- Invictus Energy (IVZ) begins drilling the Mukuyu-1 exploration well within its 80-per-cent-owned and operated Cabora Bassa project in Zimbabwe
- The company plans to drill the well to 3500 metres deep, with the drilling and evaluation work expected to take between 50 and 60 days to complete
- Once Mukuyu-1 is complete, Invictus will then drill the Baobab-1 well, which the company expects to take between 30 and 40 days to complete
- Shares in Invictus last traded at 20 cents on September 23
Invictus Energy (IVZ) has begun drilling the Mukuyu-1 exploration well within its 80-per-cent-owned and operated Cabora Bassa project in Zimbabwe.
The well is designed to target several stacked Triassic and younger sandstones within a 200-square-kilometre four-way dip closure on the basement high trend.
Invictus said it planned to drill Mukuyu-1 to a projected depth of 3500 metres, with the drilling and evaluation work expected to take between 50 and 60 days to complete.
Managing Director Scott Macmillan said the commencement of drilling was an “exciting and long-anticipated” moment for Invictus Energy and its shareholders.
“Invictus, together with our partners, have methodically de-risked and matured the Mukuyu prospect and our Cabora Bassa acreage over the last several years, and the commencement of our drilling campaign is a significant milestone,” Mr Macmillan said.
“Mukuyu-1 is a world-class, basin-opening well which, if successful, could be transformative for the company and Zimbabwe.”
According to the company, Mukuyu is one of the largest oil and gas exploration prospects to be drilled globally in this year, targeting a combined prospective resource potential of 20 trillion cubic feet and 845 million barrels of conventional gas condensate.
After completing Mukuyu-1, Invictus then plans to drill the Baobab-1 well, which will test an independent play along the basin margin in the EPO 1849 block.
This will target stacked Cretaceous and younger sandstones within a four-way and three-way dip closure against the southern basin bounding rift fault and will take around 30 to 40 days to complete.
Shares in Invictus last traded at 20 cents on September 23.