Zimbabwe: Invictus Energy extends its oil and gas exploration licence

Invictus Energy Ltd has announced the renewal of its Special Licence 4571, giving the company a further three years to continue its oil and gas exploration activities in the Cabora Bassa Basin, Zimbabwe. The decision, approved by the Ministry of Mines and Mining Development, marks an important milestone for the company as it strives to unlock the region's untapped energy potential.

The licence renewal will enable Invictus to progress a high-impact exploration programme, including 3D seismic acquisitions and additional drilling. These initiatives are aimed at refining the geological understanding of the basin and identifying significant energy resources, particularly in the promising Mukuyu gas field.

Invictus Energy, an independent oil and gas exploration company, is concentrating its efforts in sub-Saharan Africa, with Zimbabwe as its focal point. The Cabora Bassa Basin, which is still largely underexplored, represents a strategic opportunity for the company to position itself as a key player in the regional energy sector.

This licence renewal demonstrates the Zimbabwean government's commitment to supporting energy exploration and attracting foreign investment. By facilitating the activities of companies like Invictus, the country hopes to strengthen its role on the regional and global energy scene.

The Minister of Mines and Mining Development welcomed Invictus' efforts to boost the country's energy sector, stressing that potential discoveries could transform Zimbabwe into a strategic player in Africa's energy landscape.

Despite a 1.25%* decline in prices since the start of the year, Invictus Energy maintains a market capitalisation of AU$126.7 million, with an average trading volume of 1,599,800 shares. The analyst consensus remains 'Hold', reflecting investors' cautious expectations regarding the next critical steps in the company's work programme.

As Invictus progresses with its exploration programme, the results of its seismic and drilling initiatives will be closely monitored by stakeholders and industry analysts. A significant discovery in the Cabora Bassa Basin could not only strengthen the company's position, but also stimulate the Zimbabwean economy by attracting more investment into the energy sector.

With this renewal, Invictus Energy confirms its commitment to exploring and developing Zimbabwe's energy resources, while helping to transform the country into a key energy hub for sub-Saharan Africa.