{"id":10274,"date":"2021-04-29T19:46:59","date_gmt":"2021-04-29T19:46:59","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10274"},"modified":"2021-04-29T19:46:59","modified_gmt":"2021-04-29T19:46:59","slug":"zimbabwe-invictus-energy-provides-quarterly-activities-report","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-provides-quarterly-activities-report\/","title":{"rendered":"ZIMBABWE: Invictus Energy Provides Quarterly Activities Report"},"content":{"rendered":"

HIGHLIGHTS<\/strong>
\n\u2022 Petroleum Exploration Development and Production Agreement (PEDPA) signed with Republic of Zimbabwe
\n\u2022 PEDPA provides the licence holder the right to enter into a 25 year production licence following exploration periods
\n\u2022 Completed capital raise of $8m via Private Placement to sophisticated and institutional investors
\n\u2022 Proceeds from the capital raising to be applied to SG 4571 seismic acquisition campaign and ordering of long lead drilling items for Mzarabani-1 exploration well
\n\u2022 Funds will provide capital for Invictus to accelerate the Company\u2019s exploration campaign throughout the remainder of CY21<\/p>\n

Comments from Managing Director & CEO Scott Macmillan:\u00a0 \u201cThis has been an excellent quarter for the Company which has seen us complete several significant milestones and build on our strong foundations. The completion of a strongly supported capital raise
\nhas put the Company in an excellent position to complete our upcoming seismic acquisition program which will commence in Q2 and then lead to an eagerly awaited high impact basin opening drilling campaign. The execution of the PEPDA with the Republic of
\nZimbabwe puts in place the necessary framework to rapidly develop the Cabora Bassa Project on exploration success and provide a 25 year production licence. We look forward to commencing the seismic acquisition campaign in the coming quarter which will unlock additional value for the Company and delineate the optimal drilling location to test the world class Mzarabani prospect.\u201d<\/p>\n

Petroleum Exploration Development and Production Agreement (PEDPA) Executed
\nFollowing approval from His Excellency President E.D. Mnangagwa, the PEPDA between Invictus\u2019s 80% owned subsidiary, Geo Associates and the Republic of Zimbabwe was executed. The agreement was signed on behalf of the Government of the Republic of Zimbabwe by the Minister for Mines and Mining Development, Hon. Winston Chitando at a signing ceremony at State House in Harare on Friday 26 March 2021.<\/p>\n

The PEDPA provides the framework for progression of the Cabora Bassa Project through the exploration, appraisal, development and production phases, the obligations and rights of each party, the minimum work program obligations to maintain the licence in good standing, and the security of tenure for the project duration. The PEDPA provides the licence holder the right to enter into a 25 year production licence following the exploration periods. The Company is currently in the 2nd exploration period.<\/p>\n

The PEDPA also provides for Special Economic Zone (SEZ) status for the Cabora Bassa Project which will facilitate a host of fiscal and non-fiscal incentives over the life of the project including legal and fiscal stability, offshore banking, zero capital gains tax, tax holiday periods and 15% corporate rate thereafter.<\/p>\n

Completion of $8m Capital Raise<\/strong>
\nDuring the quarter, the Company completed a significantly oversubscribed A$8 million capital raise via a share placement (\u201cPlacement\u2019) to new and existing institutional and sophisticated investors. The A$8m capital raise before costs through the issue of 72.7 million new ordinary shares at an issue price of $0.11 and an attaching 1 for 2 option at a strike price of $0.17 with an expiry of 3 years.<\/p>\n

Proceeds of the Placement will be applied towards:
\n\u2022 The upcoming 2D seismic campaign in SG 4571;
\n\u2022 Basis of well design;
\n\u2022 Long lead drilling items for the Mzarabani-1 exploration well;
\n\u2022 Drilling rig tender preparation; and
\n\u2022 General working capital<\/p>\n

Award of Seismic Acquisition Contract to Polaris Natural Resources<\/strong><\/p>\n

Subsequent to the end of the quarter, the Company awarded a seismic acquisition contract to Polaris Natural Resources Inc. for the Company\u2019s 2D seismic program in the Cabora Bassa Basin. The Company intends to conduct, process, and interpret a minimum of 400 line kms of 2D seismic in order to refine the Mzarabani-1 drilling location and well path and identify additional prospectivity for the upcoming drilling campaign.<\/p>\n

The Company is also pleased to have Barry Meikle join the team as Seismic Project Manager. Barry is based in Zimbabwe and has extensive experience in onshore seismic acquisition projects in PNG with Total and Interoil, and project management expertise with oil field service companies in East Africa and is a valuable addition to the Invictus team.<\/p>\n

Polaris will begin mobilising the seismic equipment and personnel to Harare in the coming weeks to undergo preparation for the acquisition before deploying to the field and commencing the data acquisition in Q2 CY2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

HIGHLIGHTS \u2022 Petroleum Exploration Development and Production Agreement (PEDPA) signed with Republic of Zimbabwe \u2022 PEDPA provides the licence holder the right to enter into a 25 year production licence … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[7808,7812,9257,2272,8080],"class_list":["post-10274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-cabora-bassa","tag-invictus-energy","tag-mzarabani-1","tag-seismic","tag-sg-4571","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2FI","jetpack-related-posts":[{"id":10117,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-signs-petroleum-exploration-development-production-agreement\/","url_meta":{"origin":10274,"position":0},"title":"ZIMBABWE: Invictus Signs Petroleum Exploration Development & Production Agreement","author":"","date":"March 29, 2021","format":false,"excerpt":"Following approval from His Excellency President E.D. Mnangagwa, the PEPDA between Invictus\u2019s 80% owned subsidiary, Geo Associates and the Republic of Zimbabwe has been executed. The agreement was signed on behalf of the Government of the Republic of Zimbabwe by the Minister for Mines and Mining Development, Hon. Winston Chitando\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/President-Mnangagwa-and-Geo-Associates-chairman-Mr-Paul-Chimbodza-presenting-an-honorary-plaque-commemorating-the.jpg?fit=589%2C391&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/President-Mnangagwa-and-Geo-Associates-chairman-Mr-Paul-Chimbodza-presenting-an-honorary-plaque-commemorating-the.jpg?fit=589%2C391&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/President-Mnangagwa-and-Geo-Associates-chairman-Mr-Paul-Chimbodza-presenting-an-honorary-plaque-commemorating-the.jpg?fit=589%2C391&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10091,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-completes-8m-placement-towards-sg-4571-seismic-acquisition-campaign-mzarabani-1-exploration-well\/","url_meta":{"origin":10274,"position":1},"title":"ZIMBABWE: Invictus Completes $8M Placement towards SG 4571 Seismic Acquisition Campaign & Mzarabani-1 Exploration Well","author":"","date":"March 23, 2021","format":false,"excerpt":"Invictus Energy\u00a0 has announced that it has received firm commitments from new and existing institutional and sophisticated investors to raise A$8.0m (before costs) by way of a share placement. According to Invictus the placement received strong interest and support from both new institutional investors and existing shareholders, PAC Partners acted\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/Zimbabwe-seismic-2.jpg?fit=600%2C409&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/Zimbabwe-seismic-2.jpg?fit=600%2C409&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/Zimbabwe-seismic-2.jpg?fit=600%2C409&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12086,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energys-sg-4571-permit-increased-sevenfold\/","url_meta":{"origin":10274,"position":2},"title":"ZIMBABWE: Invictus Energy’s SG 4571 Permit Increased Sevenfold","author":"","date":"March 28, 2022","format":false,"excerpt":"Invictus\u2019 owned subsidiary Geo Associates (Pvt) Ltd and the Sovereign Wealth Fund of Zimbabwe (SWFZ) have executed a Heads of Agreement\u00a0 to increase Special Grant 4571 (SG 4571) licence area from 100,000 hectares to 709,300 hectares. 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ZIDA is the investment promotion body set up to promote and facilitate both foreign direct investment and local investment in Zimbabwe. The investment licence provides formal recognition of the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Zimbabwe-Cabora-Bassa.jpg?fit=570%2C797&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14621,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-receives-special-grant-4571-licence-for-further-3-yearterm\/","url_meta":{"origin":10274,"position":4},"title":"ZIMBABWE: Invictus Energy Receives Special Grant 4571 Licence for further 3 year term","author":"","date":"January 13, 2025","format":false,"excerpt":"Invictus Energy the operator of the 80% owned SG 4571 licence in Zimbabwe\u2019s Cabora Bassa Basin containing Mukuyu Discovery reports he Minister of Mines and Mining Development has renewed its for further 3 year term. The renewal, with the authorisation of the President, has, in terms of section 301 of\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Zimbabwe-Cabora-Bassa.png?fit=479%2C663&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10967,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-cabora-bassa-seismic-acquisition-50-complete\/","url_meta":{"origin":10274,"position":5},"title":"ZIMBABWE: Cabora Bassa Seismic Acquisition 50% Complete","author":"","date":"October 7, 2021","format":false,"excerpt":"Invictus Energy operated\u00a0Cabora Bassa 2021 seismic survey\u00a0 campaign in Zimbabwe is ongoing with 220km of data recording and 240km of layout completed to date. 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