SOUTHERN Africa-focused oil and gas exploration outfit Invictus Energy spent approximately A$5.685 million (US$4.12 million) on exploration and evaluation activities during the last quarter of 2021, as it progresses towards its maiden drilling campaign in May this year.
The Australian Securities Exchange-listed firm is exploring for oil and gas in the Cabora Bassa Basin in Zimbabwe, which is one of the largest under-explored interior rift basins in Africa.
According to its December 2021 quarterly report, the company said it spent A$5.434 million (US$3.84 million) on seismic acquisition and well planning, and A$251 000 (US$182 112) on consultancy.
Commenting on the quarterly performance, Invictus managing director Scott Macmillan said: “This has been an excellent quarter for the company, advancing our exploration programme on multiple fronts, as we progress towards our maiden drilling campaign in May 2022.”
“We completed the Cabora Bassa 2021 seismic survey (CB21 survey), obtaining 840km of new high-resolution 2D seismic data, that is providing greater insight into the subsurface and petroleum potential of the Cabora Bassa Basin,” he said.
Macmillan said early results from the CB21 survey processing were highly encouraging, particularly the strong amplitude anomalies and potential direct hydrocarbon indicators observed in the Muzarabani structure and along the basin’s margin fault.
“These results have generated confidence for selection of optimal drilling locations ahead of the upcoming campaign,” the company said.
The Invictus chief said the company secured Exalo’s #202 drilling rig and ordered long lead items for a two-well programme, providing line of sight to the anticipated May 2022 drilling programme. The company also executed a non-binding farm-in option agreement with Cluff Energy Africa, an endorsement of the project given the group’s history and success in Zimbabwe’s natural resources sector.
“A capital raising programme consisting of a placement and a share purchase plan to fund the rig mobilisation fee and long lead items for a second was extremely well-supported by existing shareholders. This enabled the company to double its targeted raise,” he said.
Macmillan said the company was in a strong position and “is now firmly focused on the execution of the planned May drilling campaign”.