HARARE, Zimbabwe (AFP) — Australian-listed energy firm Invictus said Friday it was exploring for oil and gas in Zimbabwe, tempering a government announcement that a study indicated deposits had been found.

President Emmerson Mnangagwa said Thursday the firm would explore for oil and gas after surveying pointed to deposits in the Mzarabani district.

Some media reports suggested that the company had already discovered oil and gas.

“The company wishes to reiterate that an oil and gas discovery has not been made,” Invictus said in a statement.

“At no time 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.”

Invictus has in recent months reworked survey data generated in the early 1990s by US oil giant ExxonMobil, previously known as Mobil.

Invictus, which plans to invest US$20-million into the project, has agreed to a production-sharing agreement with the government.

The company is set to sink its first exploration well in the next two years in the district, which is situated 240 kilometres (150 miles) north of the capital Harare, near the border with Mozambique.

Zimbabwe, which has suffered economic collapse over the last 20 years, currently has no oil or gas production.