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Thursday, September 21, 2023
Invictus Energy announced that drilling commenced on the Mukuyu-2 appraisal well in Zimbabwe on September 20. The well will be drilled to a planned total depth of 3,750 meters.
Mukuyu-2 will test the primary target interval, the Triassic Upper Angwa formation, sitting approximately 450m updip from Mukuyu-1 where hydrocarbons were intersected. Drilling and evaluation of the well is estimated to take approximately 50 to 60 days to complete.
The well will also penetrate multiple additional targets including the Dande (Jurassic-Cretaceous), Forest and Pebbly Arkose (both Triassic) formations, as well as the previously untested Lower Angwa sequence within the Mukuyu anticline in the central horst structure.
Invictus Managing Director Scott Macmillan commented: “This is an exciting and long-anticipated moment for Invictus and our shareholders, and the commencement of our second drilling campaign is a significant milestone.
“Following our successful basin opening Mukuyu-1 wildcat well completed last year, which proved a working petroleum system and multiple hydrocarbon bearing reservoirs has de-risked future drilling and provides us with increased confidence in Mukuyu-2.
“Mukuyu-2, if successful, could be transformational for the Company, Zimbabwe and much of southern Africa’s future energy needs.”
Funding
Separately, Invictus announced that it has secured firm commitments from new and existing sophisticated and institutional investors to raise A$15.0 via a two-tranche Placement. The capital raised will ensure the company is well funded for the duration of the Mukuyu-2 exploration campaign, providing project contingency and for well evaluation and testing subsequent to the drilling campaign completion.
Multiple new and existing institutional investors participated in the Placement, ahead of the company’s upcoming Mukuyu-2 spud at its 80 percent owned and operated Cabora Bassa Project in Zimbabwe.
Macmillan commented on the raise: “We are pleased to welcome new institutional investors onto our share register at an exciting time for the Company as we finalize preparations to embark on our Mukuyu-2 appraisal well drilling campaign in Zimbabwe. I also thank existing shareholders that participated in the Placement for their continued support, ensuring the Company is well funded to the next step of our high impact exploration campaign aimed at opening up the Cabora Bassa Basin.”
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