1st term until August 2025 |
|
Environmental Impact Assessment |
EIA renewed until June 2025 for all seismic and drilling activity |
|
Production Period |
25 years on granting of a Production Licence |
Project plays
OUR PROJECT
Cabora Bassa presents significant exploration upside with Invictus identifying multiple drill-ready prospects across its acreage and licence areas in a now proven basin.
MUKUYU GAS FIELD
Discovered in December 2023 during the Mukuyu-2 drilling campaign.
The Mukuyu Gas Field has multiple hydrocarbon bearing reservoirs containing high quality gas in the Upper and Lower Angwa Formations. The Mukuyu structure has an areal closure >200km2 and vertical relief of 1,400m. A significant gas column was observed to the base of both Mukuyu-1 and Mukuyu-2 wells with no water legs encountered to date.
The Mukuyu discovery considerably de-risks future exploration and development of the Cabora Bassa Project. Further 3D seismic is being acquired over the Mukuyu structure to help determine resource scale and assist in high-grading the core development areas of the field.
Simultaneous activities to develop Mukuyu assets include, post-well studies, reservoir engineering studies, well design refinements, appraisal drilling and well testing.
Invictus will adopt a sequenced approach to the development and commercialisation of the Mukuyu field commencing with a pilot project to provide proof of concept ahead of a full field field development.
CENTRAL FAIRWAY TARGETS
Located in EPO 1848 the Musuma, Mopane and Mururo Dande Formation targets are among the shallowest in the portfolio were included in the most recent CB23 seismic data acquired.
Seismic amplitude response in the shallow Mopane, Musuma and Mururo in the eastern area targets suggest reservoired hydrocarbons in the Dande Formation which correlate to Dande reservoirs in Mukuyu. These prospects may also potentially form one single, large accumulation.
Located across EPOs 1848 and 1849 the Bloodwood, Sandalwood and Copalwood Angwa Formation targets sit along trend to the Mukuyu discovery.
BASIN MARGIN PLAY
A total of eight targets – Kigelia, Baobab, Munondo, Acacia, Marula, Mukamba, Mimosa and Mukwa – identified stretching east-west through southern reaches of EPO 1848 licence area.
These prospects along the southern margin of the escarpment against the basin bounding fault present similar trap types to the prolific East Africa Rift Basin discoveries in Kenya and Uganda, also known as the ‘String of Pearls’.
Shallow targets which can be drilled with simple 1,500m vertical wells with potential combined estimated resource of 1.17 billion barrels of oil (gross mean unrisked basis) present significant running room on success.
Development & commercialisation
Invictus Energy Ltd is working on a phased multi-stream approach to unlocking value of the Cabora Bassa Project.
Key items being progressed are:
Better understanding the discovered Mukuyu Gas Field and quantifying the wider Cabora Bassa Basin resource base.
Continued processing of CY23 2D seismic data to mature prospects to drill ready for future exploration campaigns.
Additional 3D seismic on Mukuyu to provide further insights on commercialisation process.
Secure well services contractors and equipment on favourable terms for long-term contracts.
Complete well test design study and undertake flow test to demonstrate deliverability and assess connected volumes.
Complete refinement well design, data acquisition and services contracts to reduce future drilling costs by up to 40%.
Further appraisal drilling to build resource base for development and exploration drilling to unlock new plays.
Capitalise on conducive investment environment created through Indigenization and Empowerment Act and Special Economic Zone legislation.
Finalise and execute the Petroleum Production Sharing Agreement with Republic of Zimbabwe, now being managed by the Mutapa Investment Fund.
Attract in-country investment from both government and institutional backers
Secure development finance via reserves-based lending.
Conduct and ratify farmout agreement with upstream JV partner to facilitate field development and future production.
01
PILOT DEVELOPMENT
Pilot gas-to-power project through MOU with Himoinsa and Dallaglio to supply energy to Eureka Gold Mine.
02
GAS TO POWER
Field development for gas-to-power delivery at scale through gas sale MOU with Mbuyu Energy to feed into Southern Africa Power Pool (SAPP) and supply to energy users across region.
03
PIPED GAS
Full field development facilitating piped gas distribution to industrial and resources sector users at scale.
- Better understanding the discovered Mukuyu Gas Field and quantifying the wider Cabora Bassa Basin resource base.
- Continued processing of CY23 2D seismic data to mature prospects to drill ready for future exploration campaigns.
- Additional 3D seismic on Mukuyu to provide further insights on commercialisation process.
- Secure well services contractors and equipment on favourable terms for long-term contracts.
- Complete well test design study and undertake flow test to demonstrate deliverability and assess connected volumes.
- Complete refinement well design, data acquisition and services contracts to reduce future drilling costs by up to 40%.
- Further appraisal drilling to build resource base for development and exploration drilling to unlock new plays.
- Capitalise on conducive investment environment created through Indigenization and Empowerment Act and Special Economic Zone legislation.
- Finalise and execute the Petroleum Production Sharing Agreement with Republic of Zimbabwe, now being managed by the Mutapa Investment Fund.
- Attract in-country investment from both government and institutional backers
- Secure development finance via reserves-based lending.
- Conduct and ratify farmout agreement with upstream JV partner to facilitate field development and future production.
- Pilot gas-to-power project through MOU with Himoinsa and Dallaglio to supply energy to Eureka Gold Mine.
- Field development for gas-to-power delivery at scale through gas sale MOU with Mbuyu Energy to feed into Southern Africa Power Poll (SAPP) and supply to energy users across region.
- Full field development facilitating piped gas distribution to industrial and resources sector users at scale.
- Service industrial and domestic demand for LNG (bottled)
