Zimbabwe president says study points to oil in country

Zimbabwe president says study points to oil in country

President Mnangagwa provided the local press with a briefing on the oil and gas exploration activity being undertaken by Invictus, including the ongoing seismic interpretation and source rock study work which outlined the oil potential of the Cabora Bassa Basin.

"Government of Zimbabwe will work very closely with Invictus to ensure that Invictus realises its plans to sink an exploration well by mid 2020", Mnangagwa told reporters.

Mines Minister Winston Chitando said the well would be sunk in 2020 at a cost of $20 million and said the Muzarabani project was the largest undrilled onshore resource in Africa.

Listed on the Australian Stock Exchange, Invictus has, in recent months, reworked survey data gon the area generated by U.S. oil giant ExxonMobil.

In a statement, Minister Chitando said: "I refer to the statement made by Invictus on the Australian stock exchange and hereby comment as follows - Invictus will only now be releasing their resource statement on Monday morning Australian time, the statement by His Excellency and my technical analysis pointed to the need to drill an exploration well to confirm the indicated resources".

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Zimbabwe's President Emmerson Mnangagwa said on Thursday that Australia's Invictus Energy had found oil and gas deposits in the northern Muzarabani area of the country. Invictus did not make a statement to the press.

He said Invictus advised the government that the findings "are positive and point to oil and gas deposits in this area", adding that Invictus and their partners would be making a statement to their shareholders through the Australian Stock Exchange in a few hours.

The cautionary statement spoke on the need for further exploration to determine quantity of the resource. We are extremely pleased to have the support of government as we progress our work program towards the drilling of the first exploration well in the Cabora Bassa Basin.

Invictus Energy has agreed to enter a production sharing arrangement with Zimbabwe once the project reaches commercial production, Mnangagwa said. We look forward to working with the Government on Zimbabwe on this exciting project which if successful can make a significant contribution to Zimbabwe'.

"Far from discordance, what we are getting from the company is a measured statement which we fully understand". These estimates have an associated risk of discovery and risk of development. "Prospective resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS Standards (Society of Petroleum Engineers - Petroleum Resource Management System)", the organisation said. "Anything that brings a smile to the people will be announced", Saungweme said.

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