Invictus Energy’s 80% owned EPO 1848 and 1849 licences renewed
Invictus Energy Limited is pleased to provide an update at its 80% owned EPO 1848 and 1849 licences in Zimbabwe’s Cabora Bassa Basin.
Geo Associates (Pvt) Ltd., the Company’s 80% owned subsidiary and holder of Exclusive Prospecting Orders 1849 and 1849 through assignment of the licences by the Mutapa Investment Fund has received notification of the renewal for a further three year term by the Mining Affairs Board of Zimbabwe. This will be followed by publication in the Government Gazette.
The Company plans to undertake a comprehensive work program for the second three-year exploration period including the drilling of the high impact Musuma-1 well targeting 1.2 Tcf of gas and 73 million barrels of condensate (gross mean unrisked#) Prospective Resources.
EPOs 1848 and 1849 contain the Eastern Margin gas play hosts eight high potential prospects totalling 2.9 Tcf of gas and 184 million barrels of condensate (gross mean unrisked#) and the Basin Margin oil play hosts five prospects containing and estimated 1.2 billion barrels of oil (gross mean unrisked#) Prospective Resources.
