Major Drilling Rig Contract Signed

Source: 3/10/2022, Location: Africa

• Binding drilling rig contract signed with Exalo Drilling SA for #202 Rig
• New Country Manager Barry Meikle appointed to Invictus team
• Managing Director Scott Macmillan arrives in Zimbabwe to meet contractors and progress the drilling program
• Drilling program anticipated to commence June 2022
• Muzarabani-1 well targeting prospective resources of 8.2 Tcf + 247 million barrels conventional gas-condensate

Invictus Energy Limited, is pleased to provide an update on the activities of its 80 per cent owned and operated Cabora Bassa project in Zimbabwe.

Binding drilling rig contract signed with Exalo Drilling SA Invictus is pleased to confirm it has executed a binding drilling rig contract with Exalo Drilling SA to drill the Muzarabani-1 exploration well and an option for an additional exploration well for the basin opening drilling campaign, scheduled to commence in June 2022.

The contract comes after Invictus entered an MOU with the company last December and involves the Exalo #202 rig, which has a drilling range of 5000m. The #202 Rig is currently engaged in operations in Tanzania and is expected to commence mobilisation to the Cabora Bassa project in May.

Last week the Company finalised processing of its 2021 Cabora Bassa 2D Seismic Survey (“CB21 Survey”), with interpretation of the data now underway. Early interpretation has revealed multiple trapping geometries and a target rich hydrocarbon environment.

The Company has identified a number of potential well locations for the Muzarabani-1 well and is maturing additional prospects identified from the CB21 Survey for a second well to be drilled in the upcoming campaign.

New Country Manager appointed
Invictus is pleased to announce the appointment of Barry Meikle as Country Manager of the Company. Mr. Meikle brings significant operational and HSE experience throughout Africa and Oceania to the role.

Prior to his appointment, Mr. Meikle served with Invictus as Project Manager for the CB21 Seismic Survey and lead the execution of the seismic survey which was delivered within budget and on schedule with 147,000 hours of LTI free operations.

Previous experience includes a range of onshore geophysical, operational and camp project management in mining and oil and gas in Africa including in Kenya with the successful Lokichar Basin drilling campaign and Papua New Guinea with InterOil and Total Energies.

Mr. Meikle is Non-Executive Director of Allied Timbers Saligna and Mina Alumina LTA (in Mozambique) and a member of the Victoria Falls COVID Taskforce.

Leadership team in-country
Managing Director and Zimbabwe native Scott Macmillan arrived back in his home country late last week for a planned month of on-the-ground engagement as preparation of the drilling campaign ramps up. It is the first time Mr. Macmillan has been able to return to Zimbabwe since 2020.

He will be joined in mid-March by Chairman Dr Stuart Lake and Non-Executive Director Mr. Gabriel Chiappini along with Zimbabwe based Deputy Chair Joe Mutizwa and Joint Venture partner Paul Chimbodza of OneGas Resources to progress engagements with the Republic of Zimbabwe on a licence area extension to culminate in a 2 well exploration program.

Invictus Managing Director Scott Macmillan commented:
“The maiden drilling program to test the world class Muzarabani prospect is coming together very well, having secured Exalo’s #202 rig, global well services provider Baker Hughes and long lead items.

“Invictus welcomes Country Manager Barry Meikle to the team at this critical time as the Company ramps up activity in the Cabora Bossa basin.

“Having strong local leadership that continues to engage widely with stakeholders as we mature additional potential within our acreage and build our prospective resource inventory is crucial.”

“I am looking forward to spending time on the ground in Zimbabwe over the next month to ensure our campaign remains focussed as momentum builds.”

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