Chronicle Editor
Oliver Kazunga, Senior Business Reporter
INVICTUS Energy, which is developing the Cabora Bassa oil and gas project in Muzarabani, Mashonaland Central, has terminated a farm-in agreement after it was unable to “satisfactorily ” complete the required transaction due diligence.
Last December, the company announced that it had received a non-binding offer for farm-in to the Cabora Bassa Project from an undisclosed partner.
The proposed transaction was subject to completion of further technical, legal and commercial due diligence by both parties, approvals and agreements by requisite Government authorities.
In a statement, Invictus said:
“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 said it continues to engage with additional interested parties.
– @okazunga
Online Reporter