Frustration as equipment failure delays Energy Invictus exploration tests

Energy explorer Energy Invictus was left frustrated due to euipment failure has delayed its bid to test its exploration well for gas/oil.

In an update, Invictus says: “Tool failures and unforeseen delays are an unfortunate but common occurrence in frontier oil and gas exploration.”

The company recently, suspended trading of its shares till 29 December 2022, at its request, as it waits to announce oil/ gas exploration results.

The company had recently run ‘wireline logging’, a process meant to confirm if there are viable oil/gas deposits at the well site.

Invictus Energy is an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ) and the OTC.

Its asset portfolio consists of a highly prospective licence, Special Grant 4571, in the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.

SG 4571 contains the world class Mukuyu conventional gas-condensate prospect, the largest undrilled prospect onshore Africa with an independently estimated 20 Tcf + 845 million barrels (~4.3 billion barrels of oil equivalent on a gross mean unrisked basis) of conventional gas-condensate in 8 stacked targets.

The Mukuyu-1 well is planned to commence drilling end August or early September 2022 with Exalo’s 202 Rig which is on location at the wellsite.

The Mukuyu-1 will test one of the largest prospects to be drilled globally in 2022.

Zwnews