Invictus Energy Ltd (ASX:IVZ), an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa, has announced the execution of a Deed of Variation to its drilling contract with Exalo Drilling S.A. The company’s asset portfolio consists of a highly prospective 360,000 hectares within the Cabora Bassa Basin in Zimbabwe, which includes the Mukuyu Gas Field. This formalises the provision of Exalo Rig 202 for the high-impact Musuma-1 exploration well, confirming a spud date of November 2026 at the Cabora Bassa Project.
The revised rig contract, coupled with securing necessary rig preparation and well services mobilisation work scopes, enables Invictus to proceed with the planned drilling campaign. Exalo will undertake a comprehensive maintenance and operational readiness programme for Rig 202 ahead of its relocation, rig-up, and the commencement of drilling operations. This critical path activity ensures the rig is prepared for safe and efficient operations at the Musuma-1 wellsite.
Invictus has also made substantial progress on the procurement of remaining well services, with contracts for these services currently being prepared for award. Following this, equipment preparation and staged mobilisation to the Musuma-1 location will commence. Construction of the Musuma-1 wellpad and associated civil works is slated to begin next week, after customary cultural ceremonies with traditional leaders and local communities. The Musuma-1 well targets an estimated gross mean unrisked prospective resource of 1.2 Tcf of gas and 73 million barrels of condensate, aiming to expand the resource base of the Cabora Bassa Project and unlock new play types in the eastern portion of the licence area.
