THE board of directors of Invictus Energy Limited is set to visit Zimbabwe this month to assess first-hand the progress of the company’s highly-anticipated Cabora Bassa gas and oil project.
The Australian firm is on the brink of becoming a key energy producer in sub-Saharan Africa following significant exploration breakthroughs at its Cabora Bassa project in northern Zimbabwe over the past 18 months.
In December 2023, the company announced a gas discovery, and by the third quarter of 2024, it had potentially identified an estimated 184 million barrels of oil.
In a recent message to shareholders, Invictus managing director Scott Macmillan stated that 2025 was shaping up to be a transformative year for the company.
“We have a board visit scheduled for March, during which we will advance several initiatives, starting with meetings with all our stakeholders,” Macmillan said.
“We aim to progress the PPSA (Petroleum Production Sharing Agreement) towards execution and also engage with off-takers and other stakeholders. We have a busy year ahead and look forward to sharing exciting updates.”
He further stated that the company was committed to completing several critical initiatives and resuming field activities.
“Last year, we signed a gas-to-power MoU (memorandum of understanding) with Dallaglio (Dallaglio Investments (Private) Ltd), which owns the Eureka Gold Mine located approximately 50 kilometres from the Mukuyu gas field, as well as Himoinsa (Himoinsa Southern Africa Proprietary Ltd), their on-site power generation provider,” Macmillan explained.
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“Currently, they rely on grid electricity and diesel, but through this pilot project, we aim to transition them to gas-fired power generation. This will allow us to gather extended reservoir data and demonstrate the viability of a new industry in Zimbabwe.”
He noted that alongside this pilot project, Invictus has conducted a comprehensive Environmental and Social Impact Assessment (ESIA), building on its 2019 ESIA.
Himoinsa, a Spanish-based power generation equipment supplier and part of Yanmar Energy System, offers comprehensive power solutions. Yanmar Energy System is a subsidiary of the global Japanese engine manufacturer, Yanmar Co Limited.
Dallaglio, a mining company, is a subsidiary of crocodile farmer Padenga Holdings Ltd.
“This paves the way for us to extract, liquefy, and transport gas not only from Mukuyu, but also from our broader acreage portfolio across Special Grant 4571 and our EPOs (Exclusive Prospecting Orders),” Macmillan said.
“We are resuming exploration activities alongside advancing our pilot project. The first well will be Musuma 1, a key test within our EPO, which we have not yet drilled. This well is located on the eastern side of our acreage portfolio and will target the Dandy play, a shallow gas prospect.”
The Musuma prospect, due to its size, is a project the firm plans to explore later this year.
