IVZ kicks off preparations for oil & gas well in H2-2026

Our oil & gas Investment Invictus Energy (ASX: IVZ) just confirmed wellpad preparations have commenced for its next big drilling event - planned for the second half of this year.

IVZ’s got the Musuma-1 well planned to spud in H2-2026, targeting an 1.2Tcf gas and 73M barrels of condensate resource.

Musuma is one of the many targets has across its broader ~5.5 billion barrel oil equivalent prospective resource inventory:

(source)

This will be the first well IVZ drills after making its Mukuyu discovery from its two wells back in 2022/2023.

Here is where the next well sits relative to that ~1.3 trillion cubic feet gas discovery (~230M barrels of oil equivalent) from the first two wells:

(source)

The difference between the two wells drilled at Mukuyu and the one upcoming is that its shallower AND technically less complex - given everything IVZ would have learnt from drilling Mukuyu.

For context the Mukuyu wells were drilled to depths of ~3,360m, and were the first ever wells drilled on the project, with Musuma IVZ’s plan is to drill down to depths of ~1,500m.

(source)

IVZ kicked off initial surveys and is now planning the rig move/mobilisation to the drilling location.

It has been a while since IVZ drilled the Mukuyu-2 well, so it is good to see preparatory work underway now as drilling becomes more difficult late in the year due to the wet season, especially if the rig hasn’t moved.

IVZ expects to have contracts in place for the field crew next month, so we should be confident of the drilling timeframe in the near term once these are finalised.

We took part in the IVZ’s recent capital raise - so hopefully we get this well drilled this year.

Check out our most recent deep dive into IVZ here: IVZ: We go again…

What else is IVZ up to?

IVZ also announced plans to get its testing programs underway for its existing discoveries and even singled out a potential customer for its gas - the nearby Eureka gold mine:

(source)

Here is a closer look at the plan for the testing program:

(source)

Check out the latest presentation from last week to see it in more detail: Unlocking a new hydrocarbon province in the Cabora Bassa Basin

Alternatively, check out the webinar MD Scott Macmillan did ~2 weeks ago here:

(Invictus Energy shareholder update webinar - April 2026)

What we want to see next from IVZ:

Drill the Musuma-1 well

We want to see IVZ drill its next well targeting 1.2 Tcf gas + 77M barrels of condensate resource.

IVZ expects to be drilling next half

Here are the milestones we will be tracking:

• 🔄Rig mobilisation to site
• 🔲Drilling starts
• 🔲Drilling updates
• 🔲Drilling results

PPSA signed and executed

We also want to see IVZ sign a Petroleum Production Sharing Agreement (PPSA) with the Zimbabwe government.

Recent company commentary points to this being signed and executed in coming weeks. When signed, the biggest regulatory overhang lifts.

Here are the milestones we will be tracking:

• ✅PPSA terms finalised
• 🔄PPSA signed
• 🔲PPSA executed

A new deal?

A big part of the old deal with the Qatari’s was to look at acquiring new assets in Africa (more advanced assets).

IVZ has also mentioned “New venture business development” again in a recent announcement - which definitely caught our eye…

(source)

IF this came in then it would be an added bonus for our IVZ Investment Thesis.