A message from the Managing Director
Invictus is inching closer to launching our 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.
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.
Working alongside Invictus is a range of well service providers, which are at the ready after being awarded contracts to carry out this exciting phase of our Cabora Bassa program.
SLB (previously known as Schlumberger) has been awarded the open-hole wireline logging contract, Geolog International has been awarded the mudlogging contract, while Baker Hughes in combination with NOV have been awarded the directional drilling and logging while drilling (LWD) contracts. Finally, Exalo Rig 202 maintenance has been completed and the rig mobilisation is underway to the M-2 wellsite.
Through the support and ongoing commitment of shareholders, the Company is well positioned to carry out activity associated with M-2, having raised AU$35.4 million 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.
Preliminary field processing shows structural closure at multiple target intervals across a number of leads in the Central Fairway and Basin Margin play, which once matured through further analysis have the potential to grow our material prospect portfolio for future drilling activity.
Invictus Energy’s commitment to local job creation and community outcomes in the region continues to be outstanding, with more than 100 people employed to carry out activity associated with the survey. I’m 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.