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Australian investor, Invictus Energy, is close to launch its strategic Mukuyu-2 drilling campaign with officials saying they are on track to spud in the third quarter of the year.
In an update, Invictus Energy managing director, Mr Scot McMillan said they are inching closer to launching the firm’s landmark Mukuyu-2 (M-2) drilling campaign with a range of exciting developments achieved in the last month.
“Construction at the selected M-2 wellsite, a little over 6km from Mukuyu-1 / ST-1 site, has commenced with clearing and compaction complete, and well trajectory confirmed, with the campaign on track to spud in Q3 this year.
“The M-2 appraisal well follows our Mukuyu-1/ST-1 play opening campaign completed earlier this year that confirmed the presence of a working hydrocarbon system with light oil and liquids rich gas, as well as helium which could add a valuable revenue stream to the company given growing demand for high-end technological applications,” said Mr McMillan.
Last year, the firm indicated that the country could be sitting on more than 5,5 billion barrels of oil.
A barrel of oil equivalent (boe) is a term used to summarise the amount of energy that is equivalent to the amount of energy found in a barrel of crude oil.
It said the project is one of the largest oil and gas exploration prospects to be drilled globally this year and if successful, could be transformative for the company and Zimbabwe
In 2020, the Government classified the Muzarabani project as one of the priority development projects, which can provide a significant economic benefit to the economy in pursuit of an upper middle-income status by 2030.
Mr McMillan noted that targeting multiple horizons intersected in the Mukuyu-1/ST-1 well in an updip location including primary Upper Angwa and untested Lower Angwa reservoirs, the appraisal well will provide valuable data for all prospective formations and characterise wider basin prospectivity and high-grade additional drill ready targets.
“Following spud, the campaign is expected to take 50-60 days and reach a planned total depth of approximately 3,700m.
“Pleasingly, the results of the play opening Mukuyu-1/ST-1 campaign de-risks our exploration efforts in Zimbabwe’s frontier Cabora Bassa Basin, which remains one of Africa’s largest unexplored land-based prospects,” he added.
Through the support and ongoing commitment of shareholders, the oil firm is well positioned to carry out activity associated with M-2, having raised AU$35,4 million in the last quarter through a private placement and Share Purchase Plan (SPP).
“Adding to the excitement of the fast-approaching M-2 spud date is the recent completion of the Cabora Bassa 2D seismic data acquisition.
“Conducted in partnership with Polaris, Invictus acquired 425km of additional high resolution seismic data shot in the east and south of our licence areas in the basin, and is currently undergoing processing with Earth Signal,” said the managing director.
Invictus Energy said more than 100 people have been employed to carry out activity associated with the survey.
“I am pleased local communities continue to back the company and its operations and are taking an active interest in the opportunities we are creating in their region.
“This exciting next chapter of our Cabora Bassa Basin journey is not only exciting for shareholders and the company, but also creating shared prosperity and opportunity from natural resource development that has potential to transform the nation and sub-Saharan Africa’s energy needs of the future.”
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