Invictus Energy awards high-impact Musuma-1 exploration well contracts

• Wellpad construction and civils contracts awarded
• Exalo SA commencing in-country setup and rig maintenance activities
• Outstanding long-lead equipment suppliers evaluated
• Company remains on track to spud high impact Musuma-1 in H2 2026.

Invictus Energy (ASX:IVZ) has awarded a number of key contracts in preparation for the drilling of the critical Musuma-1 exploration well in the Cabora Bassa project in Zimbabwe.

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The contracts cover wellpad construction and civil works and the mobilisation of logistics and support services.

“Awarding wellpad construction, civils, road upgrade, water supply, long-lead equipment and logistics contracts represents an important step in our preparations for the Musuma-1 exploration well. These allow us to move into the field execution phase and ensure the necessary infrastructure, equipment and mobilisation planning are in place ahead of drilling,” MD, Scott Macmillan, said.

“Securing the remaining long-lead items, including wellheads and tubulars, is a key procurement milestone and supports our drilling readiness for the planned H2 2026 campaign.”

The scope of work for the well pad construction and associated civil works includes upgrades to access roads required to support rig transport and ongoing operations, as well as establishing water supply infrastructure required for drilling operations.

The company has also completed the evaluation of long lead equipment suppliers required for the Musuma- 1 well and is preparing to make the award for supply of the remaining equipment. With these items now secured, all major long lead procurement for the well is in place.

Exalo Drilling SA, the contractor for Rig 202, is mobilising a team to Zimbabwe this week to commence in-country setup and commence the scope of work associated with critical maintenance on Rig 202.

This work is being undertaken in coordination with Invictus’ in-country team ahead of the planned rig move to the Musuma-1 wellpad and rig acceptance process in preparing the rig for the upcoming drilling campaign.

“We are also pleased that Exalo SA is mobilising its team this week to commence in-country setup and critical maintenance activities for Rig 202 ahead of its planned move to the Musuma-1 wellpad,” Mr Macmillan said.

“The evaluation of well services provision is well advanced, and we are targeting award of these remaining scopes in coming weeks. The Company remains on track to spud Musuma-1 in H2 2026.”

Musuma-1 is targeting an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet (tcf) of gas and 73 million barrels of condensate# and represents one of the most significant undrilled conventional exploration opportunities in the Cabora Bassa Basin.

“Musuma-1 has been confirmed as the first high-impact exploration well to be drilled outside the Mukuyu gas-condensate discovery area, targeting a new play type in the Cabora Bassa Basin. The well has the potential to unlock a substantial new resource base in the eastern portion of the licence area where several high potential prospects have been identified from the CB23 seismic survey,” Mr Macmillan said.

“Musuma-1 presents one of the strongest technical cases observed outside of Mukuyu and will be crucial to understanding the resource potential in the eastern portion of Invictus’s dominant acreage position.”

IVZ was up 3.85% to 5.4c. Mkt cap $92.47M.

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