Invictus to begin drilling at second site in early Q3

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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.

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The firm is soliciting institutional and fresh investors to support ongoing efforts to progress the exploration of the frontier Cabora Bassa Basin.

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