HARARE, Aug. 12 (NewsDay Live) — Invictus Energy has confirmed that drilling of its high-impact Musuma-1 exploration well in Zimbabwe’s Cabora Bassa Basin will begin in November after the company executed a revised drilling contract with Exalo Drilling S.A.
In a notice to shareholders dated Aug. 10, Invictus said it had executed a Deed of Variation with Exalo for the provision of Exalo Rig 202 to drill the Musuma-1 well.
The company said the revised contract, together with the securing of rig preparation and key well-services mobilisation work, had enabled it to confirm the November drilling schedule.
“Following execution of the Deed of Variation with Exalo and commencement of the rig maintenance and readiness campaign, we’re pleased to confirm a November spud date for the Musuma-1 well,” Invictus managing director Scott Macmillan said.
“Musuma-1 is a high-impact exploration well with the potential to materially expand the resource base of the Cabora Bassa Project and complement the Mukuyu gas-condensate discovery.”
According to the statement, Exalo will undertake a maintenance and operational-readiness campaign before moving the rig from Mukuyu to the Musuma-1 wellsite.
Invictus said procurement of the remaining well services was substantially advanced, with commercial and technical evaluations completed and contracts being prepared for award.
“Wellpad construction is scheduled to begin next week, evaluation of well services provision is complete and we’re targeting award of these remaining scopes in coming weeks,” Macmillan said.
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The company said construction of the Musuma-1 wellpad and associated civil works would begin after customary cultural ceremonies and traditional protocols with local leaders and host communities.
The civil works will include construction of the wellpad and supporting infrastructure, as well as road upgrades needed to move the drilling rig and associated services to the site.
Musuma-1 is targeting an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet (Tcf) of gas and 73 million barrels of condensate, according to the company.
Invictus cautioned that the estimates relate to undiscovered accumulations and carry both discovery and development risks. Further exploration, appraisal and evaluation will be required to establish the existence of potentially recoverable hydrocarbons.
The company described Musuma-1 as its first high-impact exploration well outside the Mukuyu gas-condensate discovery area and said the well would test a new play type in the Cabora Bassa Basin.
It said the prospect could unlock a new resource base in the eastern part of its licence area, where several high-potential prospects have been identified through the CB23 seismic survey.
“The company looks forward to providing further updates as we move into the execution phase of the drilling campaign,” Macmillan said.
