Exploration rights granted - Basin margin well confirmed

Yesterday our 2020 Energy Pick Of The Year Invictus Energy (ASX: IVZ) confirmed that it now holds the exploration rights to the 1848 and 1849 permits which cover the basin margin “string of pearls” play.

With the formal granting of the exploration rights to IVZ, the company says it will drill the basin margin play (Baobab-1 well) right after the Mukuyu-1 well is completed.

IVZ confirmed that civil works have commenced at the Baobab-1 well site (basin margin play) to ensure that the drill rig could be moved over from the Mukuyu prospect.

IVZ expects this to take four weeks to complete, so after almost 2.5 years of patiently waiting, we might get to see IVZ drill two of its prospects in the coming months.

The basin margin play is particularly interesting because it shares similar characteristics to the types of basin opening discoveries made across the East African Rift “string of pearls” plays.

Long time readers will remember one of our first ever oil and gas picks, Africa Oil, which drilled its own “string of pearls” play in the Lokichar basin in Kenya in ~2012, after which its share price gained ~1,200%.