Invictus Energy has provided an update on the activities of its 80% owned and operated CaboraBassa Project in Zimbabwe.
Seismic Campaign Update
The CaboraBassa 2021 seismic survey (“CB21 Survey”) campaign is progressing well with 220km of data recording and 240km of layout completed to date. The data quality and density being acquired from the CB21 Survey is excellent and a step change from the previous Mobil survey conducted in 1990.
The HSE performance has been exceptional, and the project has now exceed 87,000 hours without a Lost Time Injury (LTI). The seismic data QC and processing has commenced and ongoing.
OTCQB Listing Update
The Company is finalising its US based OTCQB listing following significant investor interest from North America. The Company will trade on the OTCQB market under the ticker IVCTF. The Company is also in the process of seeking DTC eligibility from The Depository Trust and Clearing Corporation (“DTC”). DTC eligibility will ensure a more liquid and transparent market for the Company’s common shares and enhance our visibility within North America.
The CaboraBassa Project encompasses the Muzarabani Prospect, an 8.2 TCF and liquids rich conventional gascondensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data. The Company is advancing the current exploration program with the acquisition of infill seismic data for a planned 1H 2022 basin opening drilling campaign.
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