The Mutapa Investment Fund, the National Social Security Authority (NSSA), and the Public Service Commission (PSC) have collectively invested US$10 million in Invictus Energy, the company spearheading oil and gas exploration at the Cabora Bassa Project in the Muzarabani-Mbire area.
Scott Macmillan, Managing Director of Invictus Energy, announced that this substantial investment, coordinated by Mangwana Capital, allows Zimbabweans to invest in the project through the Victoria Falls Stock Exchange (VFEX). He emphasized that the participation of the Mutapa Investment Fund, Zimbabwe’s sovereign wealth fund, underscores the government’s commitment to the project.
The US$10 million will be used for the Mukuyu-2 well test and further exploration in the untested Exclusive Prospecting Order (EPO) permits. This includes additional appraisal of Mukuyu-2, 3D seismic surveys, and drilling more appraisal wells.
Macmillan highlighted the strategic significance of the investment, noting the involvement of major state-owned pension funds like NSSA and PSC, which ensures that a significant portion of Zimbabwe’s population benefits from the project. He also praised Mangwana Capital’s role in facilitating this investment, which will be issued as depository receipts on VFEX, enhancing liquidity and trading within Zimbabwe.
