Invictus Energy extends Exalo Rig 202 contract in Cabora Bassa Basin
Invictus Energy Limited, an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ), has announced a significant update regarding its operations at the Cabora Bassa Project in Zimbabwe. The company has successfully extended its contract with Exalo Drilling S.A (“Exalo”) for the Exalo Rig 202, ensuring its presence in the Cabora Bassa Basin for an additional two years. This extension is a strategic move to facilitate the drilling and testing of future wells in the basin.
Invictus Energy’s Continued Commitment to Cabora Bassa Basin
The contract amendment executed between Invictus and Exalo is a testament to the company’s confidence in the Cabora Bassa Basin. This extension underpins Invictus Energy’s dedication to exploring one of the last untested large frontier rift basins in onshore Africa. The decision to keep Rig 202 at the Mukuyu-2 location post-completion of current drilling operations indicates the potential that Invictus sees in the basin for future exploration activities.
Invictus Energy Announces Key Contract Extension with Exalo Drilling in Cabora Bassa Basin
Substantial Time and Cost Savings for Invictus Energy
According to Managing Director Scott Macmillan, retaining the Exalo Rig 202 in the basin will lead to substantial time and cost savings for the company. This is especially significant when compared to the expenses involved in demobilizing and remobilizing a drilling rig for future campaigns. The performance of Exalo and Rig 202 has been exceptional, prompting Invictus to extend their relationship with Exalo for future drilling and testing campaigns.
Invictus Energy’s Role in Zimbabwe’s Energy Sector
Headquartered in Perth, Australia, with offices in Harare, Zimbabwe, Invictus Energy is at the forefront of opening the Cabora Bassa Basin in northern Zimbabwe. This high-impact exploration program is crucial for the country’s energy sector, as it explores one of the last large frontier rift basins in onshore Africa. Invictus’s extended commitment to the Cabora Bassa Project represents a significant step in the development of Zimbabwe’s oil and gas potential.
This strategic extension of the Exalo Rig 202 contract by Invictus Energy underscores the company’s ongoing commitment to advancing the exploration of the Cabora Bassa Basin, promising a bright future for Zimbabwe’s energy sector.