The zimbabwe government has given Invictus energy seven times more land (700 000 hectares), to conduct prospecting and drilling for oil and gas in the Muzarabani oilfields.
Drilling on the two wells is set to begin in July.
This is in exchange for 10% ownership of the project by the Sovereign wealth fund.
The news was revealed by Zimbabwean born Scott McMillan, the MD of Invictus energy.
McMillan revealed that Zimbabwe’s gas and oil will be key in the Southern Africa region as the gas reserves in Mozambique have plateued.
McMillan revealed that the appointment of Joe Mutizwa on the Invictus Energy board has opened many doors for the company as he also sits on the Zimbabwe President’s Advisory committee.
Invictus Energy is listed on the Australian Stock Exchange (IVZ) and on the OTCQB (IVCTF).
Please watch the video above this post for more details.