- Invictus Energy (IVZ) opens green on the ASX today after completing a major seismic survey at its Cabora Bassa project in Zimbabwe
- The company says it acquired almost 840 km of high-resolution 2D seismic data which it will use to outline new prospects and leads in the project area
- Invictus Managing Director Scott Macmillan says the data collected will provide “great insights” into the petroleum potential of the basin
- Invictus owns 80 per cent of the Zimbabwean exploration licence, which covers 250,000 acres of land in the Cabora Bassa Basin area
- Shares in Invictus Energy are up 3.45 per cent and trading at 15 cents each at 10:04 am AEDT
Junior oil and gas explorer Invictus Energy (IVZ) has opened green on the ASX today after completing a major seismic survey at its Cabora Bassa project in Zimbabwe.
The company said it had acquired almost 840 kilometres of high-resolution 2D seismic data which it will use to outline new prospects and leads in the project area.
Invictus will now begin processing and interpreting the seismic data.
The company said it collected 402.2 kilometres of data from its SG 4571 exploration licence, with another 437.1 kilometres of contiguous data acquired in an existing application area.
The amount of data collected exceeds Invictus’ obligations under its current licence period which require the company to collect 300 km of 2D seismic data before the licence period ends in June 2024.
Invictus Managing Director Scott Macmillan said the completion of the survey work was a “significant milestone” for the company.
“The quality of the high-resolution seismic data we have acquired is excellent and providing great insights into the petroleum potential of the basin,” Mr Macmillan said.
“The company would like to acknowledge Polaris and the local Invictus and One-Gas teams for the outstanding seismic campaign which has generated a fantastic dataset and importantly was achieved with excellent health and safety performance with 142,000 hours lost-time injury (LTI) and incident-free.”
He said the better imaging over the Muzarabani structure in the project area was “very encouraging” and would help Invictus refine the location for the planned Muzarabani-1 well, slated to be drilled during the first half of 2022.
Invictus owns 80 per cent of the Zimbabwean exploration licence, which covers 250,000 acres of land in the Cabora Bassa Basin area.
According to Invictus, the project contains the largest undrilled structure in onshore Africa, having previously been explored by Mobil Oil.
Shares in Invictus Energy were up 3.45 per cent and trading at 15 cents each at 10:47 am AEDT. The company has a $91 million market cap.