Invictus mobilises rig to Cabora Bassa project in Zimbabwe
Australia’s Invictus Energy on June 8 said the Exalo Rig 202 has started mobilisation from Songo Songo Island in Tanzania to the Cabora Bassa project in Zimbabwe.
The rig and associated equipment will arrive over the course of June and begin rig up to drill the first of two wells in the company’s upcoming exploration campaign in the Cabora Bassa basin. The long lead items, including the casing, have begun arriving at the company’s supply base in Harare and are being prepared for deployment to the Mukuyu-1 wellsite, Invictus said.
Mukuyu-1, the first well in the campaign, will target the Mukuyu prospect, which has been independently estimated to contain 8.2 trillion ft3 of gas and 247mn barrels of condensate.
In March this year, Invictus' 80% owned subsidiary Geo Associates and the Sovereign Wealth Fund of Zimbabwe executed a heads of agreement to increase Special Grant 457 licence area from 100,000 hectares to 709,300 hectares.
The Sydney-listed company in May said that it will raise A$12mn ($8.5mn) by way of a private placement. The funds will go towards the drilling of the Mukuyu-1 well.