Independent upstream oil and gas company, Invictus Energy, has commenced drilling operations at the Mukuyu-1 Exploration Well, situated in the Muzarabani-Mbire area within the company’s 80%-owned and operated Cabora Bassa Project in the northern part of Zimbabwe.
With a projected depth of 3.5km, Invictus Energy has stated that drilling and evaluation work for the exploration well, which began on 23 September, is expected to take between 50 and 60 days to complete.
“Invictus, together with our partners, have methodically de-risked and matured the Mukuyu prospect and our Cabora Bassa acreage over the last several years, and the commencement of our drilling campaign is a significant milestone,” stated Invictus Energy Managing Director, Scott Macmillan, adding, “Mukuyu-1 is a world-class, basin-opening well which, if successful, could be transformative for the company and Zimbabwe.”
According to Invictus Energy, the Mukuyu-1 Exploration Well, which will cost an estimated $15 million to drill, is one of the largest oil and gas exploration prospects drilled globally in 2022, with the company targeting an estimated combined prospective resource potential of 20 trillion cubic feet of conventional gas condensate.
The Mukuyu-1 Exploration Well is one of two upcoming exploration wells targeted by the company, and will be followed by the Baobab-1 Exploration Well, which will cost an additional $10 million, targeting an independent play along the basin margin within the EPO 1849 Block at a depth of 1.5km. The Baobab-1 Well will take an estimated 30-40 days to complete.
Invictus Energy’s principal assets in Zimbabwe are situated within the Cabora Bassa Basin and include the contiguous exploration licenses SG 4571, EPO 1448, and EPO 1849. Additionally, the company will use European onshore drilling contractor, EXALO Drilling SA’s 202 Rig, which has recently performed similar work in Tanzania.
Projected to enhance Zimbabwe’s energy security, create new jobs, grow exports and serve to boost fiscal revenue, Macmillan described the project as, “an exciting and long-anticipated moment for Invictus and our shareholders.”