Muzarabani oil extraction next year
Australian Stock Exchange-listed oil and gas mining junior Invictus Energy is on the path to drill the world-class Muzarabani oil prospect in the first quarter of 2022, the company’s Managing Director Scott Macmillan said.
Rudairo Mapuranga
Speaking at the company’s Annual General Meeting (AGM) Macmillan said details of the oil drilling campaign will be provided in the coming days.
“The milestones achieved over this year have placed us firmly on the path to drill the world-class Muzarabani prospect in 1H 2022. Details of the drilling campaign will be provided in the coming days as we near the finalisation of a number of elements of the program.
“This occasion provides an opportunity to thank our partner One Gas Resources, and the Government of Zimbabwe and the Muzarabani and Mbire communities for their support of the Cabora Bassa Project. This is a project that can have national significance for Zimbabwe and its people and we are privileged to be able to lead the efforts to drill the first conventional oil and gas exploration well in the country.” MacMillan said.
MacMillan through his AGM speech said Invictus’ CB21 Seismic Survey which acquired 840 line-km of high-quality 2D data was achieved flawlessly with >142,000 hours LTI and incident-free. Importantly, the initial processing results of the seismic acquisition has produced high-quality data revealing a variety of structural and stratigraphic features providing for a target-rich environment for the upcoming drilling program.
“Our technical work will progress over the next few months which will enable us to quantify this additional potential of our licence area and is expected to add materially to our already world-class prospective resource base. The potential of our acreage is truly staggering for a company of our size and we will continue our efforts so that the value is reflected for our shareholders.
“The Company will also continue to focus on its core values of delivering growth, maintaining capital discipline, and fostering relationships with our stakeholders and host communities.” He said.
The Invictus Managing Director said the year 2021 was very important for the growth and development the Muzarabani prospect.
“This year has been transformative for the Company and we have achieved a number of significant milestones to advance the project including the signing the Petroleum Exploration Development and Production Agreement (PEDPA) with the Government of Zimbabwe, the renewal of the SG 4571 licence for a further 3 years to June 2024, completing the first seismic acquisition campaign in the country for 30 years through Polaris, appointing our Drilling Contract Manager in Aztech Well Services, and commencing the second phase of our Corporate Social Responsibility program.” He said.