Invictus Energy Advances Musuma-1 Well and Secures National Project Status

Musuma-1, A New Frontier Beyond Mukuyu

Invictus Energy has confirmed Musuma-1 as its first high-impact exploration well outside the established Mukuyu gas-condensate discovery area in Zimbabwe’s Cabora Bassa Basin. This well targets a promising new play type, supported by strong direct hydrocarbon indicators identified through seismic data, including characteristic "flat spots" that suggest gas-water contact zones. The prospect carries significant resource potential, with estimates of 1.2 trillion cubic feet of gas and 73 million barrels of condensate, positioning it as a potentially transformative asset for the company.

The well is designed as a low-cost, low-risk vertical drill targeting a shallow reservoir at approximately 1,500 meters depth within the Dande Formation. Preparations are well underway, with contracting and procurement of long lead items progressing in anticipation of spudding the well in the second half of 2025.

Regulatory Progress and National Project Status

In parallel with operational advances, Invictus has received an updated draft of the consolidated Petroleum Production Sharing Agreement (PPSA) and Petroleum Exploration Development and Production Agreement (PEDPA) for the Cabora Bassa Project. These agreements aim to streamline administrative processes and enhance governance as the project moves toward development. Discussions with Zimbabwean government ministries and external advisors are ongoing, with finalisation expected imminently.

Significantly, the Zimbabwe Ministry of Finance has granted National Project Status (NPS) to the Cabora Bassa Project. This designation is a major milestone, unlocking a suite of fiscal and non-fiscal incentives such as duty exemptions, expedited permitting, and improved access to critical infrastructure. The NPS recognition underscores the project’s potential to generate broad economic benefits, attract foreign investment, and create employment opportunities in the region.

Strategic Partnerships and Future Outlook

Invictus continues to engage with potential strategic and farm-in partners, including established industry operators and investment groups. These discussions are focused on securing partners who can provide both capital and technical expertise to accelerate appraisal and commercialisation efforts. The company’s participation at the Africa Energies Summit in London has further advanced these high-level talks, highlighting its commitment to broadening its asset portfolio and unlocking new resource bases.

Financially, Invictus reported exploration expenditure of AUD 1.04 million for the quarter and ended with a healthy cash balance of AUD 8.676 million. This funding runway supports the upcoming drilling campaign and ongoing corporate activities.

As Invictus transitions from explorer to developer, the Musuma-1 well and the formalisation of petroleum agreements, combined with the National Project Status, position the company to potentially unlock substantial new resources and fast-track commercialisation initiatives, including a pilot gas-to-power project at the Eureka Gold Mine.