Invictus Energy Limited - IVCTF stock
OTC Symbol: IVCTF | OTC Tier: OTCQB | Related ticker symbols: ASX: IVZ
About[edit]
Invictus Energy Limited is an independent oil and gas company based in West Perth, Australia, focused on exploring and appraising the Cabora Bassa project in the Cabora Bassa Basin, located in northern Zimbabwe, where it holds an 80% interest in SG 4571, covering an expansive area of 360,000 hectares; the company was formerly known as Interpose Holdings Limited and underwent a name change to Invictus Energy Limited in June 2018, having been incorporated in 2011.[1]
History[edit]
The origin of Invictus Energy Limited can be traced back to its founders' vision of identifying potential oil and gas reserves in underexplored regions, particularly in Africa. Zimbabwe, with its geologically prospective basins, presented an opportunity for the company to explore and tap into potential hydrocarbon resources. By leveraging modern exploration technologies and geoscience expertise, Invictus Energy aimed to identify and quantify potential oil and gas resources in the Cabora Bassa Basin, contributing to Zimbabwe's energy security and economic development.
Projects[edit]
One of Invictus Energy's key projects is the Cabora Bassa Project, located in northern Zimbabwe. This project attracted significant attention due to its exploration potential, and the company obtained exploration licenses to conduct seismic studies and drilling operations.[2] The company owns an 80% interest in this project, which encompasses 250,000 acres.[3] Estimates indicate that the area holds up to twenty trillion cubic feet of natural gas and 845 million barrels of gas condensate.[4]
In December 2021, Invictus entered into a memorandum of understanding with Exalo Drilling to secure the use of the Exalo Rig 202 for their upcoming drilling campaign. A formal contract was then signed in March 2022. The mobilization of the rig began in June 2022, and after some minor maintenance, the rig will be prepared to start drilling the Mukuyu-1 well. All the necessary equipment such as casing, wellheads, and related long lead items for the campaign were obtained in January 2022. In February 2022, the well services contract was awarded to the U.S. oilfield services company Baker Hughes, with the binding contract finalized in May.[5] In a drilling update from January, 2023 for the Mukuyu-1 well and a sidetrack, Invictus indicated that the wireline tool was damaged in the hole and required evaluation and repair before it could be used again.[6]
The Mukuyu-2 well was spud in September, 2023, and a sidetrack commenced in November. Wireline testing indicated multiple hydrocarbon intervals in the Upper and Lower Angwa reservoir sands.[7] A sidetrack well has found a significant gas discovery which confirms Mukuyu as the first-ever Triassic-age gas discovery in sub-Saharan Africa. The sidetrack well, during its intermediate phase, reached a total depth of 2,987 meters and targeted the base of the Upper Angwa formation. Wireline logging revealed the presence of multiple hydrocarbon-bearing reservoirs within the Upper Angwa formation. Four hydrocarbon samples were successfully retrieved from two distinct zones within the Upper Angwa using the wireline formation testing tool. Additionally, two formation water samples were collected from the Basal Pebbly Arkose formation.[8]
Invictus Energy and Exalo Drilling S.A. agreed to a contract modification to extend the stay of Rig 202 in the Cabora Bassa Basin in Zimbabwe for a duration of up to 2 years. This extension is aimed at facilitating the drilling and testing of upcoming wells within the basin.[9]
Funding[edit]
In December, 2023, $15 million was raised through a private placement. The funds will be used for a well test of the Mukuyu-2 well, 3D seismic, and long lead items for future drilling at the Cabora Bassa project.[10]
- ↑ Yahoo Finance. IVCTF Stock Profile. Retrieved on 11/29/2023.
- ↑ invictusenergy.com. About Us. Retrieved on 11/28/2023.
- ↑ IBIS World. Invictus Energy Limited - Australian Company Profile. Retrieved on 11/28/2023.
- ↑ The Market Herald. Are shareholders losing their patience with Invictus Energy?. December 15, 2023.
- ↑ Annualreports.com. Invictus Energy Annual Report for the Year Ending June 30, 2022. Retrieved on 6/27/2023.
- ↑ energy-pedia News. Zimbabwe: Invictus Energy announces Mukuyu-1 and sidetrack final well results and secures Rig 202 for further 12 months. January 3, 2023.
- ↑ energy-pedia News. Zimbabwe: Invictus Energy provides update on the Mukuyu-2 well at the Cabora Bassa Project in Zimbabwe. November 20, 2023.
- ↑ Oil and Gas Journal. Invictus discovers gas in Cabora Bassa sidetrack. December 7, 2023.
- ↑ listcorp.com. Rig 202 Contract Extended 2 years for future Cabora Bass. November 30, 2023.
- ↑ KEYFACTSEnergy. INVICTUS RAISES $15M TO FUND WELL TEST & CABORA BASSA OPERATIONS. December 27, 2023.
