Invictus Energy (ASX: IVZ) completes Cabora Bassa seismic acquisition program

Highlights

• Invictus has completed its Cabora Bassa CB23 2D seismic survey.
• Under the program, 425 km of 2D seismic data was acquired on time and within budget.
• The data acquired is expected to provide enhanced coverage of leads and prospects identified in the easter areas of the company’s basin acerage.
• IVZ is gearing up for the drilling of Mukuyu-2 this quarter.

Oil & gas company Invictus Energy Limited (ASX: IVZ) completed the acquisition of CB23 2D seismic survey at the Cabora Bassa project, Northern Zimbabwe, on 3 August 2023.

IVZ informed that the survey was concluded within budget and on time and complements its existing CB21 survey. Preliminary field processing has indicated structural closure at multiple target intervals.

Worth mentioning here is that Polaris Natural Resource Development Ltd acquired data for both seismic surveys on behalf of IVZ.

Data source: Company update

Details of the acquisition program

Under the CB23 2D seismic acquisition program, the company acquired 425km of high-quality 2D seismic data, which is expected to deliver enhanced coverage of prospects and leads identified in eastern portion of the company’s Cabora Bassa basin acreage.

HSE performance of the program has been exceptional, with >77,000 hours of field activities completed with no lost time incidents, indicates the company update.

Over 100 people from the local communities were provided employment opportunities in different roles throughout the seismic project. In addition to this, a team of dedicated community liaison officers (CLOs) completed local stakeholder engagements. The team organised more than 100 meetings with 2,600 people consulted, and 38 schools were engaged to ensure up-to-date community awareness of the cultural obligations and activities undertaken during the campaign to control the impact on the local community.

IVZ shared that field operations will be wrapped up in the coming weeks, including demobilising equipment and personnel.

The company has transferred seismic data to Earth Signal Processing Ltd for processing purposes.

Share performance of IVZ

Shares of Invictus jumped by 1.43% to trade at AU$0.14 apiece at the time of writing on 7 August 2023.