HARARE - Large natural gas and oil reserves have now been confirmed in north-east Zimbabwe, although technical glitches meant Australian firm Invictus could not extract a fluid sample to fulfil regulatory requirements in order to declare a commercial discovery. But Invictus, which drilled this first hole in four months, is now committed to keeping the…
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ZIMBABWE is expected to pocket a maximum 60% of proceeds from the Muzarabani gas and oil fields, if the discovery proves to be of commercial value, Australian investor Invictus Energy local representative Paul Chimbodza has said. Chimbodza, who is managing director of the Australian-listed company’s local subsidiary Geo Associates, said the decision had been agreed…
Despite positive drilling results in Zimbabwe, Invictus Energy ran into headwinds at its AGM, with shareholders opposing a number of resolutions and chairman Stuart Lake opting to leave. Voting at the event yesterday saw two resolutions only narrowly pass, while resolution 11 was not passed, with approval of only 49.39%. The three resolutions focused on…
Australia’s Invictus Energy (ASX:IVZ) has reached total depth and found “multiple zones” with gas shows. The company reported evidence of a working petroleum system on November 10 and provided more information on November 14. The share price of the Australian minnow has rocketed, from A$0.1 ($0.06) on November 9 to around A$0.34 ($0.23), a 200%…