HIGHLIGHTS
• Environmental Management Agency (EMA) approves Environmental Social Impact
Assessment (ESIA) for pilot production activities at Cabora Bassa Project
• ESIA covers gas extraction, liquefaction, and transport from Mukuyu gas field and future
operations across SG 4571 and EPOs 1848 & 1849
• Approval enables commencement of pilot production activities, including the Eureka
Gold Mine Gas-to-Power Project
• Preliminary feasibility study insights into the Eureka Gold Mine gas-to-power project
indicate a high look-through gas price (>US$10/GJ) for gas-fired power based on current
grid tariff rates
• ESIA expands on the comprehensive 2019 assessment, one of Zimbabwe’s largest-ever
environmental studies
Invictus Energy Limited ("Invictus" or "the Company") is pleased to announce that the Zimbabwe
Environmental Management Agency (EMA) has approved the Environmental Social Impact Assessment
(ESIA) for pilot production activities at the Cabora Bassa Project.
Pilot production activities include the Eureka Gold Mine Gas-to-power Project and incorporates gas
extraction, liquefaction, and transport from the Mukuyu gas field, as well as future extraction operations
across Special Grant 4571 (SG 4571) and Exclusive Prospecting Orders (EPOs) 1848 and 1849.
The approval provides a clear pathway for the commercialisation of gas resources from the Cabora
Bassa Basin.
Following the approval, the Company was issued with License No: L10000062291.
Invictus Energy Managing Director Scott Macmillan commented:
“The ESIA approval is a critical milestone for Invictus, and paves the way for the future development of
the Mukuyu gas field and broader exploration license areas.
We will now finalise pilot production planning, secure all necessary permits, and advance discussions
with additional potential offtake partners.
Invictus remains committed to unlocking Zimbabwe’s gas potential and delivering long-term value to
shareholders and the broader region.
I look forward to providing further updates as we advance these pilot production activities.”
Pathway to pilot production and gas-to-power collaboration
The ESIA approval is a pivotal step towards the commencement of pilot production activities, including
the Eureka Gold Mine Gas-to-Power Project. This project is being developed in collaboration with
Dallaglio (owner of Eureka Mine) and Himoinsa SA (onsite power generation provider to Eureka),
leveraging Mukuyu’s gas resources to supply reliable and cost-effective power to the mine (refer to
announcement 23 April 2024).
Invictus and Himoinsa SA have been actively engaging with various technology providers for gas
processing, liquefaction, and logistics solutions to feed into the feasibility study, which is progressing in
tandem. These engagements are aimed at identifying optimal technologies to maximise efficiency and
commercial viability for the pilot production phase and subsequent large-scale development.
Positive feasibility study insights
Initial Eureka gas-to-power project feasibility study results indicate a high look-through gas price
exceeding US$10/GJ for gas-fired power generation, based on current grid tariff rates. This underscores
the economic viability of the Mukuyu gas field as a strategic energy source for power generation in
Zimbabwe and the broader region.
ESIA expansion of 2019 assessment
The ESIA expands on the initial 2019 assessment, which was one of the most extensive environmental
studies ever undertaken in Zimbabwe. The 2019 study included rigorous field surveys and baseline
measurements across multiple disciplines, including hydrology, ecology, environmental and
archaeological assessments, hydrogeological and soil surveys, as well as socioeconomic and
community consultations. Key stakeholders engaged during the assessment process included local
leaders, relevant government ministries, and government extension offices.
The ESIA approval reinforces Invictus Energy’s commitment to responsible and sustainable resource
development, ensuring compliance with stringent environmental and social governance (ESG)
standards while advancing Zimbabwe’s domestic energy security.
This announcement was approved for release by the Board.
