ZIMBABWE: Invictus Energy Spuds Mukuyu 2
Invictus Energy has announced the commencement of drilling of the Mukuyu-2 well at its 80% owned and operated Cabora Bassa Project in Zimbabwe.
Comments from Managing Director Scott Macmillan:
“This is an exciting and long-anticipated moment for Invictus and our shareholders, and the commencement of our second drilling campaign is a significant milestone. Following our successful basin opening Mukuyu-1 wildcat well completed last year, which proved a working petroleum system and multiple hydrocarbon bearing reservoirs has de-risked future drilling and provides us with increased confidence in Mukuyu-2. Mukuyu-2, if successful, could be transformational for the Company, Zimbabwe and much of southern Africa’s future energy needs.”
Mukuyu-2 spuds
The drilling at the Mukuyu-2 appraisal well in SG 4571 commenced on Wednesday 20 September 2023 local time. Mukuyu-2 will be drilled to a planned total depth of 3,750 metres. Drilling and evaluation of
the well is prognosed to take approximately 50 to 60 days to complete.
Mukuyu-2 will test the primary target interval, the Triassic Upper Angwa formation, sitting approximately 450m updip from Mukuyu-1 where hydrocarbons were intersected.
The well will also penetrate multiple additional targets including the Dande (JurassicCretaceous), Forest and Pebbly Arkose (both Triassic) formations, as well as the previously untested Lower Angwa sequence within the Mukuyu anticline in the central horst structure.
Invictus Energy has secured firm commitments from new and existing sophisticated and institutional investors to raise A$15.0 via a two-tranche Placement.
Proceeds from the Placement will be used to fund the upcoming Mukuyu-2 drilling program:
- IVZ cost of Mukuyu-2 drilling campaign
- Mukuyu-2 well evaluation
- Working capital and project contingency
- Costs and expenses of the Capital Raise
Managing Director Scott Macmillan commented
‘We are pleased to welcome new institutional investors onto our share register at an exciting time for the Company as we finalise preparations to embark on our Mukuyu-2 appraisal well drilling campaign in Zimbabwe. I also thank existing shareholders that participated in the Placement for their continued support, ensuring the Company is well funded to the next step of our high impact exploration campaign aimed at opening up the Cabora Bassa Basin.’