Addressing journalists in the capital, Mnangagwa said government in the last few months worked with Invictus Energy, which is listed on the Australian Stock Exchange (ASE), to undertake oil and gas exploration studies.
Below is Mnangagwa's full statement:
The Government of Zimbabwe has over the last few months worked with, and facilitated INVICTUS Energy Limited which is quoted on the Australian Stock Exchange to undertake oil and gas exploration studies in Muzarabani. INVICTUS is utilising data which was generated by Mobil Oil in the early 1990s when extensive oil and gas geo-physical work was undertaken in the greater Muzarabani area.
As part of its exploration studies, INVICTUS has engaged a number of worldwide professional rcompanies with extensive experience in oil and gas. We have since been advised by INVICTUS that the findings are positive and point to oil and gas deposits in the area. INVICTUS and their partners will be making a statement to their shareholders through the Australian Stock Exchange in a few hours time.
Government of Zimbabwe will work very closely with INVICTUS to ensure that INVICTUS realises its plans to sink an exploration well by mid 2020. After the exploration well, the next stage will be commercial exploitation of the resource. In the interim, additional geo-physical work is ongoing to identify further exploration targets. Updates will be given as and when the planned exploration work results come in.
The result as communicated by INVICTUS is an exciting development for our country.
INVICTUS has committed itself to enter a production sharing agreement with the Government of Zimbabwe, which will be applicable when the project proceeds to commercial production stage.
I thank you.
