ZIMBABWE: Invictus Energy Extends Exalo Rig 202 Contract for 2years

Invictus and Exalo Drilling have executed a contract amendment for Rig 202 to remain in the Cabora Bassa Basin in Zimbabwe for up to 2 years to enable the drilling and testing of future wells in the basin.

The highly encouraging results to date from our drilling programs have provided the Company with the confidence to keep Rig 202 stacked at the Mukuyu-2 location post the completion of drilling operations whilst preparations are made for future drilling and testing campaigns.

During the rig stacking period Exalo will undertake maintenance on Rig 202 in preparation for future drilling and/or well testing activity in the Cabora Bassa Basin.

Managing Director Scott Macmillan commented
“The contract amendment executed with Exalo to keep Rig 202 for an additional 2 years underpins our confidence in the basin and provides us maximum flexibility to accelerate and execute future drilling and testing campaigns.
“The retention of the rig will result in substantial time and cost savings to the Company compared to demobilising and remobilising a drilling rig for future campaigns.
“The performance of Exalo and Rig 202 to date has been exceptional and we are pleased to extend our relationship with them for our future campaigns.”