Muzarabani oil firm gets priority status

Business Top Stories Zimbabwe

Ndaka Majaka

AUSTRALIAN Stock Exchange (ASX) junior miner, Invictus Energy (Invictus), says it has received priority project status from the Government of Zimbabwe as the country draws closer to oil exploration.

Invictus – the firm looking to explore the Cabora Bassa Basin oil prospects in Muzarabani – announced on its official website that the project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy in pursuit of the vision of becoming an Upper Middle Income Economy by 2030.

“The company’s Cabora Bassa project at Muzarabani held through the Company’s 80 percent interest in Geo Associates (Private) Limited has been classified as a priority development project by the Office of the President and Cabinet of Zimbabwe,” the firm said on its website.

This comes after the Ministry of Mines and Mining Development was tasked to identify priority projects to be implemented under the new Zimbabwe Government’s 5th 100 Day Cycle Priority Projects using the Rapid Results Initiative.