Invictus picks veteran contractor to support Muzarabani drilling
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Invictus is another step closer towards drilling the massive Muzarabani gas-condensate prospect following the award of the integrated well services contract to Baker Hughes.
Baker Hughes is one of the world’s leading oilfield services providers with operations in more than 120 countries, making it eminently suited for operating in a country that has seen little oil and gas exploration despite its promising potential.
The contract is for services including cementing, mudlogging, drilling fluids, tubular running, directional drilling and logging, installation of wellhead equipment and project management.
Invictus Energy (ASX:IVZ) has also engaged ERCE Equipoise to provide an independent prospective resource update.
Muzarabani is currently assessed as having the potential to host 8.2 trillion cubic feet of gas and 247 million barrels of condensate, which compares well with giant gas fields elsewhere in the world.
ERC’s review will incorporate the newly acquired and processed high resolution 2D seismic data from the CB21 Seismic Survey completed in November 2021 and the concurrently reprocessed 1990 vintage Mobil 2D seismic survey.
The company has already contracted the Exalo Rig 202 to perform the drilling work, with the first well expected to spud in the first half of 2022.
Muzarabani is located within the company’s Cabora Bassa project and was initially defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.
Invictus’ recent seismic work is expected to improve its understanding of the prospect, especially once the final data set is received this month.
This data will also allow the company to finalise thInvictuion and details of its second well.
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.