Invictus Energy has advised that the Petroleum Production Sharing Agreement (PPSA) process for the Cabora Bassa Project in Zimbabwe has been completed. The PPSA is expected to be formally executed in January, providing the Company the pathway to commence the next phase of its planned work program.
Completion of the PPSA process represents a significant milestone for the Cabora Bassa Project and establishes a stable, transparent and internationally competitive legal and fiscal framework under which petroleum operations will be conducted.
With the PPSA expected to be executed in January, Invictus intends to progress its high-impact forward work program in the Cabora Bassa Basin, which includes the appraisal of the Mukuyu Gas Field, following the Mukuyu-1 and Mukuyu-2 gas-condensate discoveries; and drilling of the Musuma-1 exploration well, designed to unlock a significant new play in the eastern portion of the Cabora Bassa Basin.
The completion of the PPSA process is a critical enabler for ongoing investment, development planning and the advancement of exploration and appraisal activities across the Cabora Bassa Basin.
