"We have since been advised by Invictus that the findings are positive and point to oil and gas deposits in the area," President Mr Mnangagwa said.
"The result as communicated by Invictus is an exciting development for our country."
Mines Minister Winston Chitando said the well, situated about 240km (150 miles) north of the capital, Harare, would be sunk at a cost of $20m (£15m), the Reuters news agency reports.
The mineral-rich country currently has no oil or gas production.
News: IVZ UPDATE 1-Mnangagwa says Australian firm finds oil, gas in Zimbabwe, page-8
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