Government speaks on Muzarabani oil

Winston Chitando

THERE is need to drill an exploration well to confirm the presence of oil and gas in Muzarabani, Mines and Mining Development Minister Winston Chitando has said.

Drilling the well is estimated to cost US$20 million.

In a statement just released, Minister Chitando said: “I refer to the statement made by Invictus on the Australian stock exchange and hereby comment as follows – Invictus will only now be releasing their resource statement on Monday morning Australian time, the statement by His Excellency and my technical analysis pointed to the need to drill an exploration well to confirm the indicated resources.”

“The statement further indicated that the current resource estimate to be released on Monday has been signed off by an International Oil Consultant.”