Invictus Energy Confirms November Spud for Musuma-1 with Rig Contract Signed

Rig Contract Secured and Spud Date Locked

Invictus Energy (ASX:IVZ) has formalised a revised drilling contract with Exalo Drilling S.A. for Exalo Rig 202, securing the equipment and services necessary to drill the high-impact Musuma-1 exploration well at the Cabora Bassa Project in Zimbabwe. The company has confirmed the well’s spud for November 2026, marking a significant milestone in its exploration campaign.

The Deed of Variation updates the scope and schedule, allowing Invictus to move decisively into the execution phase. This contract finalisation follows a rigorous rig maintenance and operational readiness campaign initiated by Exalo, designed to ensure the rig is fully prepared for mobilisation and drilling operations.

Wellpad Construction and Services Mobilisation Progress

Preparations on the ground are advancing in parallel. Construction of the Musuma-1 wellpad and associated civil works is set to commence imminently, following traditional cultural ceremonies with local leaders and communities. This infrastructure build includes essential road upgrades to facilitate rig and equipment mobilisation.

Meanwhile, procurement of well services is nearing completion, with commercial and technical evaluations finalized and contracts being prepared for award. Once awarded, service providers will begin equipment inspections, preparation, and staged mobilisation to the site, supporting the November drilling schedule.

High-Impact Prospect with Significant Resource Potential

Musuma-1 targets an estimated gross mean prospective resource of 1.2 trillion cubic feet (Tcf) of gas and 73 million barrels of condensate. This positions the well as one of the most significant undrilled conventional exploration opportunities in the Cabora Bassa Basin, outside the established Mukuyu gas-condensate discovery area.

The well aims to unlock new resource potential in the eastern portion of Invictus’s dominant acreage, where seismic data from the CB23 survey has identified several high-potential prospects. The exploration outcome will be critical in shaping the future resource base and development strategy for the project.

Strategic Implications for Invictus Energy

Managing Director Scott Macmillan emphasised the importance of the contract execution and schedule confirmation, noting that Musuma-1 could materially expand the Cabora Bassa resource base and complement the Mukuyu discovery. The company’s methodical approach to rig readiness, well services procurement, and community engagement reflects a well-coordinated campaign moving steadily toward drilling.

With the rig contract now secured and critical preparatory activities underway, Invictus is positioned to maintain momentum in its high-impact exploration programme in Zimbabwe’s frontier basin.