HARARE – Oil and gas-focused Invictus Energy Limited has completed the Cabora Bassa 2021 seismic survey with a total of 839.5 km of high resolution 2D seismic data acquired.
The data would provide insights into the oil and gas potential of the Muzarabani area.
The Australian-listed Company managed to acquire a total of 402.2 km of data in SG 4571. Following approvals, a further 437.1 km of contiguous data was also acquired in an existing application area.
The survey has significantly exceeded the company’s minimum work program obligations of 300km of 2D seismic data for the current licence period which runs to June 2024.
In a statement, Group Director, Scott Macmillan said the remaining geophone retrieval was completed on 2 November and final data harvesting will be completed in the coming days.
“The completion of the CB21 Seismic Survey is a significant milestone for the Company in our exploration program in the Cabora Bassa Basin. The quality of the high resolution seismic data we have acquired is excellent and provides great insights into the petroleum potential of the basin,” he said. vip arab casino
The Company is expecting to refine the location for the basin opening Muzarabani-1 well which is scheduled to be drilled in the first half 2022. مباريات اليورو ٢٠٢١
Macmillan said data processing and interpretation is on-going and its completion will enable the Company to identify and mature additional prospects and leads.
He further said that the demobilisation of equipment and personnel has commenced and is expected to be completed in the next week. العاب طاولة 31
“The HSE performance throughout the program has been exceptional, and the project has now exceeded 142,000 hours without a Lost Time Injury or recordable incident and is a testament to the Polaris and Invictus teams” said Macmillan.
In addition, the survey generated about 200 jobs during the campaign for the local Muzarabani and Mbire communities as well as the procurement of goods and services from local suppliers in keeping with the Company’s strong local content policy.
The Company also implemented a student and lecturer attachment program from the local universities to develop and transfer skills in the oil and gas industry.
Meanwhile, the Company’s mining exploration entity quarterly cash flow report shows that Invictus closed the quarter with a strong cash balance of $7.29 million for the period ended 30 September 2021, with the net cash from operating activities, investing activities and financing activities being affected by the movement in the exchange rates which held cash at US$23000.
During the quarter, $1 million was spent on the seismic survey, $89 000 on consulting, and US$34000 on legal fees.