Invictus Energy: Cabora Bassa Project Advancing Well, Near-Term Events Well Planned

  • Mar 17, 2020 AEDT
  • Team Kalkine
Invictus Energy: Cabora Bassa Project Advancing Well, Near-Term Events Well Planned

With South Africa facing an energy crisis, increasing shortages of electricity and upheaval in its industry and investment, oil and gas developments are the nation’s need of the hour. The aging coal-fired power plants are retiring, which translates to an urgent need of transition from gas to power to quench the regional power needs.

However, there appears to be not one, but two silver linings- Firstly, the pro-business region of Zimbabwe where the new government is not only promoting foreign investment but has implemented investor-friendly reforms like the Indigenization and Empowerment Act and SEZ legislation.

Secondly, independent oil and gas explorer Invictus Energy Limited (ASX:IVZ) which is thriving to attain the early entry advantage in the region. The junior explorer, a first mover in the strategic and industrialised location of Zimbabwe has secured the best acreage, best terms and has a probable exposure to the most lucrative markets through its 80% owned and operated Cabora Bassa Project.

 

                               

 

GOOD READ- Invictus Energy’s First Mover Advantage in Africa’s Largest Undrilled Onshore Oil & Gas Prospect

The Company recently intimated about the updates on the activities at the Project-

 

                                   

 

Zimbabwe Government Ministries & Stakeholders Meetings- PSA & Petroleum Act

In the last few weeks, the Company made presentations and conducted meetings with several Zimbabwe Government Ministries and stakeholders, including Minister of Energy and Power Development, Minister of Mines and Mining Development and the Mining Affairs Board. Moreover, it met the Chiefs representing the Muzarabani and Mbire Rural Districts in the Cabora Bassa project area.

IVZ and the Government of Zimbabwe has collectively made significant progress with the legal and fiscal framework. These include-

  • Amendments to the Petroleum Act
  • Execution of a Production Sharing Agreement (PSA) between Geo Associates (Private) Limited and the Republic of Zimbabwe

 

The Government of Zimbabwe has setup a Technical Committee to undertake negotiations for a PSA, which is chaired by the Secretary for Finance and Economic Development. Members include-

  • Officials from the Reserve Bank of Zimbabwe,
  • The Permanent Secretaries for Mines and Mining Development and Energy and Power Development
  • Zimbabwe Investment and Development Agency Office of the President
  • Cabinet Office of the Attorney General
  • Local Government and Public Works

 

The Committee’s first meeting was held last week. A press conference was held post the meeting with the Minister of Mines and Mining Development to discuss the project developments.

IVZ has been invited to make a presentation prior to the end of March. Along with its attorneys, IVZ has been working diligently with the legal representatives from the Ministry of Mines and Mining Development and Ministry of Energy and Power Development on the PSA.

The PSA, likely to be concluded shortly, is expected to provide a stable and transparent legal and fiscal framework for the exploration and production of oil and gas in Zimbabwe.

GOOD READ- Constant Progress at Cabora Bassa Project Paves Bright Outlook for Invictus Energy

Muzarabani and Mbire Rural Districts Chiefs Meetings

IVZ was hosted by the District Administrator for Mashonaland Central Province in Centenary. It was received by the Chiefs representing the Muzarabani and Mbire Districts.

In these meetings, IVZ presented an overview and update of the project to the Chiefs and intimated them about the upcoming ground activity that will commence following the approval of the Environmental Impact Assessment (expected shortly).

To know about the EIA Progress, READ HERE- Invictus Energy Declares December Quarter Results; Significant Progress at Cabora Bassa Project

The Chiefs expressed their support towards the Project, and subsequently have planned a Cultural Ceremony to welcome IVZ to the community, demonstrating the optimism and enthusiasm for the upcoming exploration programme.

The IVZ stock last quoted $ 0.011 on 17 March 2020 (4:07 PM AEDT).

It will be interesting to watch the Company unfolding its activities in the lucrative acreage and gauge Project developments likely to appease the shortage of gas situation in South Africa.


Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK