Australian Securities Exchange (ASE) listed company, Invictus Energy scored several notable developments for its gas projects during the half-year ended 31 December 2021 with the company currently prepping for the maiden drilling program to test the world-class Muzarabani prospect, anticipated to commence in June 2022.
The Cabora Bassa 2021 seismic survey (CB21 survey) was completed, with 864km of high-resolution 2D seismic data acquired, with the survey exceeding Invictus’ minimum work program obligations of 300km of 2D seismic data.
The CB21 survey produced encouraging early results, with the strong amplitude anomalies and potential Direct Hydrocarbon Indicators observed in the Muzarabani structure and along the basin margin fault.
“Structural and stratigraphic features have been revealed, offering a target-rich environment for the upcoming drilling program,” the Company said in a statement accompanying the financial results.
The Company also inked deals with Cluff Energy Africa (CEA) and EXALO Drilling SA for a 2 well exploration drilling campaign set to commence in May 2022 and drill the Muzarabani-1 exploration well respectively.
Invictus and CEA will investigate the options for mitigating carbon emissions from the project including carbon capture and storage (CCS) or similar solutions to align with Zimbabwe’s strategic objectives.
“Besides these, Invictus has secured the necessary casing, wellheads and ancillary long lead items for a 2-well drilling program,” Invictus said.
On the corporate front, the company completed a capital raise by way of placement, for a total of A$3.5 million before costs and further executed a placement for A$0.5 million with Mangwana Opportunities Fund.
Subsequently, due to demand, a Share Purchase Plan (SPP) of A$4 million was raised.
Meanwhile, the Company incurred a loss after tax of US$1,9 million up 164% compared to the same period in 2020.
Total net cash outflows from operating and investing activities stood at US$5,9 million compared to US$523 745,66 achieved during the 2020’s comparable period.
The company is exploring oil and gas in the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.