Australia’s Invictus Energy (IVZ.AX) may sell a stake in its Zimbabwean oil and gas project if its appraisal drilling campaign confirms commercially viable discoveries, managing director Scott Macmillan said.
Invictus last month said a mud gas analysis from its Mukuyu-1 exploration well drilled last year confirmed the presence of light oil, gas condensate and helium at the Cabora Bassa project in northern Zimbabwe.
Invictus will start drilling a second well, Mukuyu-2, during the third quarter of this year. If this appraisal well confirms that the discovery can be exploited profitably, the company plans to bring new partners into the project.
“Invictus will be seeking to divest a portion of our 80% equity in the project and bring in a strategic industry partner to fund our share of the development as is common in the industry,” Macmillan told Reuters in an interview.
Invictus has recently raised A$35.4 million ($24.24 million) through a share purchase plan and private placement to fund the second phase of its Cabora Bassa exploration and appraisal campaign.Macmillan said Invictus would consider listing on Zimbabwe’s United States dollar-only Victoria Falls Stock Exchange (VFEX).
“It is a logical step for Invictus to have a listing on the VFEX with our presence in the country and we will seek to complete a listing when the timing is right for us to do so,” Macmillan said.
($1 = 1.4605 Australian dollars)
Chinese-funded power plant expansion project in Zimbabwe set for commissioning
Chinese firm Sinohydro undertook the project, adding 600 MW to Hwange Thermal Power Station, the country’s largest coal-fired power plant.
The project will be commissioned by President Emmerson Mnangagwa on Thursday.
Zhemu said at a press conference that recent media reports predicting a return to prolonged power cuts after August were false, as Zimbabwe is now guaranteed adequate power supplies in the short-to-medium term.
He said Unit 7 is already feeding into the grid after the successful completion of tests in June and is now commercially available for operation. Unit 8 is also undergoing a similar test and is expected to be available commercially by August or September this year.
“So there is no way that we are going back to the past where we used to experience long hours of load shedding,” Zhemu added.
Five die in Binga traffic accident
BY NOKUTHABA DLAMINI
A Stallion Cruise bus overturned in Binga on Sunday morning killing five passengers on board, police have revealed.
According to witnesses, the bus which was travelling to Bulawayo was reportedly speeding when the accident happened.
National police spokesman Assistant Commissioner Paul Nyathi said the bus overturned and landed on its roof in the Sikalenge area between Siabuwa and Binga centre.
“The ZRP confirms a fatal road traffic accident which occurred on 16/07/23 in the morning near Masumo Bridge, Samende area, Binga in which a Stallion Cruise bus travelling from Siabuwa to Binga overturned,” Nyathi said.
“The ZRP confirms that five people were killed whilst the number of injured is yet to be ascertained.”
The bus reportedly veered off the road at a sharp curve near the Masumu River bridge at around 7AM.
The accident comes barely a week after the same bus caught fire in Mutare on July 11 and all passengers escaped unharmed.
Zimbabwe declares its own load shedding over, but locals are sceptical
Zimbabwe’s government on Tuesday announced a sudden end of blackouts that have crippled businesses and left millions of households without electricity for up to 19 hours a day.
The information ministry said a cabinet meeting had “noted with satisfaction” that the power utility “has announced the end to load shedding as a result of the interventions implemented” by the government.
The statement did not give details of the steps taken to end the load shedding.
The southern African country has for years been reeling under severe power shortages.
They worsened late last year when the main electricity supply, a hydro plant at the giant Kariba Dam in the north, suffered very low water levels caused by recurring droughts.
In March the power utility company said it had launched a new 300MW coal-fired unit with Chinese finance in a bid to ease repeated power outages.
But Zimbabweans greeted the news of the end of outages with scepticism, as some said they were sitting in the dark as the announcement was made.
One Zimbabwean @sammie541 tweeted “funny (be)cause we actually don’t have…(electricity) now”, adding her Harare neighbourhood had been without power since Monday.
Other Zimbabweans questioned on Twitter if the announcement was not strategically timed ahead of national elections due next month.
The country goes to the polls on August 23 to elect a president and legislature.
Eighty-year-old President Emmerson Mnangagwa, who replaced strongman ruler Robert Mugabe in 2017 after a military-led coup, is seeking re-election.
But he faces a disaffected population that is battling hyperinflation, poverty and high unemployment.
Official figures placed inflation at 175.8% in June, up from 86.5% in May, but Johns Hopkins University professor of applied economics Steve Hanke believes real inflation in Zimbabwe is more than 1 000%.
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