Join our daily newsletter At The Bell to receive exclusive market insights
- Invictus Energy (IVZ) secures a drilling rig for its 80 per cent owned Cabora Bassa project in Zimbabwe
- The rig has a drilling range of 5000 metres and will commence mobilisation to the project in May to drill the Muzarabani-1 exploration well
- Invictus appointed Barry Meikle as Country Manager, who was previously overseeing the company’s Seismic Survey as Project Manager
- Managing Director Scott Macmillon returned to Zimbabwe to assist other board members in progressing engagements with the Republic of Zimbabwe on a licence area extension
- Shares closed 10.7 per cent higher yesterday at 15.5 cents each
Invictus Energy (IVZ) has secured a drilling rig for its 80 per cent owned Cabora Bassa project in Zimbabwe.
The company executed a binding drilling rig contract with Exalo Drilling SA to drill the Muzarabani-1 exploration well with an option for an additional exploration well, for the basin open drilling campaign.
The deal follows the signing of an MOU between Invictus and the firm in December of last year, and it involves the Exalo #202 rig, which has a drilling range of 5000 meters. The #202 Rig is presently operating in Tanzania and is scheduled to begin mobilisation to the Cabora Bassa project in May.
The company has identified potential well locations and is finalising additional prospects from its recently completed 2D Seismic Survey.
Invictus has appointed Barry Meikle as Country Manager, who was previously overseeing the company’s Seismic Survey as Project Manager.
Managing Director Scott Macmillon has returned to Zimbabwe ahead of the drilling campaign.
He will work with other board members to progress engagements with the Republic of Zimbabwe on a licence area extension.
“Having strong local leadership that continues to engage widely with stakeholders as we mature additional potential within our acreage and build our prospective resource inventory is crucial,” he said.
“I am looking forward to spending time on the ground in Zimbabwe over the next month to ensure our campaign remains focussed as momentum builds.”
The drilling program is expected to begin in June.
Shares closed 10.7 per cent higher yesterday at 15.5 cents each.
