IVZ completes environmental permitting - drilling on track

Our 2020 Energy Pick of the Year, Invictus Energy (ASX: IVZ) just got its environmental licenses renewed.

The renewed environmental permits cover all of IVZ’s ground in the Cabora Bassa basin, Zimbabwe meaning the company is now cleared to run its seismic surveys and drill its Mukuyu-2 well.

The environmental permits will run for another two years through to May 2025.

What’s next for IVZ?

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

IVZ has the Exalo 202 rig warm stacked meaning it can mobilise the rig to site relatively quickly.

At the moment the drilling contractor is completing maintenance and upgrade works, preparing the drill rig for Mukuyu-2.

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.