Invictus Energy has said at least 425km of seismic line preparation has been completed ahead of the data acquisition which is expected to be complete by mid-August.
The energy utility group which is embarking on the first oil and gas exploration in Zimbabwe said the campaign has so far provided business to local suppliers through procurement of goods and services adding that the project has generated over 100 direct jobs.
Invictus is an independent upstream oil and gas company headquartered and listed on the Australian Securities Exchange with offices in Harare.
Commenting on the progress after the group recently marked the site of the Mukuyu-2 well, Invictus Managing Director Scott Macmillan said the seismic acquisition has commenced across several exciting leads.
“The Company is pleased to have already made significant progress with the 2D seismic data acquisition campaign in EPO 1848 and EPO 1849.
“Seismic acquisition has commenced across several exciting leads on trend from Mukuyu and we anticipate maturing a number of these to drill-ready prospects, which will add to our already world class exploration portfolio and substantial prospective resource base,” Macmillan said.
The group confirmed the presence of light oil, gas, and helium in the country and is optimistic that the further discovery of the precious liquids will unlock the value of our material portfolio in the Cabora Bassa Basin.
“We are extremely pleased with the performance of Polaris and the local field crew who completed 425km of seismic line preparation ahead of the data acquisition, which will ensure the campaign is completed seamlessly.
“The CB23 Seismic Survey has generated over 100 direct jobs during the campaign for the local communities, as well as the procurement of goods and services from local suppliers,” said Macmillan.
Invictus Energy has marked the site of the Mukuyu-2 well which will be located approximately 6.8km north-east of their first expedition.
The energy utility group recently raised over US$23 million for the current oil and gas exploration and appraisal phase. – (Newsday)