Invictus Energy has provided an update on the activities of its 80% owned and operated Cabora Bassa Project in Zimbabwe.
Further to the announcement on 22 December 2020, the non–binding farm–in agreement has been terminated. Invictus was unable to satisfactorily complete the required transaction due diligence on the counterparty and the parties have ceased discussions. The Company says it continues to engage with additional interested parties.
The Company’s near-term focus is completing the seismic acquisition program announced to the ASX on 25 June 2021, which is expected to conclude approximately at the end of Q3. The camp construction and the local recruitment campaign for 120 field crew is being finalized ahead of the imminent commencement of the program.