Zimbabwean Mines and Mining Development Minister Zhemu Soda on Monday confirmed the presence of light oil condensate, gas and helium in the Cabora Bassa basin in northern Zimbabwe.

Recent analysis of fluid samples from the Mukuyu-2 rig has confirmed the positive development, the minister said.

"Today, I wish to give as breaking news the fact that results obtained recently from the laboratory analysis conducted do indeed confirm the presence of not only natural gas, but also the presence of light oil condensate as well as helium and hydrogen in the Mukuyu deposit," Soda said in a statement.

Soda said Zimbabwe is on course to be counted as a player in the oil and gas industry, adding that investors are now focusing on early commercializing and monetizing of the declared discoveries while exploration work continues.

Australian firm Invictus Energy, which is undertaking exploration work in the Cabora Bassa basin, confirmed the development in an update on Monday.

"The results from Mukuyu-2 are consistent with our geological modeling of the Cabora Bassa basin and the presence of both light oil and gas-condensate provides us with confidence as we prepare for the next phase of our appraisal program and work toward the monetization of the Mukuyu gas discoveries and further exploration of our exciting portfolio of multiple drill ready prospects which has been substantially enhanced by the positive results from Mukuyu," it said.

Last December, Invictus Energy confirmed a gas discovery in the Cabora Bassa basin, describing the discovery as one of the most significant developments in the onshore oil and gas industry in southern Africa for decades.