Invictus Energy starts drilling first exploration well in Zimbabwe

Invictus Energy

26/09/2022 10:34

HARARE, Sept 26 (Reuters) - Australian-listed Invictus
Energy Ltd  IVZ.AX  has started drilling one of two exploration
wells for oil and gas in the northern part of Zimbabwe, the
company said on Monday.
    The 3.5 kilometre (2.17 miles) deep well, situated in the
Muzarabani-Mbire area, is part of the Cabora Bassa project in
Zimbabwe, which is 80% owned and operated by Invictus through
its interest in Geo Associates.  urn:newsml:reuters.com:*:nL4N2ZV2CZ
    Invictus said in a statement that the drilling of the first
well, Mukuyu-1, began on Friday and will last between 50 and 60
days.
    Mukuyu, which will cost $16 million, is one of the largest
oil and gas exploration prospects to be drilled globally in
2022, estimated at 20 trillion cubic feet and 845 million
barrels of conventional gas condensate, or about 4.3 billion
barrels of oil equivalent, the company said.
    Invictus has been prospecting for oil and gas deposits for
the past four years in the Cabora Bassa and Zambezi basins.
    The company said that Mukuyu-1 will be followed by the 1.5
km deep well, Baobab-1, which will be completed in 30-40 days.
    Last month, the company raised additional $17 million to
fund the drilling of the exploration wells through private
placement.
 (Reporting by Nyasha Chingono in Harare; Editing by Anait
Miridzhanian and Louise Heavens)
 ((Anait.Miridzhanian@thomsonreuters.com; +48 58 769 66 05;))