By Stanley James, Business Editor
AUSTRALIA Stock Exchange listed Invictus Energy has mobilised an additional US$17 million to fund the drilling of two exploration wells at the Muzarabani Oil and Gas Project.
The extra funding has been raised at a time the company is forging ahead with the drilling of the first of two exploration wells for petroleum deposits within its prospective region in Mbire and Muzarabani Districts of Mashonaland Central.
In a statement to investors this week, Invictus revealed that the funds which were raised through a private placement by the investors will also be useful in the oil and gas discovery mission.
It also revealed that it will for now not go further looking for funds from foreign sources, citing the need to protect shareholders interests.
The additional funding is also expected by Invictus to ensure that set timelines in terms of the drilling and exploration processes are achieved.
Already the company has invested more than US$16 million into the project in line with its mission of oil and gas resources discovery.
Market watchers note that the discovery of oil and gas in Mbire will also result in job creation, growth in exports, energy self-sufficiency and development of value chain sectors.
Invictus has also re-assured investors that it will continue to scout for commercially viable oil and gas deposits across the country even if the current exploration drilling process does not yield any hydro carbons.
Last year, representatives of the company and government agreed on a roadmap that will accord Special Economic Zone status to the project.