Invictus, the Australian company prospecting for oil in Muzarabani, has not found oil, according to a statement released this morning.
“The company wishes to reiterate that an oil or gas discovery has not been made,” the statement reads.
“At no point did President Mnangagwa state that an oil discovery had been made in Zimbabwe, but that the exploration activity being undertaken by Invictus had positive indications and that an exploration well would be drilled to confirm the potential of the Muzarabani prospsect.”
Geologists that spoke to Kukurigo said the Press conference by President Emmerson Mnangagwa was unnecessary and risked inflating Invictus stocks.
“We are prospecting every day; there is major work happening in gas and lithium but we never hear the president giving Press conferences about promising finds,” a geologist who requested anonymity for fear of reprisals said.
“The stock market is very sensitive to statements by government and when the President comes out and says all these nice things about a company that is merely prospecting there is a serious risk that he could be accused of trying to manipulate the financial markets to boost Invictus shares and help them raise money.”
Invictus would have issued the statement under compulsion from listing requirements to dispel misinformation that can influence trades.
Mobil Oil was the first company to undertake oil and gas studies in Muzarabani in the early 1990s but abandoned the work. Invictus is using the data generated by Mobil.