Invictus Energy receives multiple farm-in bids for the Cabora Bassa Project onshore Zimbabwe
29-04-2022 09:45:15 | by: Pie Kamau | hits: 2314 | Tags:

Invictus Energy announced it has received three farm-in offers for the Cabora Bassa Project onshore Zimbabwe, including an updated bid from Cluff Energy Africa. Ongoing due diligence and internal approvals are being undertaken by additional parties which may result in further bids being received.

Invictus is also assessing the current bids and working to complete further due diligence requirements from counterparties including country visits, government approvals and completion of binding Farm Out and Joint Operating Agreements ahead of the upcoming two well drilling campaign. Shareholders will be updated when a preferred bidder(s) has been selected.

The company also announced that the Mukuyu-1 (formerly named Muzarabani-1) wellpad construction has commenced following the completion of the well site survey and award of the civil works and construction contract. The Mukuyu-1 well will test multiple stacked targets within the greater Mukuyu structure which is independently estimated to contain 8.2 Tcf + 247 million barrels of conventional gascondensate (gross mean unrisked).