Australia's Invictus Energy Raises $17.2 Million For Oil Drilling Campaign In Zimbabwe

Australia’s Invictus Energy has raised A$25 million ($17.2 million) to fund the initial oil drilling campaign in Zimbabwe’s Cabora Bassa basin.

The company announced this Wednesday that the money was raised through a private placement. NewZimbabwe.com cites Invictus as saying:

Following the assessment of a range of options, including farm-in bids from multiple interested parties, Invictus’ board and management elected to sole fund the initial stages of the company’s high-impact drilling campaign, which will target the Mukuyu and Baobab prospects.

The company said Mukuyu-1 well drilling will cost A$10mn and Baobab-1 will cost A$13.5mn.

Drilling across all seven stacked targets is anticipated to take 45 – 60 days to complete.

Invictus said civil works have started at the Baobab-1 wellsite to ensure drilling can follow immediately after the completion of Mukuyu-1. The drilling of Baobab-1 is estimated to take approximately four weeks to complete, following the mobilisation of Exalo Rig 202 to the well site.

Pindula News