The need to sidetrack is “disappointing”, he said. “It would have been fantastic to get this all in one go. It’s still only the second well in the basin and it’s the first time we’ve drilled into the Lower Angwa,” Macmillan said. “We are going to get some surprises, good and bad.”
Speaking at the company’s AGM, the executive said drilling on this well had been “much, much better” than the Mukuyu-1.
Success at Mukuyu-2 could be transformational for Invictus, Zimbabwe and Southern Africa, he said.
Baker Hughes, working with NOV, will also carry out the directional drilling and logging while drilling (LWD) contracts.
Appetite for exploration is back, Macmillan said. But for those wanting to explore, the potential find has to be big enough to materially add value to a prospect.
The company found high API oil or condensate in the shallower Upper Angwa reservoirs. Deeper in the reservoir, the CGR becomes lower. The shallower levels are around 135 barrels per 1,000 cubic feet, decreasing to 30 barrels at the deeper.
Invictus Energy has raised A$10 million to fund the next stages of its work in Zimbabwe’s Cabora Bassa Basin.
Upgrade work and maintenance will begin on the Exalo Rig 202 in April, following the end of the wet season.
The company’s work has reduced risk on trap, source and seal, it said. Reservoir remains a moderate risk, it said, while the “lateral extent and continuity of reservoir sands is still unknown”.
Invictus may choose to drill Mukuyu-2 this year or the Baobab-1 well. The company has not yet committed.
Despite positive drilling results in Zimbabwe, Invictus Energy ran into headwinds at its AGM, with shareholders opposing a number of resolutions and chairman Stuart Lake opting to leave.
Australia’s Invictus Energy (ASX:IVZ) has reached total depth and found “multiple zones” with gas shows.
Australia’s Invictus Energy has begun drilling the Mukuyu-1 exploration well in Zimbabwe.
Invictus Energy has firmed up its control of more acreage in Zimbabwe, while also choosing a second well site, the company has announced in a release.
Australia’s Invictus Energy has more than doubled the amount of gas it hopes to find at its upcoming Mukuyu well, in Zimbabwe.
Invictus Energy has signed a binding well services contract with Baker Hughes for drilling in Zimbabwe, following a capital raise.
Reconnaissance Energy Africa and Invictus Energy are both nearing drilling, as they seek to prove up onshore hopes around Namibia and Zimbabwe respectively.
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.
Invictus Energy expects to start drilling its major Zimbabwean prospect by July, bringing the long-awaited dream of founder and managing director Scott Macmillan to the test.
Invictus Energy has awarded the integrated well services contract for its upcoming work in Zimbabwe to Baker Hughes.
Invictus Energy has secured long-lead items for its planned two-well programme and launched a capital raising programme, as it targets drilling in the first half of the year.
Australian minnow Invictus Energy has struck a farm-in option, giving Cluff Energy Africa a potential 25% stake in the Cabora Bassa project.
Invictus Energy has completed its 2D seismic survey on Zimbabwe’s Cabora Bassa, exceeding its licence commitments.
Exploration companies big and small are warming up for a busy next 12 months – although some have warned this may be the last such push in the energy industry.
Zimbabwe-focused Invictus Energy expects to begin acquiring seismic in the first week of September.