JUST IN: Invictus speaks on Muzarabani oil

Takunda Maodza News Editor
Australian Stock Exchange listed company Invictus Energy says the Cahora Bassa Basin in Muzarabani possess all the elements for a working petroleum system but only the drilling of a well in 2020 will confirm the presence of oil and gas.

In a cautionary statement just released, Invictus said: “Although the Cabora Bassa Basin possess all the elements for a working petroleum system, a discovery can only be confirmed through drilling of an exploration well. Please see the cautionary statement relating to prospective resources attached to this announcement for further detail.”

The cautionary statement spoke on the need for further exploration to determine quantity of the resource.

“With respect to the Prospective Resource estimates contained within this report, it should be noted that the estimated quantities of petroleum that may potentially be recovered by the future application of a development project may relate to undiscovered accumulations. These estimates have an associated risk of discovery and risk of development. Further exploration and appraisal may be required to determine the existence of a significant quantity of potentially moveable hydrocarbons,” it said.

Invictus consulted a global expert in the oil industry on the Muzarabani project. Government has pledged all its support.