Invictus Energy signs gas supply agreement for the Cabora Bassa Project
May 07, 2019
Invictus & Sable Chemical Industries Limited sign MOU to progress gas supply from Cabora Bassa Project subject to a commercial gas discovery being made from SG 4571.
- Minimum Daily Contract Quantity (DCQ) of 35 mmscf/d (~13 bcf per year)
- Sable can elect to increase DCQ to 70 mmscf/d (~26 bcf per year)
- Minimum Total Contract Quantity of 255 Bcf
- Maximum Total Contract Quantity of 510 Bcf
- Supply term of twenty (20) years from the date of First Commercial Gas Production
- Gas sales price commercial in confidence
- Confirmation of a commercial hydrocarbon discovery in SG 4571
- Completion of a Gas Sales and Purchase Agreement (GPSA) by 30 June 2021
- Completion of feasibility studies to upgrade Sable’s existing process and replace the feedstock with natural gas
Zimbabwe oil project progress encouraging
January 28, 2019
- During the quarter (ending December 2018), the company commenced reprocessing the 2D seismic data, which was transcribed from the field tapes located at the Zimbabwe Geological Survey in Harare.
- The reprocessing exercise, which encompasses the entire Cabora Bassa Basin, is expected to be completed around the end of the March quarter and interim results will be released during the quarter.
- They completed the aeromagnetic data reprocessing, which identified numerous leads and play types in addition to the Mzarabani structure and "will be incorporated to the seismic interpretation".
- The process to find a farm-out partner is expected to commence following the update to the independent prospective resource estimate for SG4571.
Zim announces Invictus oil discovery
November 01, 2018
President Mnangagwa on Thursday announced that Australian Securities Exchange (ASX) listed entity Invictus Energy (IVZ), has discovered oil and gas deposits in the southern African country’s Mashonaland Central Province.
Invictus Energy reports acquisitions, $4M cash in Q4
July 30, 2018
- The company announced it had entered into a binding sale and purchase agreement to acquire 100% interest in Invictus Energy Resources Pty Ltd giving it an 80% interest and operatorship in the SG4571 Permit (Cabora Bassa Project) located in Zimbabwe.
- IVZ also successfully completed a heavily oversubscribed A$4.5 million capital raising led by Ashanti Capital to fund the SG 4571 exploration program.
- During the quarter IVZ received the necessary Zimbabwe in-country approvals, from the RBZ Exchange Control Authority and ZIA to subscribe for new shares representing 80% of Geo Associates (Private) Limited which holds 100% of SG 4571.
- Geo Associates and IVZ also received letters supporting the Cabora Bassa Project transaction from the Ministry of Mines and the Ministry of Energy.
- The company held an EGM on 15 June 2018 to obtain shareholder approvals for the transaction, associated capital raise and issue of new securities — with all resolutions being approved.
- During the quarter, following the shareholder meeting on 15 June 2018, the company changed its name from Interpose Holdings Limited to Invictus Energy Limited, while also changing its ASX ticker code from IHS to IVZ on 21 June 2018.
- Following the shareholder meeting on 15 June 2018, Scott Macmillan was appointed Managing Director on 21 June 2018.