- Oil and gas explorer Invictus Energy Limited (ASX:IVZ) is focused on high-impact energy resources in sub-Saharan Africa.
- Its 80%-owned-and-operated Cabora Bassa Project in Zimbabwe has been on an impressive development spree.
- The Company plans to conduct an exploration campaign throughout the remainder of CY21.
Invictus Energy Limited (ASX:IVZ) is opening one of the last untested large frontier rift basins in onshore Africa - the Cabora Bassa Basin. How? The answer is simple- through a high-impact exploration program.
With an asset portfolio of a highly prospective 250,000 acres within the Basin, Invictus is currently developing its 80%-owned-and-operated Cabora Bassa Project. Notably, Special Grant 4571 has the multi-TCF Mzarabani as well as the Msasa conventional gas-condensate prospects.
SG 4571, Source: Company website
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March 2021 quarter highlights
Invictus had a productive quarter ending March 2021. The excellent quarter saw Invictus achieving several significant milestones and build on its strong foundations-
- The PEPDA between Invictus’s subsidiary, Geo Associates, as well as the Republic of Zimbabwe was successfully executed.
- A significantly oversubscribed AU$8-million capital raise was completed.
- A seismic acquisition contract was awarded to Polaris Natural Resources Inc for a 2D seismic program in the Cabora Bassa Basin.
Buoyed by the fast-paced developments across the quarter ending March 2021, Invictus has a lot planned for the remainder of CY 2021.
Polaris may soon begin mobilising the seismic equipment and personnel to Harare ahead of the seismic acquisition program. This way, it can be prepared before being deploying to the field. The data acquisition is likely to start in Q2 CY2021.
The seismic acquisition program is significant as it has the potential to unlock additional value for Invictus and delineate the optimal drilling location to test the Mzarabani prospect.
Notably, the completion of a strongly supported capital raise has put the Company in an excellent position to complete its upcoming seismic acquisition program.
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Following the seismic acquisition, Invictus plans to conduct a high-impact basin-opening drilling campaign.
Besides, there can be developments around the PEDPA front. The execution of the PEPDA with the Republic of Zimbabwe has been a significant milestone. It provides the Special Economic Zone (SEZ) status to the Cabora Bassa Project.
IVZ was trading at AU$0.145, up by 3.5%, in the early trading hours of 18 May 2021.