peter
Business Reporter
AUSTRALIA-LISTED oil and gas exploration company, Invictus Energy, says it will before the end of the month commence a reconnaissance programme for the planned Muzarabani oil extraction project.
The company is advancing the Muzarabani project in Mashonaland Central province and recently signed an equity subscription agreement with Mangwana Opportunities Fund, a leading local private equity fund.
In a latest up Invictus said an additional placement for the equivalent of 200 0000 Australian dollars with Mangwana Opportunities Fund had been completed.
“The company is pleased to announce that it is set to commence a field reconnaissance programme in the next fortnight and has completed a further placement for the equivalent of AUD$220 000 at a share price of $0.066 with the Mangwana Opportunities Fund under a second tranche of the equity funding agreement as announced on 30 April 2020,” said the firm.
Mangwana Opportunities Fund holds prescribed asset and tax-exempt status from the Ministry of Finance and Economic Development.
The share subscription agreement raises the equivalent of $0,44 million (Australian dollars) through placement of 12 564 143 shares at a share price of $0,035, a 91 percent premium to the preceding five-day Volume-Weighted Price of $0,0183 and 40 percent premium to the last closing price of $0,025. Following the approval of the Environmental Management Plan, easing of Covid-19-related restrictions and the completion of the final cultural ceremonies in the Muzarabani and Mbire Districts, Invictus will commence field operations in the Cabora Bassa Basin.
“The reconnaissance programme and baseline survey consist of the traversing of the proposed infill seismic lines for a planned acquisition campaign in the 2021 dry season.
“The programme will capture details such as topography, existing access roads, drainage, vegetation cover, soil types, rock exposures, sampling of any natural oil and gas seeps, areas of development (constructions and cultivation), plus any sites of cultural, religious or historic importance,” it said.
The duration of the programme is expected to be an estimated 30 days and is in the final stages of planning and would be completed before the wet season.
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