Invictus Energy Ltd (ASX:IVZ) has confirmed a November 2026 spud date for the Musuma-1 exploration well at its Cabora Bassa Project in Zimbabwe after securing Exalo Rig 202 under a revised drilling contract.
The company has executed a Deed of Variation with Exalo Drilling S.A., formalising the revised drilling schedule and scope of work for Musuma-1, while rig preparation, mobilisation planning and procurement of key well services are also advancing.
Musuma-1 will target an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet (Tcf) of gas and 73 million barrels of condensate, making it one of the larger undrilled conventional exploration opportunities identified in the Cabora Bassa Basin.
Drilling campaign moves into execution
Exalo is preparing to begin a maintenance and operational readiness campaign for Rig 202 ahead of mobilisation from the Mukuyu area to the Musuma-1 wellsite.
Invictus said the inspection and maintenance scope for the rig had been completed, with the preparation program designed to support safe mobilisation, rig-up and drilling operations.
Meanwhile, commercial and technical evaluations for the remaining well services have been completed and contracts are being prepared for award. Equipment and personnel will then be prepared and progressively mobilised to site ahead of drilling.
Construction of the Musuma-1 wellpad and associated civil works is also scheduled to begin following completion of customary cultural ceremonies and protocols with local traditional leaders and communities.
The works will include wellpad and supporting infrastructure construction as well as upgrades to the road network required to move the rig and associated drilling services to site.
Invictus managing director Scott Macmillan said the revised Exalo agreement and commencement of the rig readiness campaign had enabled the company to confirm the November drilling timetable.
“Musuma-1 is a high-impact exploration well with the potential to materially expand the resource base of the Cabora Bassa Project and complement the Mukuyu gas-condensate discovery,” he said.
Musuma-1 targets new Cabora Bassa play
Musuma-1 will be the first high-impact exploration well drilled outside the Mukuyu gas-condensate discovery area and is targeting a separate play type in the basin.
Invictus believes the well could open a new resource area in the eastern portion of its licence, where several prospects have been defined from the CB23 seismic survey.
The seismic section presented on page 3 of the company announcement highlights the Musuma structure and associated seismic responses, including interpreted up-dip brightening and a flat spot.
The prospective resource estimate remains subject to exploration and development risk, with further drilling, appraisal and evaluation required to establish whether commercially recoverable hydrocarbons are present.
About Invictus Energy
Invictus Energy is an independent upstream oil and gas explorer focused on the Cabora Bassa Basin in northern Zimbabwe.
Its portfolio covers around 360,000 hectares and includes the Mukuyu gas field as well as multiple basin-margin prospects.
The Perth-headquartered company has already made a gas discovery at Mukuyu and is continuing exploration across what it describes as one of the remaining large frontier rift basins onshore Africa.