Invictus looks for backer for Zimbabwe gas prospect

Zimbabwean Finance Minister Mthuli Ncube. (PA)

Australian independent Invictus Energy is looking for a partner to fund exploratory drilling at its Cabora Bassa gas prospect in northern Zimbabwe. The geology looks promising, but the country’s political and financial instability continues to deter investors.

Invictus is finalising a production-sharing contract with Zimbabwe’s government for the SG 4571 licence, which the company believes could hold up to 232 billion cubic metres of gas. That would potentially open the door for exports to South Africa. The onshore prospect is starting to draw interest “from supermajors,...