Zimbabwe: Invictus focuses on drilling plans

Invictus Energy has secured long-term elements for its two-well program and has launched a capital raising program as it targets drilling in the first half of the year.

Australian vairon announced its fundraising plan on December 29. It plans to complete its new share issue on February 2.

The plan includes an investment of A$3.5 million and a share purchase plan of up to A$2 million. This will raise a total of A$5.5 million.

Today, the company confirmed the order for casing, wellheads and other long-lead items. He said the drilling program will begin in May of this year.

Invictus has also issued a tender for integrated well services. This covers cementing, directional drilling, logging while drilling, drilling fluids and wireline services for the upcoming drilling campaign. It expects to make the formal award shortly.

"We are very pleased with how the drilling program is progressing with Invictus securing the wellheads and long-lead casing elements for a high-impact two-well drilling program," said General Manager Scott Macmillan. "We are currently finalizing the award of the well services contract and working to execute the binding rig agreement with Exalo for the #202 drilling rig."

Successful drilling, he said, would be "a transformational event for Invictus and Zimbabwe.

It will drill the Muzarabani prospect on Cabora Bassa. This may contain 8.2 trillion cubic feet of gas and 247 million barrels of condensate. Invictus said the target is "one of the largest conventional targets drilled in the world" this year.

Other plans for the first half of 2022 include updating and finalizing the processing of the seismic survey data, updating the prospect and runway inventory and completing the leasing process.