- Invictus Energy (IVZ) begins rig mobilisation at its 80 per cent owned Cabora Bassa project in Zimbabwe
- With clearing procedures and documentation wrapped up, the Exalo Rig 202 is in the process of being mobilised from Songo Songo Island in Tanzania to Cabora Bassa
- Over at the Mukuyu-1 well, wellpad construction is a step closer to completion following civil works
- Meanwhile, the administration process to increase the permit area has been given the green light, which will see the license area increased from 100,000 hectares to 709,300 hectares
- Invictus Energy last traded at 16.5 cents on June 7
Invictus Energy (IVZ) has begun rig mobilisation at its 80 per cent owned Cabora Bassa project in Zimbabwe.
With clearing procedures and documentation wrapped up, the Exalo Rig 202 is in the process of being mobilised from Songo Songo Island in Tanzania to Cabora Bassa.
The rig and equipment are due to arrive this month, ahead of the rig up to drill the first two wells in the company’s exploration campaign in the Cabora Bassa basin.
Meanwhile, the pre-gazettal administration process to increase the SG 4571 permit area has been given the green light, and is now set to be published in the Government Gazette.
Invictus’s 80 per cent owned subsidiary, Geo Associates, and the Sovereign Wealth Fund of Zimbabwe penned a head of agreement to increase the license area from 100,000 hectares to 709,300 hectares.
”The enlarged SG 4571 licence provides us with a basin master position encompassing the entire Cabora Bassa Basin in Zimbabwe,” Managing Director Scott Macmillan said.
“Subject to making an opening discovery with one of our first two wells, it potentially could provide us with future discoveries on a large scale within the basin which will be transformational for the company and the Republic of Zimbabwe.”
The company will also drill a second well in the campaign to test the newly identified basin margin play, which matured through a survey completed in November.
Over a the Mukuyu-1 well, the wellpad construction has taken a step closer to completion, following civil works, which included pad levelling and compaction, water supply and reservoirs. The concrete footings for the rig will be poured for curing ahead of the arrival of the rig to the wellsite.
“The commencement of the rig mobilisation marks another milestone in the project as we prepare to commence drilling the Mukuyu-1 well, the first well in our potentially play opening two-well exploration campaign in the frontier Cabora Bassa basin,” Scott Macmillan said.
Invictus Energy last traded at 16.5 cents on June 7.