Australia-listed minnow Invictus Energy has received three farm-in bids for its project in Zimbabwe, where it has also begun work constructing a well pad.
The company only disclosed the name of one potential partner, Cluff Energy Africa, which signed an original deal in December 2021.
Invictus is working to secure a binding commitment before the two-well drilling campaign. It will provide more information when a bidder has been secured.
Due diligence and internal approvals are under way with other companies, Invictus said, which may lead to more bids.
At the same time, the Mukuyu-1 well pad has begun construction. This follows the completion of well site surveys and civil works contracts. It held a ceremony with leaders from the Muzarabani and Mbire districts on April 26.
The company previously called Mukuyu, Muzarabani. This first well will target five stacked targets.
A well on this structure will test a number of stacked targets. Invictus has put the size of the structure at 8.2 trillion cubic feet of gas, with 247 million barrels of condensate.
After the first well, Invictus plans to test a new basin margin play, which may be more prone to holding liquids.
Invictus has forecast the Mukuyu-1 price tag will be $16.5 million gross, while the second would be $10mn. It will use the Exalo 202 rig, with the first well due to begin in July this year.