Invictus focused on starting Cabora Bassa 2D seismic survey
Link copied to
Invictus is progressing an upcoming 2D seismic survey at its Cabora Bassa project in Zimbabwe after terminating a non-binding farm-in agreement.
The company noted that both parties have ceased discussions after it was unable to satisfactorily complete the required transaction due diligence on the counterparty and that it continues to engage with additional interested parties.
Invictus Energy (ASX:IVZ) added that is short-term focus is on completing the 2D seismic program of at least 400km to refine the location and path of its planned Mzarabani-1 gas exploration well.
Camp construction and local recruitment of 120 field crew is being finalised ahead of the imminent start of the program.
Seismic contractor Polaris Natural Resources had started mobilising personnel and equipment to the country late last month after receiving work permits for its expatriate staff.
Cabora Bassa has being independently assessed to host prospective resources of about 9.25 trillion cubic feet of gas and 294 million barrels of condensate while Mzarabani was defined from a robust dataset acquired by Mobil in the early 1990s.
The company is also preparing for the drilling that will follow the seismic survey with the preliminary basis of design completed, which will enable the ordering of long lead drilling items for fabrication, already completed.
This design will be further refined and finalised once the seismic processing and interpretation has been completed.
Perth-based Aztech Well Construction, which was appointed the drilling contract manager in June, is concluding the technical evaluation of the rig contractor options ahead of shortlisting to participate in a formal process to select a rig for the campaign.
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.