The companyโs work has reduced risk on trap, source and seal, it said. Reservoir remains a moderate risk, it said, while the โlateral extent and continuity of reservoir sands is still unknownโ.
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.
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 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.
Exploration companies big and small are warming up for a busy next 12 months โ although some have warned this may be the last such push in the energy industry.