daniel chigunwe
Oliver Kazunga
INVICTUS Energy will set aside 1,5 percent of the total US$23,56 million it raised under the Share Purchase Plan to support the Ngamo-Gwayi-Sikumi carbon offset project development in Matabeleland North province.
The Ngamo-Gwayi-Sikumi deal is a carbon offset project in Zimbabwe that Invictus has signed with the Forestry Commission of Zimbabwe.
Last year, Invictus an Australia-headquartered firm that is scouting for oil and gas in Muzarabani and Mbire districts, Mashonaland Central province entered into a 30-year contract with the Forestry Commission of Zimbabwe for the development of the Ngamo-Gwayi-Sikumi (NGS) REDD+ project.
The deal is renewable for a further 30 years, as part of Invictus’ sustainable plan to manage emissions.
The NGS REDD+ project will enable the company to fully offset all Scope 1 and 2 emissions generated across the entire lifecycle of the Cabora Bassa project.
In a second supplementary prospectus released yesterday, Invictus said: “In August 2022, the company announced that it had been awarded three carbon offset projects. Funds will be allocated to the advancement of those projects to offset the ongoing works being done on its exploration targets.”
It said proceeds of the SPP offer and placement would also be used largely to prepare for and drill of Mukuyu-2 Well (including long lead time items) and 2D seismic and processing of eastern leads on trend with Mukuyu to drill-ready targets as well as supporting the unallocated general working capital activities.
Meanwhile, Invictus has commenced Phase 2 exploration with 2D seismic survey at the Cahora Bassa Basin in Muzarabani, Mashonaland Central province.
Seismic survey in oil and gas exploration refers to the process of using high-tech equipment to listen to underground sound vibrations to determine the existence of hydrocarbons.
In 2021, Invictus carried out the first seismic data collection for the Muzarabani oil and gas project to identify the best spots to drill exploration wells.
This year’s seismic campaign will incorporate the firm’s experience from the successful Cahora Bassa 2021 seismic survey acquisition, which was also carried out by Polaris Natural Resource Development Ltd and helped inform drilling of the play opening Mukuyu-1/ST1 wells.
Bongani Ndlovu