Australian oil and gas company Invictus Energy is making steady progress on its flagship Cabora Bassa Project in northern Zimbabwe, according to its quarterly activities report and cash flow statement for the period ending March 31, 2025.
By Ryan Chigoche
During the quarter, Invictus advanced talks with several potential farm-out and strategic partners. These include oil and gas companies as well as investment groups with the capacity to bring both funding and technical expertise to the table.
The aim is to share development costs and fast-track exploration and appraisal efforts.
A farm-out deal would involve Invictus transferring part of its interest in the project to another party, in exchange for that party covering certain exploration or development expenses.
This is a common strategy in the oil and gas sector to reduce risk while keeping projects moving forward.
The company’s main focus remains the Mukuyu gas field, where the Mukuyu-2 well confirmed the presence of multiple gas-bearing zones in late 2023.
This was Zimbabwe’s first hydrocarbon discovery and a major milestone that could reshape the country’s energy sector. Invictus is now working to bring Mukuyu closer to commercial production.
In support of this goal, the company secured an extension of its key exploration licence earlier this year. In January, the Zimbabwean government granted a three-year renewal of Special Grant 4571 (SG 4571), which is now valid until December 19, 2027.
The licence is held by Geo Associates (Pvt) Ltd, a Zimbabwean subsidiary in which Invictus holds an 80 per cent stake.
The extension allows Invictus to launch a new phase of work, including 3d seismic surveys, more exploration and appraisal drilling, and well testing to evaluate commercial potential.
The company also retains the right to apply for a production licence at any time during the current licence term.
Cabora Bassa is well-positioned in terms of infrastructure and market access. Its location near existing transport routes makes it easier to deliver gas to domestic users as well as to high-demand export markets, particularly South Africa and the wider SADC region.
As regional energy shortages persist, Invictus sees an opportunity to help Zimbabwe become a key supplier of natural gas.
The company says it remains focused on building strong partnerships that will help unlock long-term value from what could be one of Southern Africa’s most promising new energy assets.
