- Muzarabani Oil and Gas Project Locks in November Spud as Rig Contract Signed
The Muzarabani oil and gas project, one of Africa’s largest undeveloped hydrocarbon resources with an estimated US$90 billion in-place value, has confirmed a November 2026 spud date for its high-impact Musuma-1 exploration well after Invictus Energy executed a revised drilling contract with Exalo Drilling S.A., Mining Zimbabwe can report.
By Rudairo Mapuranga
The Deed of Variation to the drilling contract formalises the provision of Exalo Rig 202 for the well, which will target an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet of gas and 73 million barrels of condensate in the eastern portion of the Cabora Bassa licence area. The well is designed as the first high-impact exploration test outside the Mukuyu gas-condensate discovery area, targeting a new play type identified through the CB23 seismic survey.
“This enables Invictus to confirm the Musuma-1 spud for November 2026,” Invictus Managing Director Scott Macmillan said. “Musuma-1 is a high-impact exploration well with the potential to materially expand the resource base of the Cabora Bassa Project and complement the Mukuyu gas-condensate discovery.”
Rig Preparation and Mobilisation Underway
Exalo will undertake a comprehensive maintenance and operational readiness campaign for Rig 202 ahead of its relocation from the Mukuyu area to the Musuma-1 wellsite. The inspection and maintenance scope has been completed, with preparation work designed to support safe mobilisation, rig-up, and drilling operations.
The rig preparation campaign will include critical maintenance activities, with Exalo personnel working alongside Invictus and Geo Associates drilling teams. Procurement of the remaining well services has also substantially progressed, with contracts being prepared for award, followed by equipment preparation and staged mobilisation to the Musuma-1 location.
Wellpad Construction to Begin Following Cultural Ceremonies
Construction of the Musuma-1 wellpad and associated civil works is scheduled to commence next week following the completion of customary cultural ceremonies and traditional protocols with local leaders and host communities.
The civil works programme will include construction of the wellpad and supporting site infrastructure, as well as upgrades to the road network required for mobilisation of the drilling rig and associated services.
Regulatory Framework in Place
The contract milestone follows the formal signing of the Petroleum Production Sharing Agreement (PPSA) in May 2026 between the Government of Zimbabwe and Geo Associates, Invictus’ 80%-owned subsidiary. The agreement established the legal and fiscal framework governing oil and gas exploration, production, and revenue sharing at the Cabora Bassa project.
The PPSA adopts a hybrid model allowing the Government to receive its share either in cash or in petroleum products, using a sliding-scale model tied to project returns. “In times of low returns, the contractor gets a higher share. In times of higher returns, Government gets a much bigger share,” Macmillan explained at the signing.
Basin Potential
The broader Cabora Bassa Basin is estimated to contain approximately 1.38 billion barrels of oil and condensate, with the Mukuyu gas field alone holding up to 20 trillion cubic feet of gas and 845 million barrels of conventional gas condensate. Independent estimates value the in-place resources at approximately US$90 billion at current market prices.
The project has been granted National Project Status and Special Economic Zone designation, providing fiscal and non-fiscal incentives to facilitate equipment imports and accelerate development timelines. The Mutapa Investment Fund, Zimbabwe’s sovereign wealth fund, holds a significant shareholding position in Invictus Energy through the project structure.
With wellpad construction, civil works, logistics, and rig maintenance activities now progressing in parallel, all critical path activities are underway to support the November drilling schedule. “The Company looks forward to providing further updates as we move into the execution phase of the drilling campaign,” Macmillan said.
