Invictus Energy Limited has provided an update on the Musuma-1 well location following a highly productive in-country visit by the Invictus Energy Board of Directors. Musuma-1 has been confirmed as the first high-impact exploration well to be drilled outside the Mukuyu gas-condensate discovery area, targeting a new play type in the Cabora Bassa Basin. Musuma is one of eight high potential prospects identified from the CB23 Seismic Survey.

Should drilling at Musuma be successful, it could unlock a substantial new resource base in addition to the already proven Mukuyu gas field. The Musuma prospect was selected based on strong direct hydrocarbon indicators (DHIs) identified in seismic data, including updip brightening and a consistent “flat spot” – a horizontal reflector indicative of gas-water contact – observed across multiple seismic lines and survey vintages. These amplitude anomalies significantly enhance confidence in the presence of hydrocarbons at Musuma.

Musuma-1 presents one of the strongest technical cases observed outside of Mukuyu and will be crucial in understanding the resource potential in the eastern portion of Invictus’s dominant acreage position. Invictus is currently undertaking the necessary preparatory steps to spud the well in H2 2025, with Exalo completing maintenance and upgrades on Rig 202 which is stacked at the Mukuyu-2 wellsite.

The Company is also working with the Zimbabwean Government to progress the amalgamation of the Petroleum Exploration Development and Production Agreement (PEDPA) and Petroleum Production Sharing Agreement (PPSA) into a single streamlined agreement. The merging of the agreements is designed to simplify the administrative processes and strengthen the governance as the Cabora Bassa Project progresses toward development.

Invictus Energy Managing Director Scott Macmillan commented: “Our recent site visit to Zimbabwe, marks another important milestone in the development of the Cabora Bassa Project and reinforces the strong support from all levels of Government and the broader Zimbabwean community. The selection of Musuma-1 as the next high-impact exploration well beyond the Mukuyu discovery is a major achievement for Invictus. Musuma is a technically compelling prospect, underpinned by multiple lines of seismic evidence, including consistent flat spots across different surveys which are indicative of hydrocarbons.

The well has been designed as a low-cost, low-risk vertical well to test a shallow target with significant upside. Success at Musuma would unlock a new play fairway, significantly advancing our forward development plans, expand our resource base and accelerate the transition from exploration to commercial development. Separately, the consolidation of the Petroleum Exploration Development and Production Agreement and the Petroleum Production Sharing Agreement provides a clearer path forward and reflects the shared commitment to enabling a successful development. This is an exciting time for Invictus, I look forward to executing the amended agreement and updating shareholders as we commence spudding the well in H2 2025.”

Musuma-1 exploration well location selected – spud planned for H2 2025

Musuma-1 has been confirmed as the first high-impact exploration well to be drilled outside the Mukuyu gas-condensate discovery area, targeting a new play type in the Cabora Bassa Basin. The well has the potential to unlock a substantial new resource base in the eastern portion of the licence area where a number of high potential prospects have been identified from the CB23 seismic survey. The Musuma prospect hosts significant resource potential, targeting 1.2 Tcf of gas and 73 million barrels of condensate (gross mean unrisked). These estimates were defined following interpretation of the CB23 Seismic Survey which matured the Eastern Margin area of the Company’s Cabora Bassa acreage position.

Musuma-1 is designed as a simple vertical well to a planned total depth of ~1,500 metres, targeting the relatively shallow reservoir in the Dande Formation. Notably, during the drilling of Mukuyu-2 (an appraisal well on the Mukuyu discovery), the Dande Formation at that location exhibited good reservoir quality and residual hydrocarbons, indicating that hydrocarbons had migrated into that shallower horizon.

This suggests an active petroleum system capable of charging the Dande Formation is present. Although Mukuyu-2’s Dande interval did not contain a trapped accumulation (likely due to local trap breach), it confirmed hydrocarbons have migrated through and can accumulate in Dande reservoirs elsewhere. Musuma’s structure, by contrast, displays seismic characteristics indicative of an intact trap, including the “flat spot” and brightening, suggesting hydrocarbons could be contained within the structure.

Musuma-1 will be drilled in the EPO 1848 license area aiming to unlock additional gas resources in one of Africa’s last underexplored onshore basins. Musuma is one of eight high potential prospects identified from the CB23 Seismic Survey. Should drilling at Musuma be successful, it could unlock a substantial new resource base in addition to the already proven Mukuyu gas field.