Polaris signs for more seismic work in Zimbabwe

Zimbabwe

HARARE, May 18, 2023 – Invictus Energy has awarded a contract to Canadian exploration company Polaris Natural Resource Development for 2D seismic acquisition services in its second exploration phase of the Cabora Bassa basin in Zimbabwe, the Australian Independent announced on Wednesday.

The survey will cover a minimum of 400 kilometres on the EPO 1848 and EPO 1849 concessions. The blocks lie east of the SG 4571 concession, which hit hydrocarbons at Mukuyu-1 well in January 2023.

The two uncharted blocks encompass the Mopane, Musuma, Machabel and Mahogany leads on the same line as the Mukuyu discovery and the Mimosa and Mukwa leads in the Basin Margin play to the south.

The Basin Margin play has been independently estimated to hold 12 billion barrels of oil.

Mobilisation of seismic equipment and personnel is currently underway in Harare.

Cost of the 2D seismic contract was not disclosed.

In April 2023, Invictus Energy announced it had raised USD 10 million to fund further exploration of the basin.

Polaris Natural Resource Development provided the first phase of seismic studies on the Cabora Bassa basin in 2021.

Additionally, Invictus Energy announced that preparations to drill the Mukuyu-2 well on the SG 4571 concession are underway.

The E&P player is targeting gas condensate and light oil in the Upper Angwa, Pebbly Arkose and Post Dande formations at the second exploration well.

Maintenance and upgrade of the Exalo Rig 202 that will be used to drill the appraisal well began in April 2023, with the well set to spud in Q3 2023.