{"id":8756,"date":"2020-08-05T07:37:12","date_gmt":"2020-08-05T07:37:12","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8756"},"modified":"2020-08-05T07:37:12","modified_gmt":"2020-08-05T07:37:12","slug":"zimbabwe-invictus-energy-receives-license-renewal-for-the-cabora-bassa-project","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-receives-license-renewal-for-the-cabora-bassa-project\/","title":{"rendered":"ZIMBABWE: Invictus Energy Receives License Renewal for the Cabora Bassa Project"},"content":{"rendered":"<p>Invictus Energy has received approval of its application to renew the investment licence from the Zimbabwe Investment and Development Authority (ZIDA). ZIDA is the investment promotion body set up to promote and facilitate both foreign direct investment and local investment in Zimbabwe.<\/p>\n<p>The investment licence provides formal recognition of the Company as a foreign investor in the country and enables access to a range of fiscal benefits and incentives. SG 4571 Tenure Extension Geo Associates (Pvt) Ltd (Geo Associates), the Company\u2019s 80% owned subsidiary and holder of Special Grant 4571 has received notification that its application to extend the tenure of the SG 4571 licence for a further three years has been granted, subject to Geo Associates appearing before the Mining Affairs Board to present an overview of the forward work programme. The presentation to the Mining Affairs Board by Geo Associates was scheduled for last week but has been deferred due to COVID and the enforced lockdown in the country.<\/p>\n<p>As a result of the meeting being deferred, Invictus says the Mining Affairs Board has requested a soft copy of the presentation and confirmed that the formal presentation will occur at a future date. Geo Associates confirmed that the soft copy presentation has been lodged with the Mining Affairs board and that it has fulfilled all of its work commitments for its first three year exploration period.<\/p>\n<p>A comprehensive work programme has been proposed for the second three year exploration period, including a commitment to drill a minimum of one exploration well.<\/p>\n<p>Last month Invictus Energy Limited <a href=\"https:\/\/bit.ly\/3icpDua\">announced<\/a> that the Company has completed the placement for an equivalent AUD$0.44 million with the Mangwana Opportunities Fund as announced on 30 April 2020 following approval received from the Reserve Bank of Zimbabwe Exchange Control authority.<\/p>\n<p>The Company has continued with the farm-out process of the Cabora Bassa Project saying active discussions with multiple parties are ongoing with the project having passed technical review\/assessment and is undergoing commercial evaluation, above ground due diligence and detailed forward program costing (including drilling cost) with these parties according to its latest updates.<\/p>\n<p>During the first quarter, Invictus Energy received an independent drilling cost estimate for a range of well designs (vertical and directional) with the total depth (TD) ranging from 2,000m down to 4,000m. The drilling cost estimates range from US$5.2 million (2,000m vertical well &#8211; low side estimate) to US$16.4 million (4,000m directional well &#8211; high side estimate). The best estimate for a 3,200m directionally drilled well to test the 8.2 Tcf + 249 million bbl Mzarabani Prospect is US$11.7m (excluding mobilisation) which confirms the ability to test a world class, material target at relatively low cost.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Invictus Energy has received approval of its application to renew the investment licence from the Zimbabwe Investment and Development Authority (ZIDA). ZIDA is the investment promotion body set up to &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-receives-license-renewal-for-the-cabora-bassa-project\/\" class=\"more-link\">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":[8081,8078,7812,4715,8082,8080,2767,8079],"class_list":["post-8756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-cabora-bassa-project","tag-geo-associates","tag-invictus-energy","tag-license","tag-mzarabani-prospect","tag-sg-4571","tag-zimbabwe","tag-zimbabwe-investment-and-development-authority","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-2he","jetpack-related-posts":[{"id":12086,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energys-sg-4571-permit-increased-sevenfold\/","url_meta":{"origin":8756,"position":0},"title":"ZIMBABWE: Invictus Energy&#8217;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. Under the HoA the SG 4571 licence and application area will be amalgamated with\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2022\/03\/HOA-Signing-Ceremony-with-Hon.-Mthuli-Ncube-Minister-for-Finance-Planning-and-Economic-Development-Planning-with-Mr-Paul.png?fit=572%2C429&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/HOA-Signing-Ceremony-with-Hon.-Mthuli-Ncube-Minister-for-Finance-Planning-and-Economic-Development-Planning-with-Mr-Paul.png?fit=572%2C429&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/HOA-Signing-Ceremony-with-Hon.-Mthuli-Ncube-Minister-for-Finance-Planning-and-Economic-Development-Planning-with-Mr-Paul.png?fit=572%2C429&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12324,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-energy-commences-rig-mobilization-to-cabora-bassa\/","url_meta":{"origin":8756,"position":1},"title":"ZIMBABWE: Invictus Energy Commences Rig Mobilization to Cabora Bassa","author":"","date":"June 8, 2022","format":false,"excerpt":"Invictus Energy has confirmed that following the completion of clearing procedures and documentation, the Exalo Rig 202 has commenced mobilization from Songo Songo Island in Tanzania to Cabora Bassa. The rig and associated equipment will arrive over the course of June and commence rig up to drill the first of\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2022\/06\/Exalo-202-Rig-Mobilization.png?fit=485%2C643&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10117,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-signs-petroleum-exploration-development-production-agreement\/","url_meta":{"origin":8756,"position":2},"title":"ZIMBABWE: Invictus Signs Petroleum Exploration Development &#038; 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 &quot;Countries&quot;","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":12572,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-invictus-expands-cabora-bassa-exploration-licence-footprint\/","url_meta":{"origin":8756,"position":3},"title":"ZIMBABWE: Invictus Expands Cabora Bassa Exploration Licence Footprint","author":"","date":"August 17, 2022","format":false,"excerpt":"Assignment of exploration rights to EPO 1848 and EPO 1849 by Sovereign Wealth Fund of Zimbabwe Invictus\u2019 80% owned subsidiary Geo Associates (Pvt) Ltd and the Sovereign Wealth Fund of Zimbabwe have executed an assignment agreement for the exploration rights to Exclusive Prospecting Orders (EPOs) 1848 and 1849. EPOs 1848\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2022\/08\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/Zimbabwe-cabora-basin-license-map.png?fit=632%2C432&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":8756,"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 &quot;Countries&quot;","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":14425,"url":"https:\/\/www.oilnewskenya.com\/index.php\/zimbabwe-sg-4571-licence-renewed-for-further-3-year-term\/","url_meta":{"origin":8756,"position":5},"title":"ZIMBABWE: SG 4571 Licence Renewed for Further 3 year term","author":"","date":"July 23, 2024","format":false,"excerpt":"Geo Associates (Pvt) Ltd (Geo Associates), the Company\u2019s 80% owned subsidiary and holder ofSpecial Grant 4571 has received notification that its application to extend the tenure of the SG4571 licence for a further three years has been approved by the Mining Affairs Board. This willbe followed by publication in the\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2024\/07\/Zimbabwe-SG-4571.png?fit=1024%2C505&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Zimbabwe-SG-4571.png?fit=1024%2C505&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Zimbabwe-SG-4571.png?fit=1024%2C505&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Zimbabwe-SG-4571.png?fit=1024%2C505&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=8756"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8756\/revisions"}],"predecessor-version":[{"id":8758,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8756\/revisions\/8758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8566"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=8756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=8756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=8756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}