BY MTHANDAZO NYONI
Invictus Energy Limited, the Australian firm that is exploring for oil and gas reserves in Muzarabani district, has started trading on the OTCQB market, as part of efforts to raise funding for the project, the firm said in a statement.
The OTCQB is a mid-tier equity market which lists primarily early-stage and developing companies in the United States (US) and international markets.
The company will trade on the OTCQB market under the ticker IVCTF.
The development is expected to help the firm improve market visibility and liquidity.
In a shareholders note, the Australian Securities Exchange-listed firm, which has registered significant progress in the Cabora Bassa Basin — one of the largest under-explored interior rift basins in Africa — said trading commenced on December 2, 2021.
“Invictus Energy Limited is pleased to announce that it has qualified to onboard to the OTCQB market maintained by OTC markets in New York,” the note read in part.
By upgrading to the OTCQB from the pink market, Invictus enabled its current and prospective US investors “improved market visibility, increased trading liquidity and the most up-to-date information otherwise not found on the pink market.”
Last month, the southern Africa-focused oil and gas exploration outfit said its Cabora Bassa 2021 seismic survey campaign in Zimbabwe was progressing well.
The data quality and density being acquired from the survey was excellent and a step change from the previous Mobil survey conducted in 1990, the company said.
“The HSE [health, safety and environment] performance has been exceptional, and the project has now exceeded
87 000 hours without a lost time injury. The seismic data QC [quality control] and processing has commenced and is ongoing,” it said.
Invictus has awarded Polaris Natural Resources Inc, Canada’s largest seismic company to provide acquisition services for its first seismic programme in the Cabora Bassa Basin.
The firm was tasked to conduct, process, and interpret a minimum of 400km of seismic data in order to refine the Mzarabani-1 drilling location and well path and identify additional prospectivity for the upcoming drilling campaign.
The portfolio consists of a highly prospective 250 000 acres within the Cabora Bassa Basin.
The Cabora Bassa Project encompasses the Muzarabani Prospect, which is potentially the largest, undrilled seismically-defined structure onshore Africa.
The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.
The company is advancing the current exploration programme with the acquisition of infill seismic data for the planned first half of 2022 basin opening drilling
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