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Invictus to begin drilling at second site in early Q3

In December 2022, IEL suspended drilling operations at its Muzarabani potential oil and gas site owing to challenges with its drilling tools in securing a viable hydrocarbon sample.

AUSTRAILIAN energy firm, Invictus Energy Limited (IEL) anticipates its Mukuyu 2 appraisal to start early in the third quarter (Q3) which will incorporate experiences gained in the drilling of the first exploration well.

In December 2022, IEL suspended drilling operations at its Muzarabani potential oil and gas site owing to challenges with its drilling tools in securing a viable hydrocarbon sample from its first identified drill site, the Mukuyu-1 wellbore.

Had it been successful, IEL would have moved onto its second identified drill site, the Baobab-1, a shallower and more liquid-prone area.

However, the failure at Mukuyu-1 led the firm to make a private placement of AUD10 million (US$6 680 750) to raise money for a second drilling at the same site dubbed Mukuyu-2.

“In February, the company commenced preparations for the Mukuyu-2 appraisal campaign and Cabora Bassa Phase 2 exploration programme. The Mukuyu-2 appraisal well is anticipated to spud early in the third quarter of the year and will incorporate valuable experience gained from the drilling of the successful Mukuyu-1/ST1 exploration well, with the aim of confirming a gas-condensate discovery,” IEL managing director Scott Macmillan recently told shareholders.

“The well will target multiple hydrocarbon (gas-condensate and potentially light oil) bearing intervals encountered in the Mukuyu-1/ST1 well in the Upper Angwa and Pebbly Arkose formations. It will also be designed to test the deeper potential in the remaining Upper Angwa formation, which was not encountered in the initial exploration campaign due to it being thicker than predrill estimates.”

He said Mukuyu-2 would be designed to allow for flow testing to confirm reservoir deliverability and connectivity, following a successful discovery.

“Tendering for minor additional long leads and well services for Mukuyu-2 has already commenced and I look forward to providing further updates as contracts are awarded and the spud date is firmed. We also continue work to progress exploration of the frontier Cabora Bassa Basin, with a fresh 2D seismic campaign scheduled to kick off next month,” Macmillan added. To develop several leads along the proven play on trend to the east of Mukuyu, the 2D shoot will concentrate on the eastern part of exclusive prospecting orders 1848 and 1849.”

These leads include the highly potential Basin Margin play, which has already been found on vintage seismic data.

With this updated 2D seismic data, IEL is expecting to develop several of these leads into drillable prospects, expanding our playbook and significantly bolstering the company's exploration portfolio.

“Invictus successfully raised AUD10 million via a placement to sophisticated and institutional investors,” Macmillan said.

“The placement was oversubscribed and cornered by long-term investor Mangwana Capital, as well as a number of local Zimbabwe partners and the board. Existing shareholders will also be invited soon to participate in a share purchase plan on the same terms as the placement.”

IEL is currently seeking institutional and fresh investors to continue its Zambezi valley basin operations.


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