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Muzarabani Oil Drilling Update: Invictus Says They Encountered Some Setbacks

2 years agoTue, 18 Oct 2022 07:39:39 GMT
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Muzarabani Oil Drilling Update: Invictus Says They Encountered Some Setbacks

Australian-listed Invictus Energy Ltd, an independent oil and gas exploration company focused on high-impact energy resources in sub-Saharan Africa, has issued an update on oil drilling in Muzarabani, Zimbabwe stating that they have encountered some setbacks.

Invictus made the announcement in response to a request by Australia Stock Exchange (ASX) for an update on drilling. In an update seen by Pindula News, Invictus said drilling at Mukuyu-1 commenced on 23 September and is expected to take 50 – 60 days to complete and evaluate.

The company added that it has encountered some minor delays in preparation for, and whilst drilling the 12¼” hole section due to rig maintenance and failures of measuring while drilling (MWD) evaluation tools.

Invictus also said it first became aware of the minor delays during the week ending 14 October 2022 adding that these minor delays are often encountered during normal oilfield drilling operations.

The company also said the minor delays, such as those detailed above have been provisioned for in the overall estimated drilling timeline.

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Invictus added that it will provide an update if there are any material changes to anticipated timelines following the completion of the casing and cementing of the 12¼” hole section in preparation for drilling the final 8½” hole section. Added the company:

As stated in previous announcements, wireline logging is the primary means of evaluating the drilling results. Whilst the failures of measuring while drilling (MWD) tools has resulted in a limited realtime dataset being received, it has no impact on the timing or results of wireline evaluation program which is planned to be run once the respective hole sections have been completed.

The Company will provide an update to the market once the wireline evaluation is complete.

Pindula News presents Invictus’ direct response to the queries raised by ASX relating to the drilling:

1. Please advise when the drilling was completed.

a. The Mukuyu-1 drilling has not been completed. As above the current operations are drilling ahead in the 12 ¼” hole section

2. Please advise when the drill results are expected to be received by IVZ. Please provide detailed information in relation to the timing of these results.

a. Drilling results will be received once the wireline logging evaluation has been completed b. The Company is unable to provide detailed timing of the results as it is subject to progress of drilling operations, which can be impacted by drilling conditions, rig and evaluation tool performance amongst other factors.

3. Please advise what arrangements (if any) IVZ has in place to maintain confidentiality of its drill results? Please provide detailed information.

a. The Company has a strict trading policy which applies to all staff and contractors involved in the drilling campaign and the confidentiality of results.

b. The application of this trading policy and confidentiality has been further reinforced through internal communication to all members of the workforce involved in well-related activity – contractors and consultants included.

In response to your questions in your letter please refer to our response below:

1. Is IVZ aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?

No, but please refer to the general update noted above on current progress of our Mukuyu-1 Well

2. If the answer to question 1 is “yes”:

a. Is IVZ relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in IVZ’s securities would suggest to ASX that such information may have ceased to be confidential and therefore IVZ may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is “yes”, you need to contact us immediately to discuss the situation.

b. Can an announcement be made immediately? Please note, if the answer to this question is “no”, you need to contact us immediately to discuss requesting a trading halt (see below).

c. If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?

Not applicable

3. If the answer to question 1 is “no”, is there any other explanation that IVZ may have for the recent trading in its securities?

Following the Company’s announcement on 26 September 2022 Invictus Spuds Maiden Oil & Gas Well in Zimbabwe and on 5 October 2022 Mukuyu-1 Drilling Update the market may have anticipated further update and may be speculating on likelihood of success or failure on our initial target in the Mukuyu-1. Invictus confirms it has no results analysed or available for release in relation to the Company’s initial targets.

4. Please confirm that IVZ is complying with the Listing Rules and, in particular, Listing Rule 3.1.

Yes

5. Please confirm that IVZ’s responses to the questions above have been authorised and approved under its published continuous disclosure policy or otherwise by its board or an officer of IVZ with delegated authority from the board to respond to ASX on disclosure matters.

Yes

Pindula News

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18 Comments

Faith · 2 years ago
Our oil deposits are not that BIG to cause commotion. Oil imperialism was rampard in the middle earsten countries whereby americans made deals wth govt and the militants refused and took over the oil deposits illegally. Some weh saying the rebels or militants are funded by America. With the revolution from fuel engines to electric engines the demands of oil is receding, its being replaced by lithium, an important compound in battreys
X · 2 years ago
Diro yenyu yevarungu iyi manje varungu ingochani rimwe richaiswa ku ******"*, & dai varungu vachikudai back zvaiva Nani they would rather save the animals, look to Europe today uone rusarura rweganda mwana wamai, lastly you should this issue yekuti oil or minerals are cursed, the truth is either the west starts supporting rebels, giving them money and weapons or they invade under the pretence ye democracy, even ma companies avo are involved, like Nokia ku DRC, the problem with the black is tinokanganwa, we forget our history, & we don't read, nekuda kudya unotonzwa rimwe richiti hatidye toad but road is an enabler to economic growth
X · 2 years ago
Guys varungu havasi kuzouya nemari zvamukufunga, vatori nema problems avo like the 20+ trillion dollars debt ine America, Britain a matakadya Kare, right now China is the largest investor in Africa, even South Africa which is pro western you will see kuti China's capital is more than any other countries, Africa is becoming China's china
Kopo · 2 years ago
Why Australians in this,, vakatipa ma sanctions vanhu ava,, ko nhas vanakei
Kopo · 2 years ago
Regai vatore pamwe vanganyare vakabvisa ma sanctions 🤔
fun time · 2 years ago
Let the oil flow in abundance in our land. Whoever wins the 2023 election will have no option but to allow massive infrastructural development across the country. By 2024 Zimbabwe will be the pride of the African continent.
lex mukombachoto · 2 years ago
Kwaita diesel muchinhoyi rawanikwa ne n'anga.... Iyi i oyiri yechokwadi.... Nyika yonaka.... Oil rigs in the city of united mazimba almuzarabani.... Middle east resource in zimbabwe.
chimundende · 2 years ago
taura hko
cde Chipopi · 2 years ago
We definitely want the Americans here for things to move. I would rather be a puppet rather than to starve and being a slave of another black african
lex mukombachoto · 2 years ago
Iwe asi ukuda kuitwa mu gay nema americans... Leave legacy to blacks.... Its not slave trade but its business....
Revelation · 2 years ago
Americans want to install their puppet Government first before oil mining 😁😁😁😁😁😁
Byron Chitanga · 2 years ago
Zvitori nani kuda tingambodhlawo ye oyiri. Zvi poppy zvema China zvakatirashisa. Goridhe zvodhla zvoga. Diamond zvakapedza zvoga. Pratinamu zviri kushagada zvoga saka haaaaa
mdara Loli pop · 2 years ago
mabhunu ngaauye aise ma companies , chatinoda chete ma basa isusu. Tichidya tichiguta nekukwirana nemadzimai edu. Isu vatema zvikadaro zvinenge zvatoita
bhlambi · 2 years ago
kkkkkk haikona kudaro mudhara loli pop
,,, Dott · 2 years ago
Oil yakatobatwa kare vakuto. Miner secretly
Anon · 2 years ago
That could be true. muZimbabwe munoitika zvese zvese
Sorojena · 2 years ago
These are American and British allies ka, lest you forget yesterday.
___ · 2 years ago
Investors want to know if there is oil or not. The use of technical language, Mukuyu-1 and what what...that doesn't answer the question.
citizen · 2 years ago
ini pa nhau idzi hapana kana 1 chandonzwisisa ba. Zvirikureva izvo kuti in time tinenge tavaku supplier petrol , diesel ne gas outside the country here?
Anon · 2 years ago
Ehe ndizvozvo but mari yacho yatinenge tatengesa inodyiwa nevanhu vashoma shoma. Ini newe hapana kana cent ratinowana asi tese tiri vana veZimbabwe
NHUBU · 2 years ago
ayaaaaaaas
@Gwebu · 2 years ago
take a chill pill bro it's not the oil that's cursed its the people who fail to use it who are cursed oil is nothing but a lifeless piece of ancient animal matter.
Big Boy · 2 years ago
Exactly, Gwedu zvaakutaura izvi hameno😂😂😂
Gwedu · 2 years ago
whether you like it or not oil is possessed. Oil is tormented by a demon. Take you walk around Developing countries where oil is exploited and bring me evidence. The think oil is not about ge people along but itself attract poverty, and even cause your land never ever to be usable again. This will be the first time when you shall witness community subjugation, you shall become slaves in your own land. I can't say much but get ready. Oil, is not ment for you just like other minerals but it's for the royal family. In this case who is royal? You own bubblegum to chew? Don't rely on what you think or propaganda you heard, work with evidence. Kupisa kwatwo!!
*" · 2 years ago
whether you like it or not oil is possessed. Oil is tormented by a demon. Take you walk around Developing countries where oil is exploited and bring me evidence. Then dont think oil is about people alone but itself attract poverty, and even cause your land never ever be usable again. This will be the first time you shall witness community subjugation, you shall become slaves in your own land. I can't say much but get ready. Oil, is not meant for you just like other minerals but it's for the royal family. In this case who is royal? Your own bubblegum to chew? Don't rely on what you think or propaganda you heard, work with evidence. Kupusa kwatwo!!
Gwedu · 2 years ago
They know oil is cursed. They are now having some insecurities anything might happen. Obviously with this oil you shall witness wonders of disaster!

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