Invictus kicks off drilling at first of two play-opening exploration wells in Zimbabwe
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This is the moment Invictus and its shareholders have been waiting for as drilling gets underway at Mukuyu, one of the largest oil and gas prospects to be drilled globally in 2022.
The company is targeting a combined prospective resource potential of 20 trillion cubic feet and 845 million barrels of conventional gas condensate (about 4.3 billion barrels of oil equivalent on a gross mean un-risked basis).
Mukuyu-1, within the wider Cabora Bassa Project, will be drilled to a depth of 3,500m with works prognosed to take up to eight weeks to complete.
Invictus (ASX:IVZ) managing director Scott Macmillan says this is an exciting and long-anticipated moment for the company.
“Mukuyu-1 is a world-class, basin opening well which, if successful, could be transformative for the company and Zimbabwe,” he explains.
“Invictus, together with our partners, have methodically de-risked and matured the Mukuyu prospect and our Cabora Bassa acreage over the last several years and the commencement of our drilling campaign is a significant milestone.”
Mukuyu-1 will be followed by the Baobab-1 well, which will test an independent play along the basin margin in the EPO 1849 block.
This is set to take about 40 days to complete, targeting stacked Cretaceous and younger sandstones, within four-way and three-way dip closures, against the southern basin bounding rift fault.
Baobab displays similar structural characteristics to the play-opening Ngamia discovery in Kenya’s Lokichar Basin by Tullow Oil plc, which resulted in subsequent discoveries in the “String of Pearls” along the basin margin.
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.