Fixed drilling rig for Muzarabani-1 well
Invictus Energy Limited ("Invictus" or "Company") is pleased to provide the latest activities of the Cabora Bassa project in which it owns and operates 80% of its shares in Zimbabwe.
Signed a memorandum of understanding with Exalo Drilling on #202 drilling rig
Invictus is pleased to confirm that it has signed a memorandum of understanding with EXALO Drilling SA to drill the Muzarabani-1 exploration well and provides the option of additional exploration wells for the opening of the basin planned to begin in May 2022.
After extensive evaluation, the company selected many suitable drilling rig options on a technical and commercial basis, and selected the Exalo #202 drilling rig for the upcoming drilling plan. It is expected that a binding drilling platform agreement will be signed in the new year. Exalo personnel recently completed a visit to Zimbabwe to review potential drilling locations and logistics options. #202 The drilling rig is currently engaged in drilling operations in Tanzania. Once the plan is completed, it will be mobilized to the project.
The company is currently processing and interpreting the recent seismic data obtained from the CB21 seismic survey activity, which ended in early November. The purpose is to improve the location and design of Muzarabani-1 well as well as mature additional prospects so that well 2 can be traced back to the back Drill program. According to the memorandum of understanding, the company must exercise the option of additional wells before February 15, 2022. In view of the encouraging early results of seismic processing, the Cabora Bassa partners are confident to identify and mature an additional prospect to commit to a two-well drilling program.
L1 10 Outram Street, West Perth, WA 6005 Australia
Tel: +61 8 6102 5055 Email: info@invictusenergy.com
Invictus Energy Ltd is an independent oil and gas exploration company focusing on high-impact energy resources in sub-Saharan Africa. Our asset portfolio includes a very promising 250,000 acres of land in the Cabora Bassa Basin of Zimbabwe. Special Grant 4571 contains world-class multi-TCF Mzarabani and Msasa conventional condensate gas prospects.
Invictus Managing Director Scott Macmillan commented:
“Protecting the Exalo #202 drilling rig is another obvious point of progress for our first drilling activity that started in May 2022. We will now continue to ensure the remaining long lead projects and services required to start drilling operations. We will inherit an active of"
Exalo Drilling SA ("Exalo") is one of Europe's leading onshore drilling contractors, providing drilling/workover contractors and service providers for the upstream oil and gas and geothermal industries, headquartered in Pyla (Northwest Poland). Exalo has a fleet of 35 rigs of different capacities, which can drill to a depth of 8,000 meters. Exalo was founded in 2013 by five independent companies of the PGNiG Group, which have nearly 70 years of international experience in operating drilling and oil well services. Exalo is active in Europe, Asia and Africa, and has local branches in the Czech Republic, Ukraine, Chad, Kazakhstan, Pakistan and Tanzania.
Exalo has more than 1,700 employees, provides a full range of professional drilling services, and has drilled a large number of wells in various geological conditions and depths around the world, including H2S content and HPHT wells, mineral and gas storage wells. Exalo Drilling also has its own fluid and cement laboratory and workshop, responsible for the maintenance, inspection, modernization and performance of new machines, equipment and parts for our drilling rigs.
The Exalo #202 rig is a modern IRI 1200 model with a hook load of 675,000 pounds and a rating of 1200 horsepower. The model has a good track record and has completed projects in Africa, Europe and Asia.
Figure 1-Exalo IRI 1200 drilling rig
Authorized by the board of directors
For more information about Invictus Energy, please visit the company's website www.invictusenergy.com
About the Cabora Bassa project
The Cabora Bassa project includes Muzarabani Prospect, an 8.2 TCF and liquid-rich conventional condensate target, which may be the largest unbored seismically defined structure on land in Africa. The outlook is defined by a powerful data set obtained by Mobil in the early 1990s, which includes seismic, gravity, aeromagnetic, and geochemical data. The company is advancing its current exploration plan to collect encrypted seismic data for the planned 1H 2022 basin open drilling activity.
#Cautionary Statement: The estimated amount of oil that may be recovered using future development projects is related to undiscovered reserves. These estimates have both associated discovery risks and development risks. Further exploration, evaluation and evaluation are needed to determine the presence of a large number of potentially mobile hydrocarbons. The expected resource estimates in this version are estimated using probabilistic methods based on the SPE-PRMS standard.
The company has not been informed of any new information, and all major assumptions and technical parameters supporting the estimated resource estimates continue to apply and no major changes have occurred
*A giant oil field is a conventional oil and gas field with a recoverable reserve of 500 MMboe or more as defined by the American Association of Petroleum Geologists (AAPG)
*Elephant Oilfield is a conventional oil and gas field defined by the American Association of Petroleum Geologists (AAPG) with recoverable reserves of 1 billion barrels of oil equivalent (1,000 MMboe) or more
SG 4571-Special Grant License 4571 was obtained in August 2017. The company entered the second exploration period in August 2020, which will last until June 2024. Invictus holds 80% of SG4571 through its subsidiary Geo Associates (Private) Limited
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Invictus Energy Limited published this content on December 9, 2021, and is solely responsible for the information contained therein. Distributed by the public at 21:51:20 on December 9, 2021, UTC time, unedited and unaltered.