IVZ 2D seismic contract awarded - Drilling set for Q3 this year

Our 2020 Energy Pick of the Year, Invictus Energy (ASX: IVZ) just contracted out its 2023 2D seismic program across the eastern portion of its gas project in Zimbabwe.

IVZ is now gearing up to run ~400km of 2D seismic with the ultimate aim of maturing drill targets across its ‘central fairway’ targets.

Across its central fairway targets, IVZ has a gross unrisked prospective resource of >4.3 billion barrels of oil equivalent.

Ultimately IVZ will be looking to use the seismic data to firm up future drill targets on trend with Mukuyu and across its basin margin targets.

What’s next for IVZ:

1) Preparation for drilling Mukuyu-2 in Q3 this year.

The latest update for the Mukuyu-2 well is that IVZ’s drilling contractor is continuing with its maintenance and upgrade works on the Exalo 202 rig.

Upgrades started in April and IVZ expects the rig move to start soon after.

2) 2D Seismic programs across eastern part of project.

IVZ now has the 2D seismic contractor locked in for a ~400km^2 program.

IIVZ confirmed today that the contractor had already started mobilising seismic equipment and personnel so we shouldn't have to wait for this program to start.

We expect the program to be run in the background while IVZ drills its Mukuyu-2 well.