Join our daily newsletter At The Bell to receive exclusive market insights
- Invictus Energy’s (IVZ) 80 per cent-owned and operated Cabora Bassa Project has received Environmental Impact Assessment (EIS) approval
- The Cabora Bassa Project is located in Zimbabwe and comprises the Mzarabani prospect, a liquids-rich conventional gas-condensate target
- The approval allows Invictus to begin field activities at the project
- The project not only received support from regulatory bodies and stakeholders, the local communities have backed its development as well
- Invictus is now advancing negotiations for a production sharing agreement with the Republic of Zimbabwe
- Company shares are up 6.67 per cent and last traded for 3.2 cents
Invictus Energy’s (IVZ) 80 per cent-owned and operated Cabora Bassa Project has received Environmental Impact Assessment (EIS) approval.
Specifically, the Environmental Management Agency (EMA) granted Invictus’ 80 per cent-owned subsidiary Geo Associates (Private), the permission to operate in accordance with Part XI of the Environmental Management Act (Chapter 20:27) subject to certain specified terms and conditions.
This approval finalises the permitting process and allows the company to begin field activities at the Project.
“The company is very pleased to have the Environmental Impact Assessment and our Environmental Management Plan approved by EMA,” Managing Director Scott Macmillan said.
“The issuing of the EIA license is a significant milestone for the Cabora Bassa Project and marks the progression from the primarily desktop studies phase to the on ground activity phase of our exploration campaign,” Scott added.
The EIA was conducted by independent environmental consultants, the Scientific & Industrial Research & Development Centre (SIRDC).
Not only has the project been backed by the SIRDC, the local communities in the Muzarabani and Mbire Districts and Mashonaland Central Province have also expressed their full support.
“The support and feedback we have received demonstrates the cooperation of stakeholders and shareholders who are all determined to advance this project for the benefit of the community and the country,” he stated.
The Cabora Bassa Project comprises the Mzarabani prospect, a liquids-rich conventional gas-condensate target. The project is potentially the largest, un-drilled, seismically-defined structure in onshore Africa.
The Mzarabani prospect is defined by a robust dataset that includes seismic, gravity, aeromagnetic and geochemical data.
Invictus is now advancing negotiations for a production sharing agreement with the Republic of Zimbabwe through the Technical Committee and its legal representatives.
Company shares are up 6.67 per cent and last traded for 3.2 cents each at market close.
