BY MTHANDAZO NYONI
SOUTHERN Africa-focused oil and gas exploration outfit, Invictus Energy says its Cabora Bassa 2021 seismic survey campaign in Zimbabwe is progressing well with 220 kilometres of data recording and 240km of layout so far completed.
The data quality and density being acquired from the survey was excellent and a step ahead of the previous Mobil survey conducted in 1990, the company said.
“The HSE (health, safety and environment) performance has been exceptional, and the project has now exceeded 87 000 hours without a lost time injury.
“The seismic data QC (quality control) and processing has commenced and is ongoing,” it said.
In April, Invictus awarded Polaris Natural Resources Inc, Canada’s largest seismic company to provide acquisition services for its first seismic programme in the Cabora Bassa Basin. The firm was tasked to conduct, process, and interpret a minimum of 400 kilometres of seismic data in order to refine the Muzarabani-1 drilling location and well path and identify additional prospectivity for the upcoming drilling campaign.
The portfolio consists of a highly prospective 250 000 acres within the Cabora Bassa Basin.
The Cabora Bassa project encompasses the Muzarabani Prospect, which is potentially the largest, undrilled seismically defined structure onshore Africa.
The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.
The company is advancing the current exploration programme with the acquisition of infill seismic data for a planned first half of 2022 basin opening drilling campaign.
Meanwhile, the company revealed that it was finalising its US-based OTCQB listing following significant investor interest from North America.
The OTCQB is the mid-tier OTC equity market, which lists primarily early-stage and developing companies in the US and international markets.
The company will trade on the OTCQB market under the ticker IVCTF.
It is also in the process of seeking eligibility from The Depository Trust and Clearing Corporation (DTC).
DTC eligibility will ensure a more liquid and transparent market for the company’s common shares and enhance our visibility within North America, it said.