UPSTREAM oil and gas firm Invictus Energy Ltd says a number of positive advances made in the past month have brought the company closer to beginning its historic Mukuyu-2 (M-2) drilling operation.
Construction at the selected M-2 wellsite, according to Invictus managing director Scott MacMillan, has commenced with clearing and compaction complete, and well trajectory confirmed, with the campaign on track to spud in the third quarter of this year.
“The M-2 appraisal well follows our Mukuyu-1/ST-1 play opening campaign completed earlier this year that confirmed the presence of a working hydrocarbon system with light oil and liquid rich gas, as well as helium which could add a valuable revenue stream to the company given growing demand for high-end technological applications,” MacMillan said in a message to shareholders.
Targeting multiple horizons intersected in the Mukuyu-1 / ST-1 well in an updip location including primary Upper Angwa and untested Lower Angwa reservoirs, MacMillan said the appraisal well would provide valuable data for all prospective formations and characterise wider basin prospectivity and high-grade additional drill ready targets.
“Following spud, the campaign is expected to take 50-60 days and reach a planned total depth of approximately 3 700 metres,” he said.
“Pleasingly, the results of the play opening Mukuyu-1/ST-1 campaign de-risk our exploration efforts in Zimbabwe’s frontier Cabora Bassa Basin, which remains one of Africa’s largest unexplored land-based prospects.”
Working alongside Invictus is a range of well service providers, which are ready after being awarded contracts to carry out this phase of the Cabora Bassa programme.
SLB (previously known as Schlumberger) was awarded the open-hole wireline logging contract, Geolog International has been awarded the mudlogging contract, while Baker Hughes in combination with NOV have been awarded the directional drilling and logging contracts.
The Invictus chief said Exalo Rig 202 maintenance has been completed and the rig mobilisation is underway to the M-2 wellsite.
“Through the support and ongoing commitment of shareholders, the company is well positioned to carry out activity associated with M-2, having raised AU$35,4 million last quarter through a private placement and share purchase plan,” he said. – (Newsday)