Invictus Energy Limited (“Invictus” or “the Company”), is pleased to provide an update on the activities of its 80% owned and operated Cabora Bassa Project in Zimbabwe.

Comments from Managing Director Scott Macmillan: “The award of multiple well services contracts to international service companies for the Mukuyu- 2 well marks another significant milestone for the Company as we prepare to follow up our highly successful basin opening Mukuyu-1/ST-1 well.

“Invictus has enlisted multiple service providers for the drilling of Mukuyu-2 as it allows us to leverage their unique expertise and experience in different areas to ensure safe and efficient drilling and well operations, while increasing the chances of meeting all key objectives of the well.

“The aim of the upcoming campaign is to build upon the success of the Mukuyu-1/ST-1 well and confirm a commercial discovery, putting the Company on a pathway to development.

“The planned maintenance program for the Exalo 202 rig has been completed and we remain on schedule to spud in the third quarter of CY23.

“Mukuyu-1/ST1 has already confirmed the presence of light oil, gas and helium, de-risking drilling in the frontier Cabora Bassa basin and Mukuyu-2 is the next step to unlocking this potentially significant resource.”

Well services contracts awarded

Invictus is pleased to confirm that, following the completion of an extensive tendering process, it has awarded contracts for well services to several leading international oilfield service providers for the drilling of the Mukuyu-2 well.

SLB (previously known as Schlumberger) has been awarded the open-hole wireline logging contract, Geolog International has been awarded the mudlogging contract, while Baker Hughes in combination with NOV have been awarded the directional drilling and logging while drilling (LWD) contracts.

The remainder of the services, including cementing, drilling fluids & mud engineering, tubular running, fishing & abandonment, liner hangers, reservoir technical services and project management have been retained by Baker Hughes.

Preparation of tools and services will commence for mobilisation of outstanding equipment to Zimbabwe. Maintenance of equipment retained at the Company’s supply base in Harare from the previous drilling campaign has commenced in preparation for mobilisation, following completion of the move of Rig 202 to the Mukuyu-2 wellsite.

Exalo Rig 202 maintenance completed ahead of rig move to Mukuyu-2
The planned maintenance program for Exalo’s Rig 202 has been completed in preparation for the rig move to the Mukuyu-2 wellsite.

Following the rig and camp move to the Mukuyu-2 wellsite, the installation and commissioning of the new mud tank system (currently enroute to Zimbabwe) and rig acceptance process will be undertaken in preparation to drill the Mukuyu-2 well.

Mukuyu-2 on track to spud in Q3
Following the award of well services contracts and mobilisation of equipment, Mukuyu-2 remains on track to spud in Q3.

Mukuyu-2 will test multiple stacked targets within the greater Mukuyu structure with the aim of confirming a commercial discovery.