Page 16 - AfrOil Week 33 2022

AfrOil PROJECTS & COMPANIES AfrOil

The Gazania-1 well is due to be spudded by the end of September (Image: Azinam)

Invictus gains exploration rights

to two blocks adjacent to SG 4571

ZIMBABWE AUSTRALIA’S Invictus Energy said on August and in the South Lokichar basin in Kenya.
17 that it had gained the right to explore two Scott MacMillan, the managing director of
additional licence areas adjacent to Special Invictus, described the acquisition of new explo-
Grant 4571 (SG 4571), its main asset in the Cab- ration rights as a step forward for the company.
ora Bassa basin in Zimbabwe. “The combined exploration licences provide
In a statement, the company reported that us with a basin master position encompassing
its 80%-owned subsidiary Geo Associates had the entire conventional oil and gas play fairway
finalised an agreement with the Sovereign and running room in the basin,” he commented.
Wealth Fund of Zimbabwe (SWFZ) covering the “The exploration licences are focused on the
blocks known as Exclusive Prospecting Orders core prospective area in the basin, which is cov-
1848 and 1849, or EPO 1848 and EPO 1849. Geo ered by our CB21 Seismic Survey and minimises
Associates will have 100% equity stakes in the our holding costs through the relinquishment of
new blocks during the exploration stage of the non-prospective areas in the basin.”
project, but if a commercial discovery is made He continued by making a reference to Invic-
and the relevant applications filed, the sites will tus’ preparations for spudding its first explora-
gain the status of Special Grants. SWFZ will also tion well at the Mukuyu section of SG4571.
have the right to assume a 10% equity stake in “We are excited to confirm Baobab-1 as the
the blocks within six months of any final invest- second well to be drilled in our basin opening
ment decision (FID) in favour of developing a exploration programme, which will target the
commercial discovery. newly identified basin margin play, displaying
Together with SG 4571, EPO 1848 and EPO similar characteristics to the prolific East Africa
1849 cover “the entire conventional oil and gas Rift ‘String of Pearls’ play. Subject to making an
play in the Cabora Bassa basin,” the statement opening discovery with either Mukuyu-1 or
said. SG 4571 covers an area of about 1,000 Baobab-1, it could potentially provide us with
square km, while EPO 1848 and EPO 1849 future discoveries on a large scale within the
cover about 1,300 square km each. As a result, basin,” he said.
the combined exploration area measures around MacMillan also expressed appreciation
3,600 square km. It includes the newly identified for Zimbabwean authorities’ efforts to build
Basin Margin play and entire prospective oil and up the legal regime governing the oil and gas
gas fairway covered by the recently completed sector. “We are grateful for the constructive
high resolution CB21 2D seismic survey,” Invic- efforts by the Zimbabwe government to con-
tus said in its statement. clude the amendments to the Petroleum Act to
The first drilling prospect in the expanded facilitate the signing of the petroleum produc-
exploration area will be Baobab-1, a site within tion-sharing agreement (PPSA),” he remarked.
the Baobab section of the Basin Margin play. “The PPSA will provide a robust framework to
Baobab has structural characteristics that are facilitate long-term investment in the oil and
similar to the “String of Pearls” play in East Afri- gas sector with confidence and ensures the
ca’s Rift basin, which has yielded commercial country derives its fair share of any discovered
discoveries in the Albertine Graben in Uganda resources.” ™

P16 www. NEWSBASE .com Week 33 18•August•2022