Australia-listed wildcatter Invictus Energy is set to kick off a 2D seismic survey next month on its prospective acreage in Zimbabwe and could spud a second exploration probe on the 20 trillion cubic foot Mukuyu prospect in June, a month earlier than planned.
An initial exploration well on Mukuyu in the undrilled Cabora Bassa basin was completed last year with mixed results.
The main borehole and a sidetrack proved that a working petroleum system exists, but geological challenges and downhole equipment problems meant vital extra data could not be gathered.
Invictus told the stock market today that it has raised A$10 million (US$6.73) to help fund these upcoming exploration activities via an over-subscribed private placement.
Managing director Scott Macmillan said: “I am pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu-1 exploration campaign.
“The placement was oversubscribed and cornered by long-term investor Mangwana Capital, as well as a number of local Zimbabwe partners and the board.”
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Macmillan said the 2D seismic campaign is set to start in May and will help mature multiple identified leads into drill-ready prospects, both along trend from Mukuyu and in the “highly prospective” basin margin play.
The 2D seismic campaign will cover the eastern portion of licenses 1848 and 1849 and will focus on the Mopane, Musuma, Machabel, Mahogany, Mimosa and Mukwa leads, originally identified from vintage 2D data.
Macmillan added that Invictus is on track to spud the Mukuyu-2 appraisal well in the third quarter of 2023, although the company’s press release later specified a spud date of “early in the third quarter,” which would suggest a June timing is feasible.
This probe – essentially an appraisal well – will target the Upper Angwa, Pebbly Arkose and Post Dande formations hit by the Mukuyu-1 probe and its sidetrack which may house commercial volumes of gas-condensate and light oil.
The Exalo 202 rig is being upgraded and fresh drilling equipment sought to better deal with the challenging downhole conditions encountered in the original well. better