THERE is need to drill an exploration well to confirm the
presence of oil and gas in Muzarabani, Mines and Mining Development Minister
Winston Chitando has said.
Drilling the well is estimated to cost US$20 million.
In a statement just released, Minister Chitando said: “I
refer to the statement made by Invictus on the Australian stock exchange and
hereby comment as follows – Invictus will only now be releasing their resource
statement on Monday morning Australian time, the statement by His Excellency
and my technical analysis pointed to the need to drill an exploration well to
confirm the indicated resources.”
“The statement further indicated that the current resource
estimate to be released on Monday has been signed off by an International Oil
Consultant.”
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