Australian energy firm Invictus Energy Limited (IEL) is set to begin its Mukuyu-2 appraisal early in the third quarter of this year.
The appraisal will integrate the experience gained from the drilling of the unsuccessful Mukuyu-1 exploration well, which had to suspend operations in December 2022 when the drilling tools encountered problems while securing a viable hydrocarbon sample.
The firm raised AUD10m ($6,680,750) through a private placement to fund its new drill site Mukuyu-2. Scott Macmillan, the firm’s managing director told shareholders that Mukuyu-2, located in the Muzarabani potential oil and gas site, will be designed for flow testing to confirm reservoir connectivity and deliverability following the successful discovery of gas-condensate.
The well will also target multiple hydrocarbon-bearing intervals encountered during the exploration of Mukuyu-1. IEL is hoping to expand its exploration portfolio with fresh offerings to boost the company’s operations in the Zambezi Valley basin.
The firm is soliciting institutional and fresh investors to support ongoing efforts to progress the exploration of the frontier Cabora Bassa Basin.