DT Correspondent
Australia Stock Exchange-listed oil and gas exploration company, Invictus Energy, has successfully executed a contract amendment with Exalo Drilling S.A. (“Exalo”) to extend the presence of Rig 202 in Zimbabwe’s Cabora Bassa Basin for up to two years.
This extension will facilitate the drilling and testing of future wells, solidifying Invictus’ commitment to the basin’s potential.
According to Invictus Managing Director, Scott MacMillan, the contract amendment signifies the company’s confidence in the Cabora Bassa Basin.
The positive results obtained so far from Invictus’ drilling programs have provided them with the assurance to retain Rig 202 at the Mukuyu-2 location even after completion of the current drilling operations. This will allow ample time for preparations for future drilling and testing campaigns.
“The contract amendment executed with Exalo to keep Rig 202 for an additional 2 years underpins our confidence in the basin and provides us maximum flexibility to accelerate and execute future drilling and testing campaigns.
“The retention of the rig will result in substantial time and cost savings to the Company compared to demobilising and remobilising a drilling rig for future campaigns.
“The performance of Exalo and Rig 202 to date has been exceptional and we are pleased to extend our relationship with them for our future campaigns,” MacMillan said.
This contract amendment follows a previous agreement in January of this year, when Invictus and Exalo extended the presence of IRI 1200 in the Cabora Bassa Basin for up to 12 months.
The continuous collaboration between Invictus Energy and Exalo demonstrates their shared commitment to realizing the untapped potential of the basin and furthering exploration efforts.
As Invictus continues to unlock the potential of Zimbabwe’s oil and gas resources, the extended presence of Rig 202 will undoubtedly contribute to the acceleration and success of future drilling and testing campaigns.
