Rig 202 to remain at Invictus Energy’s (ASX: IVZ) Cabora Bassa acreage for 2 more years - Kalkine Media

December 01, 2023 04:03 PM AEDT | By Manisha
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  • IVZ has extended Exalo Rig 202 stacking period for up to 2 years at the Cabora Bassa Basin.
  • Exalo will undertake maintenance on the rig to prep up for future drilling and testing activity.

Independent upstream oil & gas company Invictus Energy Limited (ASX: IVZ) has inked a contract amendment with Exalo Drilling S.A  to extend Rig 202’s stacking period for up to 2 years at its 80% owned and operated Cabora Bassa Project in Zimbabwe.

The decision has been taken to allow future drilling as well as testing programs in the Cabora Bassa Basin. Exalo will undertake maintenance on Rig 202 during the period so as to prep up for drilling and testing activity for future wells in the basin.

IVZ shares were trading 3% higher at AU$170 at the time of writing on 01 December 2023.


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