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- Invictus Energy (IVZ) signs a well services contract with Baker Hughes for the Cabora Bassa oil and gas play in Zimbabwe
- Earlier this year, the parties signed a letter of intent for well services to support the upcoming two-well exploration program at Cabora Bassa
- Invictus is expecting the drill rig to arrive in early June, with the first well in the campaign, Mukuyu-1, to commence in July
- Managing Director Scott Macmillan says this marks another “significant milestone” for the company in Zimbabwe
- IVZ shares last traded at 21.5 cents per share on May 25
Invictus Energy (IVZ) has signed a well services contract with Baker Hughes for the Cabora Bassa oil and gas play in Zimbabwe.
The contract is for Invictus’ basin opening drilling campaign, which is expected to commence at the end of July.
Earlier this year, the parties signed a letter of intent for well services to support the upcoming two-well exploration program at Cabora Bassa.
Under today’s contract, Baker will provide its services for a large scope of works including cementing, mudlogging, wireline, drilling fluids and mud engineering, tubular running, finishing and abandonment, directional drilling and logging, liner hangers, drill bits, reservoir technical services, and project management.
According to Invictus, Baker Hughes is one of the world’s leading oilfield service providers.
Invictus said it was expecting the drill rig to arrive in early June, with the first well in the campaign, Mukuyu-1, expected to commence in July.
Managing Director Scott Macmillan said this marked another “significant milestone” for the company and its Zimbabwean operations.
“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. The Exalo 202 rig is expected to start its mobilisation in the coming days once it is released from Tanzania,” Mr Macmillan said.
“We remain on track to spud the first well end of July, while we continue to make progress on the selection of the second well location and expect to update shareholders in due course.”
IVZ shares last traded at 21.5 cents per share on May 25.
