Invictus brings Baker Hughes on board to drill ground-breaking exploration in Africa
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Invictus has executed a binding well services contract with Baker Hughes, one of the top oilfield services companies in the word, for its basin opening drilling campaign in the Muzarabani-Mbire area of Zimbabwe.
This move should account for any of the unknowns, as the Muzarabani-Mbire area has never been drilled before.
The contract comes after Invictus Energy (ASX:IVZ) signed a letter of intent with Baker Hughes in February for well services in support of the company’s upcoming two-well exploration campaign at the Cabora Bassa Project.
Services such as cementing, mudlogging, wireline, drilling fluids, mud engineering, tubular running, liner hangers, drill bits, reservoir technical services and project management are all included in the contract ahead of drilling – earmarked to kick-off in July.
IVZ says the drill rig is expected to mobilise to Zimbabwe in early June from Tanzania where the rig has just completed a three-well program.
The Mukuyu-1 well will test multiple stacked targets within the greater Mukuyu structure which is independently estimated to contain 8.2 Tcf + 247 million barrels of conventional gas-condensate (gross mean un-risked).
Invictus managing director Scott Macmillan says the signing of the integrated well services contract with Baker Hughes marks another significant milestone for the company.
“The Basis of Well Design has been completed and the well pad construction for the first well in the drilling sequence, Mukuyu-1, is progressing well,” he says.
“The Exalo 202 rig is expected to start its mobilisation in the coming days once it is released from Tanzania.
“We remain on track to spud the first well at the end of July, while we continue to make progress on selection of the second well location and expect to update shareholders in due course.”
The company is awaiting an updated Independent Prospective Resources Estimate incorporating the new CB21 Seismic results, which will be released when completed.
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.