Zim Now Writer
Australia-based company, Invictus Energy, has announced a private placement to raise A$10mn ($6.71mn), at A$0.12/share, following its decision to advance preparations for an appraisal and exploration campaign in Zimbabwe’s Cabora Bassa basin.
The company said preparations for Mukuyu-2 appraisal and the Phase 2 exploration campaign are under way, with a 2D seismic campaign expected to begin in May this year covering the Eastern portion of EPO 1848 and 1849,
Invictus Energy said the movement will be aimed at maturing multiple leads which are Mopane, Musuma, Machabel, and Mahogany along the proven play on trend to the east of Mukuyu and additional leads along the highly prospective Basin Margin play - Mimosa and Mukwa.
The drilling of the first well in the Mukuyu appraisal programme, Mukuyu-2, is expected in the third quarter of 2023.
The company also indicated that the maintenance and upgrade of Exalo’s Rig 202 which started this month, will be completed before starting the works at Mukuyu-2.
The Cabora Bassa project, which is known as Special Grant 4571, comprises 250,000 acres of Cabora Bassa basin.
In August 2022 Invictus entered into an agreement with the sovereign wealth fund of Zimbabwe to increase the license area to a total of 360,000 hectares and drilled its first well, Mukuyu-1, in September the same year.
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