Invictus is charging toward high impact gas well drilling in Zimbabwe
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Invictus is mere weeks away from drilling its potentially company-making Mukuyu-1 gas exploration well in Zimbabwe with the mobilisation of the rig to the Cabora Bassa project.
The Exalo Rig 202, which is capable of drilling to a depth of 5,000m, and its associated equipment will arrive over the course of June and commence rig up to spud the first of two wells in July.
Long-lead items such as the well casing have started arriving at the company’s supply base in Harare and are being prepared for deployment to the Mukuyu-1 wellsite while construction of the wellpad is nearing completion.
Invictus Energy (ASX:IVZ) is testing multiple stacked targets within the greater Mukuyu structure which is independently estimated to contain 8.2Tcf of gas and 247 million barrels of condensate.
It has also been advised that the pre-gazettal administration process for the sevenfold increase in the SG 4571 permit area has been completed and awaits publishing in the Government Gazette.
“The commencement of the rig mobilisation marks another milestone in the project as we prepare to commence drilling the Mukuyu-1 well, the first well in our potentially play-opening two-well exploration campaign in the frontier Cabora Bassa basin,” managing director Scott Macmillan says.
“The enlarged SG 4571 licence provides us with a basin master position encompassing the entire Cabora Bassa Basin in Zimbabwe.”
“Subject to making an opening discovery with one of our first two wells, it potentially could provide us with future discoveries on a large scale within the basin which will be transformational for the Company and the Republic of Zimbabwe.”
Invictus’ 80%-owned subsidiary Geo Associates had executed a heads of agreement with the Sovereign Wealth Fund of Zimbabwe in March to increase Special Grant 4571 from 100,000 hectares to 709,300 hectares.
This covers the entire Cabora Bassa Basin – providing the company with the potential to make further discoveries on a large scale and provides a robust framework to facilitate long-term investment in the oil and gas sector.
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.