Setbacks hit Zim oilfields

By Mthandazo Nyoni | Oct. 18, 2022 | 2 Min read

oil

AUSTRALIA Stock Exchange (ASX)-listed energy explorer Invictus Energy on Monday said it encountered some “minor” delays in preparing to drive the 12¼ hole section of its Mukuyu-1 exploration well due to rig maintenance.

The firm, which kicked off drilling the first of two test wells at its Zimbabwe-based Cabora Bassa claims in Muzarabani last month, however, said such delays had been provisioned for.

Invictus was responding to a query from ASX which had asked it to explain the change in the price of its securities from a closing price of US$0,21 on Monday last week to an intra-day low of US$0,155 on Friday.

ASX wanted to know whether Invictus was aware of any information that had not been announced to the market which, if known by some on the market, could explain the recent price dip.

In response, Invictus said following the announcement on September 26, 2022 and on October 5, 2022, the market “may have anticipated further update and may be speculating on the 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. As per the drilling update for the Mukuyu-1 well provided in an ASX release on October 5, 2022, the 17½” hole section was drilled to a depth of 593m, measured depth,” Invictus said.

“Subsequently the one casing was run and cemented in place and the blowout preventer installed in preparation to drill ahead in the 12¼ intermediate hole section through the first prospective targets.

“The company has encountered some minor delays in preparation for, and while drilling the 12¼ hole section due to rig maintenance and failures of measuring while drilling evaluation tools. The company first became aware of the minor delays during the week ended October 14, 2022, these minor delays are often encountered during normal oilfield drilling operations.”