Invictus says hitch in oilfield exploration is not...

Invictus says hitch in oilfield exploration is nothing unusual

File pic of initial groundwork in progress at Mukuyu-1

Invictus Energy, said the minor hitch that has resulted in a delay of an expected update is nothing unusual.

In a statement the company said was updating the market that “may have anticipated further update and maybe speculating on the likelihood of success or failure on our initial target in the Mukuyu-1”.

The statement explains the hitch clarifying that such “minor delays are often encountered during normal oilfield drilling operations.”

“As per the drilling update for the Mukuyu-1 well provided in an ASX release on October 5, 2022, the 17½” hole section was drilled to a depth of 593, measured depth.

“The company has encountered some delays in preparation for and while drilling the 12¼ hole section due to rig maintenance and failures of measuring while drilling evaluation tools. The company first became aware of the delays during the week ended October 14, 2022,” says the company.

The energy firm, which started the first of two test wells at its Cabora Bassa claims in Muzarabani, Mashonaland Central Province, said the delay had been anticipated and provisioned for.

This was in response to inquiries by ASX as to why there was a change in their securities from US$0,21 on Monday last week to US$155 on Friday. THE ASX wanted to know whether Invictus knew of any information that might have been known by some on the market, leading to such a dip.

Invictus said that initially, Mukuyu-1 was expected to be completed between 50 and 60 days.

Invictus started prospecting for oil and gas in the Cabora Bassa and Zambezi basins about four years ago and Mukuyu-1, which 3,5km deep and is expected to cost US$16 million, is a project being undertaken in partnership with the Government of Zimbabwe.

Invictus is planning to construct a gas-to-power facility that will supply the national grid, thereby reducing the current power deficits that Zimbabwe is experiencing.