• MOU signed with Exalo Drilling SA for #202 Rig
• Drilling program anticipated to commence May 2022
• 1 firm well (Muzarabani-1) + 1 contingent well
• Muzarabani-1 well targeting prospective resources of 8.2 Tcf + 247 million barrels conventional gascondensate

Invictus Energy has executed a MOU with EXALO Drilling SA to drill the Muzarabani-1 exploration well and an option for an additional exploration well for the basin opening drilling campaign scheduled to commence in May 2022.

Following extensive evaluation, a number of suitable rig options on both a technical and commercial basis the Company has selected the Exalo #202 Rig for the upcoming drilling program. A binding rig agreement is anticipated to be signed in the new year. Exalo personnel recently completed a visit to Zimbabwe to review the potential drilling locations and logistics options. The #202 Rig is currently engaged in drilling operations in Tanzania and will be mobilised to the project once that program has been completed.

The Company is currently processing and interpreting the recently acquired seismic data from the CB21 Seismic Survey campaign which concluded in early November with the aim of refining the Muzarabani-1 well location and design as well as maturing additional prospects to enable a 2 well back-to-back drilling program. Under the MOU the Company must exercise the option for the additional well by 15 February 2022. Given the encouraging early results of the seismic processing the Cabora Bassa partners are confident of identifying and maturing an additional prospect to commit to a 2 well drilling program.

Invictus Managing Director Scott Macmillan commented:
“Securing the Exalo #202 Rig is another clear point of progression towards our maiden drilling campaign commencing in May 2022. We will now proceed to secure the remaining long lead items and services required to commence drilling operations. We will benefit immensely from inheriting an active drilling rig and crew and a modest mobilisation from Tanzania to the project area. The Company plans to announce the final drilling location(s) and further details of the exploration program in the new year.”

KeyFacts Energy: Invictus Energy Zimbabwe country profile   l   KeyFacts Energy Industry Directory: EXALO Drilling
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