Australia-based Interpose Holdings Limited has announced to acquire 80 per cent interest and operatorship in Zimbabwe’s onshore Cabora Bassa basin via the acquisition of 100 per cent of fellow Perth firm Invictus Energy Resources Pty Ltd, a move which is in line with the company’s initiative to expand in Africa’s oil and gas activities
The Cabora Bassa project, also known as Special Grant 4571, covers 250,000 acres over the Cabora Bassa basin which contains Mzarabani gas-condensate project, one of the largest seismically drilled, undrilled, oil and gas structure onshore Africa, first discovered by Mobil Oil in the 1990s.
In line with the proposed oil and gas transaction the southern African nation, Interpose will appoint Scott Macmillan as the managing director of the company. Being a Zimbabwean national and reservoir engineer, Macmillan has more than 12 years of experience in Africa’s oil and gas industry.
Speaking about the Cabora Bassa project, Macmillan said, “The timing of the award of the permit and change of political regime in Zimbabwe that occurred last year, has coincided with improving conditions in the oil and gas industry, and exploration is now firmly back on the agenda as companies look for new growth opportunities.”
In conformity with Africa’s thriving oil and gas operational activities across the continent, Zimbabwe also aims to boot its exploration opportunities, to add to the country’s socio-economic growth.
According to Interpose, an oil and gas discovery in the southern African nation is expected to be a huge driver for its economy and its citizens through multiple commercialisation options that are available.
Zimbabwe has urged international energy companies to invest in the country’s oil and gas activities. “The country is again open to business and foreign investment, with the government implementing substantial reforms to encourage and promote investment in the country.”
