Zimbabwe: Invictus Dismisses Oil Discovery Claims

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

Zimbabwe government's Austrian partner in the Muzarabani gas and oil exploration, Invictus Energy Limited has dismissed media reports that followed President Emmerson Mnangagwa's media briefing, that a discovery had been made.

In a statement released today, the company noted that the exploration activity being undertaken had positive indications and that "an exploration well would be drilled to confirm the potential of the Mzarabani Prospect."

"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. Winstone Chitando in Harare," reads the statement.

The company added that, "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 Muzarabani Prospect.

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

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