HARARE, Sept. 26 (Xinhua) -- An Australian company, Invictus Energy Limited, has confirmed the potential of oil in Muzarabani, Cabora Bassa Basin, in north-east Zimbabwe, 25 years after Mobil carried out similar studies in the area and left.
The discovery of oil in that region could fast-track government efforts to turn around the economy, the state-controlled Herald newspaper reported Wednesday.
In a statement, Invictus Energy quoted managing director Scott Macmillan saying that results of ongoing technical work were encouraging and enhancing the company's understanding of the potential of its acreage in the Cabora Bassa Basin.
"The basin modeling and source rock characterization is one of the key pieces of work that significantly derisks the charge timing and availability to the Muzarabani Prospect and the wider basin as well," Macmillan said.
He said conclusions from previous source rock characterization and basin modeling studies undertaken by Mobil "have been superseded with new geological understanding derived from updated industry classification of source rock types and basin modeling methods".