Page 8 - AfrOil Week 17 2022

AfrOil INVESTMENT AfrOil

Invictus receives three

farm-in offers for SG 4571

ZIMBABWE AUSTRALIA’S Invictus Energy revealed on Mukuyu-1 well. The rig is due to arrive at the
Wednesday, April 27 that three parties had field in June.
offered to join its Cabora Bassa project in Zim- The Mukuyu-1 well will target multiple
babwe via a farm-in deal. stacked targets within the greater Mukuyu field,
In a statement, Invictus explained that it had which may hold 8.2 trillion cubic feet (232.2bn
received three offers for part of its 80% stake in cubic metres) of gas and almost 250mn barrels
the Special Grant 4571 (SG 4571) licence area in of gas condensate. Mukuyu, formerly known as
the Cabora Bassa basin. It did not identify all of Muzarabani, is the larger of the two fields within
the bidders but said that one was an updated ver- SG 4571; Msasa, the smaller, may hold 1.05 tcf
sion of a bid submitted earlier by London-based (29.73 bcm) of gas and 44mn barrels of con-
Cluff Energy Africa (CEA). (The latter company densate. Together, the two sites may contain a
had been due to submit its proposal by March total of 9.25 tcf (261.94 bcm) of natural gas and
31, but Invictus agreed last month to extend the 294mn barrels of gas condensate in gross mean
deadline to April 30.) unrisked reserves. ™
The company also indicated that additional
offers might be forthcoming, saying: “Ongoing
due diligence and internal approvals are being
undertaken by additional parties, which may
result in further bids being received.”
No information was available as of press time
on the details of the proposals submitted to date.
Invictus did say, though, that it had begun
civil works and construction at the Mukuyu-1
wellpad, formerly known as Muzarabani-1, after
completing the well site survey and awarding
the contract for this part of the project. It also
reported that traditional community leaders
from the Muzarabani and Mbire districts had
attended a cultural ceremony held on April 26
to mark the start of work on the well.
According to previous reports, Invictus will
be using Exalo Drilling’s Rig 202 unit to sink the Map of newly extended SG 4571 licence area (Image: Invictus Energy)

SocGen to advise Mozambique on

refinancing of Coral South LNG stake

MOZAMBIQUE MOZAMBIQUE’S national oil company 10% stake in Coral South LNG, which is led by
(NOC) has picked the French bank Societe Italy’s Eni, he told Bloomberg on April 22.
Generale SA (SocGen) to serve as an advisor in Tonela said ENH was taking this step in
the planned refinancing of its stake in the Coral order to take advantage of the fact that natural
South LNG project, which hinges on the devel- gas prices have risen to record highs since Rus-
opment of an offshore site known as Area 4 in sia’s invasion of Ukraine in late February. The
the Rovuma Basin. Coral South LNG consortium is on track to start
According to Mozambique’s Finance Min- exporting LNG by October of this year.
ister Max Tonela, Empresa Nacional de Hidro- “Now it’s more attractive for them and less
carbonetos (ENH) is in talks with SocGen on risky to be involved,” he explained. “Now ENH
financial models for the refinancing deal. These has more ability to raise finance to play their role
models concern the Maputo-based company’s as a concessionaire.”

P8 www. NEWSBASE .com Week 17 27•April•2022