ZIMBABWE’S oil project in Muzarabani is one step closer to being launched following completion of an Environmental Impact Assessment (EIA) study.
Invictus Energy Limited (Invictus), the company set to explore the resource, said the EIA report was expected this month.
“The report will fulfil the environmental approvals required for future exploration, drilling and development of any resources,” Invictus said in a statement.
The firm recently released highly promising results from an independent report at its Cabora Bassa Project, located in the company’s 80% owned and operated SG 4571 Permit in Zimbabwe.
Invictus Managing Director, Scott Macmillan, said the Muzarabani Prospect has grown significantly in its scale and represents one of the largest conventional exploration targets globally.
The independent report has also estimated the net mean recoverable conventional potential of the massive stacked Muzarabani prospect of 1.3 billion barrels of oil equivalent consisting of 6.5 trillion cubic feet and 200 million barrels of condensate net to Invictus.