Zimbabwe: Clarification Regarding Press Reports on Oil Discovery in Zimbabwe

President Emmerson Mnangagwa's November 1, 2018 press conference about oil and gas exploration in Zimbabwe.
2 November 2018
Invictus Energy
press release

2 November 2018 - Highlights

• Invictus Energy Management met with the Zimbabwe President, His Excellency CDE E.D. Mnangagwa and Minister of Mines Hon. Winston Chitando

• The President held a press conference in Harare to discuss the progress to date of Invictus and SG 4571 permit

•The President affirmed the commitment of the Government of Zimbabwe to support Invictus in its exploration program

• Invictus’ exploration program is progressing with aim to drill the first exploration well in the Cabora Bassa Basin

Invictus Energy Limited ("Invictus" or "the Company"), wishes to clarify some reports circulating in the media regarding and oil and/or gas discovery that has allegedly been made in the Muzarabani Area in northern Zimbabwe.

On 1 November 2018, Invictus management attended a press conference hosted by the Zimbabwe President, His Excellency CDE E.D. Mnangagwa and the Minister of Mines Hon. Winston Chitando in Harare.

At no time did President Mnangagwa state that an oil discovery had been made in Zimbabwe , but that the exploration activity being undertaken by Invictus had positive indications and that an exploration well would be drilled to confirm the potential of the Mzarabani Prospect.

The full text of the statement made by the President can be found at the end of this announcement. Invictus did not make a statement to the press.

The Company wishes to reiterate that an oil or gas discovery has not been made and the Prospective Resource Estimate for the Mzarabani Prospect relates to undiscovered accumulations which have both a risk of discovery and a risk of development.

Although the Cabora Bassa Basin possess all the elements for a working petroleum system, a discovery can only be confirmed through drilling of an exploration well. Please see the cautionary statement relating to prospective resources attached to this announcement for further details.

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