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Thursday, March 31, 2022
Invictus Energy announced that it will extend the farm-in process for its Cabora Bassa project in Zimbabwe. Invictus has granted Cluff Energy Africa’s request to extend its farm-in option expiry and submit an updated binding offer.
The new agreed expiry for CEA to exercise its option has been extended from March 31 to April 30, 2022.
The extension request follows the agreement with the Republic of Zimbabwe and Sovereign Wealth Fund of Zimbabwe (SWFZ) to increase the SG 4571 license area from 100,000 to 709,300 hectares (see ASX release 28 March 2022).
The extension to the option period coincides with the revised mobilization date for Exalo’s Rig 202 from Tanzania which is now expected to arrive at the project in mid-June compared to previous estimates at the time of CEA option agreement in early May (see ASX release 15 February 2022).
The additional time will allow CEA to assess the extended SG 4571 area and finalize additional funding requirements associated with the drilling campaign and past costs.
Following completion and review of the Cabora Bassa 2021 Seismic Survey data and the SWFZ agreement to increase the SG 4571 license area, Invictus continues to progress the farm-in process and is in active discussions with multiple parties.
Planning is underway to commence a 2-well drilling program in June, including the Muzarabani-1 well targeting 8.2 trillion cubic feet and 247 million barrels of conventional gas-condensate, and maturing additional prospectivity to drill a second well in the basin margin play
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