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.
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.