Mutapa injects US$10m in Invictus' Cabora Bassa Pr...

Mutapa injects US$10m in Invictus' Cabora Bassa Project

Audrey Galawu

Assistant Editor

National sovereign fund Mutapa is now a shareholder in the Cabora Bassa Project after injecting a $10 million investment.

Invictus CEO Scott Macmillan announced the development saying that the investment will advance its Cabora Bassa Project, which includes the Mukuyu gas field.

“Participation of the Mutapa Investment Fund adds further strategic value as the country’s nominated participant in the future development of the Cabora Bassa project through the Petroleum Production Sharing Agreement.

“We are really pleased with this investment into the commitment from a number of strategic investments in Zimbabwe, not only premium but we have brought in high profile funds into the Mutapa Investment Fund which is the sovereign fund," said Macmillan in a statement announcing the development.

He said the capital will go towards further exploration.

“The investment will go towards the testing of exploration of well in the untested Exclusive Prospecting Order Permits, as well as additional appraisal of Mukuyu-2, including the 3D seismic and more appraisal wells,” he said.

While oil has proven elusive after Mukuyu-1 exploration was suspended after disappointing results, Invctus has found natural gas supplies and has an offtaker agreement with a local power produce to generate 500MW of electricity with expectations that this will be doubled within a few years.

He added that the investment confirms the commitment of government to the project.

“So, they have corner-stoned this investment into Invictus and that provides real validation and commitment from government to the success of our projects in Cabora Bassa in Zimbabwe.

“Not only do we have the Mutapa but we also have the NSSA, one of the biggest state-owned pension funds as well as the Public Commission.

“This will cover the majority of Zimbabweans, which is a great result as we now have virtually every Zimbabwean citizen a piece of Invictus and the project which will benefit the country.”