Invictus Energy Locks in Exalo Rig for November Spudding of Musuma-1 Well

Invictus Energy (ASX: IVZ) has executed a Deed of Variation (DoV) with Exalo Drilling securing Rig 202 for the Musuma-1 exploration well at its Cabora Bassa project in Zimbabwe, with drilling scheduled to begin in November 2026.

The revised contract, agreed rig preparation scope, and secured mobilisation windows for key well services move the campaign into its execution phase as wellpad, civil, logistics, and maintenance work proceeds in parallel.

Musuma-1 is targeting an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet of gas and 73 million barrels of condensate in the eastern portion of Invictus’s licence area.

The first high-impact exploration test outside the Mukuyu gas-condensate discovery area, the well will assess a new play type identified through the CB23 seismic survey.

Construction of the Musuma-1 wellpad and associated civil works is scheduled to begin after customary cultural ceremonies and traditional protocols with local leaders and host communities, with the program covering the wellpad, supporting infrastructure and road upgrades.

Rig Readiness Campaign

The DoV formalises the revised scope of work and drilling schedule, with the agreed rig preparation program establishing the sequence ahead of mobilisation.

Following completion of the rig inspection and maintenance scope, Exalo is preparing an operational readiness campaign before moving the rig from Mukuyu to the Musuma-1 wellsite.

The work will cover critical maintenance and preparation needed for safe and efficient mobilisation, rig-up, and drilling, with Exalo personnel working alongside the Invictus and Geo Associates drilling teams.

Commercial and technical evaluations for the remaining well services have been completed, with contracts now being prepared for award.

Once awarded, service providers will inspect, prepare, and mobilise the equipment and personnel needed to support the November drilling schedule.

Eastern Basin Potential

Invictus considers Musuma-1 one of the strongest technical cases identified outside Mukuyu, and expects the well to improve its understanding of the eastern licence area.

Several prospects have been identified in that part of the acreage from the CB23 seismic survey, with Musuma-1 intended to test whether the area can support a new resource base alongside Mukuyu.

Seismic interpretation at Musuma includes a flat spot and up-dip brightening around the target interval, while the well is positioned to test Dande and Forest formations within the new play.

“Musuma-1 is a high-impact exploration well with the potential to materially expand the resource base of the Cabora Bassa project and complement the Mukuyu gas-condensate discovery,” managing director Scott Macmillan said.

“The company looks forward to providing further updates as we move into the execution phase of the drilling campaign.”