Invictus Energy (ASX: IVZ) enlists international oilfield service providers for Mukuyu-2 well - Kalkine Media

Highlights

• Multiple international service companies have been enlisted by Invictus Energy for Mukuyu-2 well
• Mukuyu-2 well is on track to spud in the third quarter of CY23, Invictus states
• Exalo Rig 202 maintenance has been completed before mobilisation to the site of Mukuyu-2

Listed upstream oil & gas company Invictus Energy (ASX: IVZ) -- which is working on the Cabora Bassa Basin (northern Zimbabwe) -- has announced that it has awarded well services contracts pertaining to Mukuyu-2 to international oilfield service providing companies that include SLB, Baker Hughes, NOV, and Geolog. This development for drilling of the Mukuyu-2 well follows the completion of an extensive tendering process.

Additionally, it is informed that Exalo Rig 202 maintenance has been completed before the rig move to Mukuyu-2.

Invictus confirms that the Mukuyu-2 well is on track to spud in the third quarter of CY23.

Source: Company update

More on the contracts

Independent upstream oil & gas company Invictus Energy has enlisted multiple companies -- SLB, Baker Hughes, NOV and Geolog -- for Mukuyu-2 drilling project. The open-hole wireline logging contract is awarded to SLB, while the mudlogging contract is awarded to Geolog. Baker Hughes and NOV will jointly work on directional drilling and logging while drilling contracts. The remaining services that include drilling fluids & mud engineering and so on are retained by Baker Hughes.

Exalo Rig 202 maintenance has been completed for move to Mukuyu-2 wellsite. Invictus mentions that the maintenance of equipment -- retained at the company’s supply base in Harare from the previous drilling campaign -- has commenced. The installation and commissioning of the new mud tank system and other works will also be undertaken.

Mukuyu-2 to spud in Q3

Invictus Energy mentions that after the award of well services contracts to multiple companies and mobilisation of related equipment to the wellsite, Mukuyu-2 "remains on track" to spud in Q3. Several stacked targets within the greater Mukuyu structure will be tested to establish a “commercial discovery”.

Statement by Managing Director

Mr. Scott Macmillan of Invictus Energy lauded the development and remarked it as "another significant milestone" for IVZ, which is gearing up to follow up the successful basin opening Mukuyu-1/ST-1 well. He commented that the aim of the campaign is to build upon previous advances and "confirm a commercial discovery".

He further said that Mukuyu-1/ST1 has established the presence of light oil, gas, and helium, with the company now progressing toward unlocking the potentially significant resource.

IVZ shares jump nearly 7%

 IVZ ASX shares traded at AU$0.117 (market cap over AU$129 million), up over 6%, at the time of writing on 26 June 2023.