Invictus Energy has announced that it has executed a farm-in option agreement with Cluff Energy Africa Limited (CEA) for a 2 well
\nexploration drilling campaign in the Cabora Bassa Project. CEA will fund 33.33% of the costs for a 25% interest in the Cabora Bassa
\nProject and Invictus will remain as operator.<\/p>\n
Cluff Energy Africa is currently assembling a portfolio of African oil and gas exploration assets with the intent of raising further capital
\nduring early 2022 to fund their exploration programs. The Cluff group has previously raised and invested over half a billion dollars
\nfor natural resources projects.<\/p>\n
Under the terms of the non-binding agreement, CEA must exercise the option by 31 March 2022 to enter into a binding Farm in
\nAgreement and a Joint Operating Agreement and obtain the necessary funding to meet the Farm in Commitment for 2 wells.
\nInvictus and CEA will also investigate the options for mitigating carbon emissions from the project including Carbon Capture and
\nStorage (CCS) or similar solutions to align with Zimbabwe\u2019s strategic objectives.<\/p>\n
Invictus Managing Director and CEO, Mr Scott Macmillan, said:<\/strong> Cluff Energy Africa Chairman and CEO, Mr Algy Cluff OBE said:<\/strong> Summary of Key Terms<\/strong><\/p>\n Other than in Zimbabwe Cluff Energy also holds 15 offshore blocks in Sierra Leone following the conclusion of the Fourth Offshore Petroleum Licensing Round including blocks 23, 24, 25, 36, 37, 38, 39, 54, 55, 56, 57, 74, 75, 94 & 95.<\/p>\n","protected":false},"excerpt":{"rendered":"
\n\u201cInvictus is pleased to enter into the option agreement with Cluff Energy Africa and work towards formalizing our relationship in the Cabora Bassa joint venture over the coming months. CEA is a like-minded partner and a close cultural fit, and their team has an outstanding track record of making and monetizing discoveries in Africa.
\nWe look forward to CEA completing their capital raise activities and participating in the exciting basin opening 2 well drilling campaign including drilling the world-class Muzarabani-1 well in the first half of next year.
\nInvictus is incredibly well placed to achieve significant accretive milestones during 2022 with a number of key catalysts ahead of us.\u201d<\/p>\n
\n\u201cCluff Energy Africa is delighted to be joining Invictus in the Cabora Bassa project and we view this asset as a rare high-quality but low-cost opportunity that has world-class scale. We believe it will form a key pillar in the portfolio of assets that\u00a0we are currently assembling.
\nI am also excited to be bringing the Cluff group back to Zimbabwe having enjoyed previous success in the resources sector in the country with the discovery and development of the largest gold mine in the country at Freda Rebecca.
\nWe look forward to working closely with Invictus over the coming months to finalize our partnership agreements and move forward with the exploration programme.\u201d<\/p>\n\n
\nincluding:
\n1. Muzarabani-1 well to a planned minimum depth of 3,000m or basement
\n2. 2nd well to be identified following completion of seismic interpretation to a planned minimum depth of 1,500m or basement<\/li>\n
\nagreement<\/li>\n
\nproject including Carbon Capture and Storage or similar solutions to align with Zimbabwe\u2019s strategic objectives<\/li>\n