Independent upstream company Invictus Energy has secured $10 million for the development of the Cabora Bassa oil and gas project.
The funds were secured through from investment firm Mangwana Capital and Zimbabwean sovereign wealth fund the Matupa Investment Fund. These funds will be used for flow testing of the Mukuyu-2 well, early monetization studies and purchasing long leads for new exploration wells.
“Mutapa’s investment is a strong endorsement of the Cabora Bassa project and recent significant gas-condensate discoveries delivered from Mukuyu-2,” stated Invictus Energy Managing Director Scott Macmillan.
The Mutapa Investment Fund is Zimbabwe’s nominated participant in the Cabora Bassa Project. The fund will be the beneficiary of the product-profit share and equity holder, ensuring a fair and equitable sharing of revenue between the government, Invictus Energy and the project’s partners.