IVZ confirms next well for H2-2025

Published 14-APR-2025 13:19 P.M.

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Our oil and gas Investment Invictus Energy (ASX: IVZ) just announced it would be drilling its next well later this year.

IVZ confirmed that its next well would be an exploration well at “Musuma-1”.

Importantly, the new target is in a separate area to IVZ’s existing discovery in Zimbabwe.

Here is where the new well sits relative to IVZ’s existing discovery at Mukuyu:

More on the new target:

IVZ’s new target has a prospective resource of 1.2 trillion cubic feet of gas and 73 Million barrels of condensate.

The target was actually defined in IVZ’s latest round of seismic surveys (in 2023).

The significance of this target is that if IVZ is able to declare a discovery, it unlocks all of the other targets in the eastern part of IVZ’s block.

The well is relatively shallow for oil & gas at ~1,500 metres and IVZ’s plan is to be drilling in H2-2025.

An update on IVZ’s Production sharing agreement 🔄

We also got an update on the Petroleum Production Sharing Agreement for IVZ.

The production sharing agreement is important for IVZ as it would lay out the regulatory framework under which IVZ can operate its project.

This becomes more and more important when IVZ gets to the development stage for it’s project.

In today’s announcement IVZ said that the “updated agreement is now in its final stages of preparation and, under the direction of the Zimbabwe President, is being fast-tracked for execution as soon as possible”.

This comes after a March site visit from senior Government representatives, the Mutapa Investment Fund, traditional leaders, local investors, potential offtake partners, and strategic project partners.