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.
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.
“I look forward to building on this success as the Company prepares for further appraisal at Mukuyu, while it holds a portfolio of exciting exploration prospects and leads, which have been significantly de-risked through the recent drilling campaign.”
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.
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.
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.
Invictus Energy is on track to begin its seismic campaign, in Zimbabwe, in July, with mobilisation under way.
Invictus Energy has signed up Polaris Natural Resources to acquire 2D seismic in Zimbabwe’s Cabora Bassa Basin.
Australia’s Invictus Energy has completed a capital raise of A$8 million ($6.1mn), which it will use to progress work on its Zimbabwean hopes.