Invictus is giving potential farm-in partners more time to submit proposals after the seven-fold increase in the area covered by its Cabora Bassa gas project in Zimbabwe.

As part of this, the company has granted Cluff Energy Africa (CEA) an extension on its farm-in option expiry from 31 March 2022 to 30 April 2022.

CEA had previously offered to fund 33.33% of the costs of drilling the first two exploration wells at the project in return for a 25% stake.

The extension gives CEA more time to assess the extended SG 4571 area and finalise additional funding requirements associated with the drilling campaign and past costs.

It also coincides with the revised mobilisation date for Exalo’s Rig 202 from Tanzania to Zimbabwe, which Invictus Energy (ASX:IVZ) now expects to occur in mid-June rather than early May.

The company added that it is currently in discussions with multiple parties regarding a potential farm-in.

Drilling to test big gas potential

Planning is underway for a two well drill program starting with the Muzarabani-1 well that targets 8.2 trillion cubic feet and 247 million barrels of conventional gas-condensates.

Invictus is also maturing additional prospectivity to drill a second well in the basin margin play.

The Cabora Bassa play was first identified by Mobil in the early 1990s using a robust dataset that included seismic, gravity, aeromagnetic and geochemical data.

However, the supermajor did not proceed further due to the lack of gas demand at that time.

 

 

 

This article was developed in collaboration with Invictus Energy, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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