Invictus Energy Limited (“Invictus” or “the Company”), is pleased to provide an update on the activities of its 80 per cent owned and operated CaboraBassa project in Zimbabwe. Farm-in process update Invictus has granted Cluff Energy Africa’s (“CEA”) request to extend its farm-in option expiry (see ASX release on 9 December 2021) and submit an updated binding offer.
The new agreed expiry for CEA to exercise its option has been extended from 31 March to 30 April 2022. The extension request follows the agreement with the Republic of Zimbabwe and Sovereign Wealth Fund of Zimbabwe (SWFZ) to increase the SG 4571 licence area from 100,000 to 709,300 hectares (see ASX release 28 March 2022).
The extension to the option period coincides with the revised mobilisation 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 finalise additional funding requirements associated with the drilling campaign and past costs.
Invictus Energy Ltd is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa. Our asset portfolio consists of a highly prospective 250,000 acres within the CaboraBassa Basin in Zimbabwe. Special Grant 4571 contains the world class multiTCFMzarabani and Msasa conventional gas-condensate prospects.
Following completion and review of the CaboraBassa 2021 Seismic Survey data and the SWFZ agreement to increase the SG 4571 licence area, Invictus continuesto 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.
