Invictus set to begin seismic programs
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Invictus Energy (ASX:IVZ) has awarded its Seismic Acquisition contract to Polaris Natural Resources.
Polaris will conduct a 2D survey in the Cabora Bassa Basin, where IVZ operates its 80% owned Cabora Bassa Project in Zimbabwe.
The Cabora Bassa Project encompasses the Mzarabani Prospect, a multi-TCF and liquids rich conventional gascondensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. The prospect is defined by a robust dataset acquired by Mobil in the early 1990s that includes seismic, gravity, aeromagnetic and geochemical data.
The pending seismic program aims to refine the Mzarabani-1 drilling location and identify additional prospectivity for upcoming drilling campaigns.
“Our exploration program is on track, and the significant amount of preparatory work that we have undertaken is paying off, Invictus Managing Director Scott Macmillan commented.
“We are using a very experienced contractor and have put in place a very experienced team to run the program. The seismic program will enable us to refine the Mzarabani-1 target defined from the existing seismic dataset and help us fill our prospect inventory ahead of our basin opening drilling campaign. We are very excited to get our exploration program underway.”
It is able to do so after the Petroleum Exploration Development and Production Agreement (PEDPA) between Invictus’s 80% owned subsidiary, Geo Associates and the Republic of Zimbabwe was executed, with the agreement being signed on behalf of the Government of the Republic of Zimbabwe by the Minister for Mines and Mining Development, Hon. Winston Chitando in late March.
The PEPDA provides the framework for progression of the Cabora Bassa Project as well as the licence holder with the right to enter into a 25-year production licence following the exploration periods.
IVZ is currently in the second exploration period.
Read: Invictus shares surge as government paves the way for Cabora Project
Polaris is Canada’s longest standing seismic company and has conducted over 1,000 seismic projects since 1996.
The company was behind the first ‘low impact seismic crew’ into Africa in 2008.
Polaris has conducted over 15 projects in East Africa and has been well accepted in all communities where they have operated.
The proposed seismic survey will be conducted with a minimal environmental footprint and utilise existing roads and tracks wherever possible.
“Polaris is very pleased to support Invictus on this world class project,” Bill Mooney, Polaris CEO said.
“The combination of technologies being employed represent not only the lightest seismic footprint possible, but also allows for very fast and high resolution data acquisition.”
Barry Meikle has joined the Invictus team as Seismic Project Manager.
Meikle has extensive experience in onshore seismic acquisition projects in PNG with Total and Interoil and project management expertise with oil field service companies in East Africa.
Polaris will begin mobilising the seismic equipment and personnel to Harare in the coming weeks.
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