Highlights
- Invictus Energy has awarded seismic contract to Polaris for Cabora Bassa Phase 2 exploration program.
- The survey results will be employed to mature leads on trend with Mukuyu and in Basin Margin play into drill ready prospects.
- The company’s Mukuyu-2 appraisal well is expected to be spudded in the third quarter of the year 2023.
Invictus Energy Limited (ASX:IVZ) has awarded a contract to Polaris Natural Resource Development Ltd. for infill 2D seismic acquisition services for its Phase 2 exploration campaign at the 80%-owned and operated Cabora Bassa Project in Zimbabwe.
The survey will be conducted over 400-line kilometres in the eastern portion of EPO 1848 and 1849 to mature multiple leads, namely Mahogany, Mopane, Musuma, Machabel, along the proven play to the east of, and on trend with, Mukuyu. The scope of the survey will include additional leads along the highly prospective Basin Margin play (Mimosa and Mukwa).
About Polaris and CB21 2D seismic survey
Canada’s longest standing seismic company, Polaris has performed more than 1,200 seismic projects since 1996. It was the company that launched the first ‘low impact seismic crew’ into Africa in 2008. Also, it has managed and conducted around 25 projects in East Africa.
As per the company release, Polaris had concluded the CB21 2D seismic survey successfully at the Cabora Bassa Basin in 2021. The survey results contributed in refining the drill campaign for the play opening Mukuyu-1 well that confirmed a working hydrocarbon system in the Cabora Bassa Basin and the existence of light oil, gas-condensate, and helium. It firmed up the potential for several stacked hydrocarbon bearing zones in the Basin Margin play. Independently, these zones have been measured to have ~1.2 billion barrels in prospective oil resources.
The company is gearing up to take forward the development activities at Mukuyu-2 appraisal well. It will further help in elevating the performance at the Mukuyu-1 well and ensure a discovery at commercial scale.
Significance of 2D seismic
With a successful conduct of the 2D seismic survey, the company will be able to advance multiple leads to drillable prospects. This will bring in extra running room and add materially to the Cabora Bassa Basin portfolio.
For the survey, Polaris has begun mobilisation of the required seismic apparatus and team to Harare. A minimal environmental footprint along with existing road infrastructure will be utilised to conduct the Phase 2 seismic survey.
Mukuyu-2 appraisal
The company is advancing its Mukuyu appraisal program and will spud the Mukuyu-2 well during the third quarter of the year 2023. The Mukuyu-2 targets include several hydrocarbon (light oil and gas-condensate) with intervals detected in the Mukuyu-1/ST1 well in the Upper Angwa and Pebbly Arkose formations for checking a gas-condensate discovery. It will also test the Post Dande horizon away from the major east-west fault on the southern flank and the remaining Upper Angwa formation.
Also, the company is pulling off the maintenance and upgrade program for Exalo’s Rig 202 well. It is likely to be completed before the rig mobilisation and spud of Mukuyu-2.
IVZ shares 187% up in past 5 years
IVZ shares closed at AU$0.12 (up over 4.3% as compared to last closing price) on the Australian Securities Exchange (ASX) on 17 May 2023, with a market capitalisation of AU$110.52 million. In the past five years, the company stock has recorded a jump of over 187% on the ASX.