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Invictus Energy Secures Drilling Rig For Muzarabani Oil Wells

Invictus Energy Secures Drilling Rig For Muzarabani Oil Wells

Invictus Energy Limited says it has secured long lead items for a high impact 2-well drilling campaign scheduled to commence in May 2022.

In a statement, the Australian firm said that it has obtained the necessary casing, wellheads and ancillary long lead items for a 2-well drilling programme.

The company also revealed that it has completed an extensive tendering exercise for
integrated well services contract including cementing, directional drilling, logging while drilling, drilling fluids and wireline services for the upcoming drilling campaign. It said the formal award of the contract is expected soon.

Invictus Energy Managing Director Scott Macmillan said they are preparing for a successful drilling campaign. Said, Macmillan:

We are very pleased with the way the drilling program is coming together with Invictus securing the wellheads and casing long lead items for a high impact 2-well drilling program.

We are now finalising the well services contract award and working to execute the binding rig agreement with Exalo for the #202 drilling rig.

Invictus remains on track for the upcoming drilling campaign to commence in May 2022.

We are planning for a successful drilling campaign, which if transpires will be a transformational event for both Invictus and Zimbabwe.

Invictus Energy Limited owns and operates 80% of the Cabora Bassa Project in Zimbabwe.

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6 Comments

Ungwas 7 months ago

The white skinned will never invest in an empty ended venture.God bless!


Analyst 7 months ago

Who owns the undisclosed 20 percent shareholding? Does Muzarabani community own anything by way of a community share ownership structure? I wish wherever such extractive and resource depleting investments are done, immediate communities would get a certain percentage of the corporate shares, e.g. five percent shareholding. Doing so would, at least, if such funds are properly managed enable said communities to benefit while enhancing their sense of ownership of their God given resources. Dividends earned by said communities could then be channelled towards community development initiatives which would not have been quite possible and significant using funds that are sometimes devoted to such initiatives by way of corporate social responsibility solely by the companies.


Analyst 7 months ago

@Tkt: if you read my comment carefully, you will no doubt realize that my question on shareholding structure did not make reference to the Muzarabani project. A company's shareholding structure is invariant to projects they invest in. It is about wholesale ownership of a company regardless of where they then elect to invest their corporate resources. Maybe if you are privy to that information and you wish to help, who owns the 20%?

Tkt 7 months ago

Wangu 80% idzo hadzisi dzepa Muzarabani project, don't mix up things

Agremento 7 months ago

Analyst Thank you for the observation who owns the shares hope it's not the fuel tycoon.


Analyst 7 months ago

@ Agremento: you're welcome.


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