Invictus terminates farm-in agreement for Cabora Bassa Project in Zimbabwe
Invictus Energy announced that its previous non-binding farm-in agreement for the Cabora Bassa Project in Zimbabwe, has been terminated.
Invictus said that it was unable to satisfactorily complete the required transaction due diligence on the counterparty and the parties have ceased discussions. The Company continues to engage with additional interested parties.
The Company’s near term focus is completing the seismic acquisition program announced to the ASX on 25 June 2021, which is expected to conclude approximately at the end of Q3. The camp construction and the local recruitment campaign for 120 field crew is being finalised ahead of the imminent commencement of the program.
The Cabora Bassa Project, in SG 4571, encompasses the Mzarabani Prospect, a multi-TCF and liquids rich conventional gas-condensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.