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Invictus Energy edges higher after progressive September quarter

Highlights 

  • Invictus Energy Limited (ASX:IVZ) has revealed its activities report of its 80% owned and operated Cabora Bassa Project in Zimbabwe for the quarter ending September 2021.
  • During the period, CB21 Seismic Survey commenced, seismic data processing contract was awarded to Earth Signal, CSR program was expanded and drilling long lead items tender was completed.
  • The rig selection process is nearing finalisation for 1H 2022 drilling campaign.

The shares of independent oil and gas exploration company Invictus Energy Limited (ASX:IVZ) rose by 3.4 per cent today, quoting AUD 0.15 at a market capitalisation of AUD 84.83 million. The uptick seemed to have been propelled by progressive activities report for the quarter ending September 2021.

Invictus is focused on high impact energy resources in sub-Saharan Africa. It is currently developing its 80% owned and operated Cabora Bassa Project in Zimbabwe. The highly prospective 250,000 acres within the Cabora Bassa Basin has Special Grant 4571 which contains the world class multiTCF Mzarabani and Msasa conventional gas-condensate prospects.

Cabora Bassa Project in Zimbabwe is a significant project

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Developments across the September 2021 quarter

“This has been an excellent quarter for the Company”, says Managing Director & CEO Scott Macmillan-

  • Invictus advanced its exploration program with the commencement of the CB21 Seismic Survey campaign by Polaris.
  • The HSE performance during seismic survey has been outstanding with >100,000 hours LTI and incident free completed by mid-October.
  • The Company advanced its drilling plans for 1H 2022 basin opening drilling program with completion of the tender for long lead items, well services, and rig selection.
  • It ended the quarter with a strong cash balance of $7.3 million.

CB21 Seismic Survey & data processing

During the quarter the Company commenced the CB21 Seismic Survey through contractor Polaris Natural Resources to acquire a minimum of 400 line kilometres of 2D seismic data. After the end of the quarter, Invictus had acquired 467km of 2D seismic data within SG 4571 and commenced the restoration of completed lines.

Notably, the CB21 Seismic Survey has resulted in the employment of >180 personnel. The Company will process and interpret the new 2D seismic data to refine the Muzarabani-1 drilling location and well path and identify any additional prospectivity for the upcoming drilling campaign.

Polaris, Vibroseis trucks in the field

Image source: Company presentation, Sep 2021

Subsequent to the end of the quarter, Earth Signal commenced the processing of the CB21 survey data. The preliminary processing of test Line 05 is demonstrating promising results in comparison to the 2019 fully re-processed vintage data from the 1990 Mobil survey. The final seismic products will determine the optimum well locations for the high impact basin opening drilling campaign scheduled for 1H 2022.

Drilling program update

During the reporting period, Invictus completed the tendering process for long lead drilling items (wellheads and casing) which is awaiting formal award. The rig selection process is advancing.

Corporate Social Responsibility program expanded

Invictus commenced the second phase of its CSR program for the remainder of 2021 which focuses on the provision of water to communities. It is taking cognisance of the submissions from the Environmental Impact Assessment and feedback to our Community Liaison Officers from ongoing consultations with the local community during the current seismic survey program.

Way forward

The Company is advancing its drilling plans for 1H 2022 basin opening drilling program. It is in discussions with shortlisted rig providers and drilling services providers.

Besides, Invictus will also process and interpret the new 2D seismic data. Data and final seismic products from Earth Signal will help Invictus determine the optimum well locations for the high impact basin opening drilling campaign scheduled for 1H 2022.

The Company is also finalising its US based OTCQB listing following significant investor interest from North America and will trade under the ticker symbol “IVCTF”.

All in all, Invictus has an exciting and transformative period ahead as it works towards the 1H 2022 drilling campaign.

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