- Invictus Energy (IVZ) secures a drill rig for its Muzarabani-1 exploration well located within the Cabora Bassa project in Zimbabwe
- South African drilling company, EXALO Drilling has signed a memorandum of understanding to drill the well, with an option for an additional exploration well
- Invictus is processing and interpreting infill seismic data to refine the well location and design, and says it’s confident of identifying an additional prospect for a two well program
- With the rig secured, the company is looking to secure long lead items and services required to commence drilling operations
- Shares last traded 7.4 per cent lower at 12.5 cents on December 9
Invictus Energy (IVZ) has secured a drill rig for its Muzarabani-1 exploration well located within the Cabora Bassa project in Zimbabwe.
The oil and gas company is the majority owner and operator of the project and is planning to undertake a maiden drilling program in May next year.
A memorandum of understanding has been executed with EXALO Drilling South Africa to drill the Muzarabani-1 well, with an option for an additional exploration well to be exercised by February 15.
The parties are expected to sign a binding rig agreement in the new year.
In November, Invictus completed an infill seismic data acquisition campaign.
Since then, it has been processing and interpreting the data to refine the initial well location and design, as well as maturing additional prospects to enable a two well back-to-back drilling program.
The company said it is encouraged by the early results of the seismic processing, and the Cabora Bassa partners are confident of identifying and maturing an additional prospect to
commit to a two well drilling program.
It hopes to announce the final drilling locations and further details of the exploration program in the new year.
With the drill rig secured, Invictus Managing Director Scott Macmillan said the company will now work to secure long lead items and services required to commence drilling operations.
Shares last traded 7.4 per cent lower at 12.5 cents on December 9.