Invictus Energy (ASX: IVZ) Confirms November Spud for Musuma-1

Invictus Energy has secured Exalo Rig 202 and confirmed a November 2026 spud for its Musuma-1 exploration well in Zimbabwe.

The company executed a Deed of Variation with Exalo Drilling covering the revised work scope and drilling schedule. It has also secured mobilisation windows for key well services.

Those steps move Musuma-1 from planning into execution. Wellpad construction, civil works, logistics and rig maintenance are progressing in parallel.

The drilling schedule now rests on completing those critical-path activities and mobilising equipment and personnel to the site.

Rig Campaign Takes Shape

Exalo will undertake a maintenance and operational-readiness campaign before moving Rig 202 from Mukuyu to Musuma-1.

The program follows a completed rig inspection and finalisation of the maintenance scope. It will prepare the rig for mobilisation, rig-up and drilling.

Exalo personnel will work alongside drilling teams from Invictus and Geo Associates during preparation and mobilisation.

Meanwhile, Invictus has substantially advanced procurement for the remaining well services. Commercial and technical evaluations are complete, with contracts being prepared for award.

Service providers will then inspect and prepare their equipment and personnel. Staged mobilisation will follow ahead of the planned November start.

Managing Director Scott Macmillan said: “Following execution of the Deed of Variation with Exalo and commencement of the rig maintenance and readiness campaign we’re pleased to confirm a November spud date for the Musuma-1 well.”

Site Work Starts Next

Construction of the Musuma-1 wellpad and associated civil works is scheduled to begin the following week.

Work will start after customary cultural ceremonies and traditional protocols with local leaders and host communities are completed.

The civil program includes the wellpad, supporting site infrastructure and road upgrades. Those roads are required to mobilise the rig and associated services.

Macmillan said well-services evaluations were complete, with awards for the remaining scopes targeted in the coming weeks.

A Large, Unrisked Target

Musuma-1 targets an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet of gas. The target also contains an estimated 73 million barrels of condensate.

These estimates relate to undiscovered accumulations and are not reserves. They carry both discovery and development risk, while further exploration and appraisal are required.

Invictus said the estimates have not materially changed since its updated prospective resource statement dated September 3, 2024.

Musuma-1 will be the company’s first high-impact exploration well outside the Mukuyu gas-condensate discovery area. It will test a new play type in the Cabora Bassa Basin.

That distinction makes the well important to assessing Invictus’s acreage beyond Mukuyu. Several prospects in the eastern licence area were identified through the CB23 seismic survey.

Musuma-1 therefore provides a direct test of the basin’s eastern resource potential. A successful drilling operation alone, however, would not establish commercial viability.

The company controls a prospective 360,000-hectare position in the Cabora Bassa Basin. Its portfolio includes the Mukuyu Gas Field and multiple Basin Margin prospects.