Australia’s Invictus Energy is considering divesting a stake in an oil and gas project in Zimbabwe, reported Reuters, citing the company managing director Scott Macmillan.

The move is subject to confirmation of commercially viable discoveries at the project following an appraisal drilling campaign.

Last month, the company said its Mukuyu-1 exploration well confirmed the presence of light oil, gas condensate and helium at the Cabora Bassa project in northern Zimbabwe, following a mud gas analysis. The well was drilled in 2022.

Invictus is planning to start the drilling of a second well, Mukuyu-2, during Q3 2023.

In the event of a commercial oil and gas discovery at the Mukuyu-2 appraisal well, the company would consider potential partners for the project.

Macmillan told Reuters in an interview: “Invictus will be seeking to divest a portion of our 80% equity in the project and bring in a strategic industry partner to fund our share of the development, as is common in the industry.”

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Recently, Invictus secured A$35.4m ($24.24m) through a share purchase plan and private placement to fund the second phase of the exploration and appraisal campaign at the Cabora Bassa basin.

Macmillan said the company is also looking to list on Zimbabwe’s US dollar-only Victoria Falls Stock Exchange (VFEX).

Macmillan added: “It is a logical step for Invictus to have a listing on the VFEX with our presence in the country and we will seek to complete a listing when the timing is right for us to do so.”