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Highlights:
- The CB23 2D seismic acquisition program has witnessed considerable progress.
- Earth Signal has been roped in for processing data acquired from the CB23 program.
- Share price of Invictus gained nearly 9% at the time of writing on 17 July 2023.
Australian energy company Invictus Energy Limited (ASX: IVZ) reported significant progress concerning the CB23 2D seismic acquisition program at its Cabora Bassa Project. Polaris Natural Resource Development Ltd is carrying out the campaign on behalf of the company.
This campaign is crucial to the Phase 2 exploration campaign across the company’s 80%-owned Cabora Bassa project.
The company also shared that a data processing contract has been awarded to Earth Signal Processing Ltd.
Details of the seismic campaign progress
Invictus informed about the completion of 425km of lines, and the layout of receiver nodes is well underway. Seismic data acquisition has begun, and the survey is anticipated to be completed in mid-August.
The data would deliver a denser grid across leads located east of the basin and the basin’s southern margin. As stated, this data and insights from the Mukuyu-1 and upcoming Mukuyu-2 wells are planned to be utilised to mature these leads as drilling candidates.
Data processing contract to Earth Signal
A contract has been signed with Earth Signal, which would process the data acquired in the CB23 program.
CB21 survey was processed by Earth Signal for the company.
Expansion of the CSR program
Invictus is expanding its Corporate Social Responsibility (CSR) program in the Mbire and Muzarabani districts in line with the advancement of the Phase 2 exploration campaign. Under the CSR program, the company has provided water to schools, clinics, and community centres.
Recently, rehabilitation and upgrade of roads were also undertaken. It has improved access to schools and clinics for the surrounding community.
Share performance of Invictus
Triggered by the update, the share price of Invictus gained 8.928% to trade at AU$0.152 apiece at the time of writing on 17 July 2023.The market capitalization of the company is nearly AU$165 million.
