Licence Renewal Paves Way for Mukuyu Gas Development but Risks Remain

Licence Renewal Secures Exploration Horizon

Invictus Energy Limited has announced the formal renewal of its Special Grant 4571 (SG 4571) licence in Zimbabwe’s Cabora Bassa Basin, extending its tenure by three years to 19 December 2027. This licence area, which includes the significant Mukuyu gas discovery, is held through Invictus’s 80% owned subsidiary Geo Associates (Pvt) Ltd. The renewal was officially gazetted by the Zimbabwean government, providing regulatory certainty for the company’s ongoing exploration and appraisal activities.

Strategic Importance of the Mukuyu Discovery

The Mukuyu gas field represents one of the most promising energy resources in Zimbabwe’s underexplored Cabora Bassa Basin. Since its discovery, Invictus has been advancing the asset through a series of exploration and appraisal programs. The licence renewal ensures that Invictus can continue to mature this resource, which could play a pivotal role in meeting Zimbabwe’s growing domestic gas demand and potentially serve regional markets.

Planned Work Programmes and Development Pathways

With the licence extension secured, Invictus plans to undertake a comprehensive work program during this third licence term. Key activities include the acquisition of 3D seismic data to better delineate the reservoir and identify additional prospects within the licence area. Further exploration and appraisal drilling and testing are also planned to refine resource estimates and de-risk the project ahead of potential commercial development.

Importantly, Invictus retains the option to apply for a production special grant licence at any point during the licence term, signalling a clear pathway towards eventual gas production. This flexibility allows the company to respond dynamically to exploration results and market conditions.

Regional Context and Market Potential

The Cabora Bassa Basin remains one of the last large frontier rift basins in onshore Africa with significant hydrocarbon potential. Invictus’s portfolio, covering approximately 360,000 hectares, includes multiple basin margin prospects beyond Mukuyu, offering further upside. The basin’s proximity to regional markets such as Mozambique, Zambia, and South Africa enhances the commercial attractiveness of any future gas development.

Governance and Operational Outlook

Invictus’s management team, led by Managing Director Scott Macmillan and supported by a seasoned board, continues to demonstrate commitment to responsible and ethical operations. The company’s dual presence in Perth and Harare facilitates effective engagement with local stakeholders and regulatory authorities, underpinning its long-term development ambitions in Zimbabwe.

Overall, the licence renewal marks a critical milestone for Invictus Energy, enabling the company to maintain momentum in unlocking the value of its Cabora Bassa Basin assets. The next few years will be pivotal as exploration advances towards commercialisation.