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Friday, September 2, 2022

Invictus Energy: Exploring Zimbabwe’s Frontier Basins

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The African Power Chamber (AEC) spoke with Scott Macmillan, Managing Director of Invictus Power, forward of the continent’s premier power occasion, African Power Week (AEW) 2022 (AECWeek.com), concerning the firm’s operations on the continent, the challenges impartial explorers are dealing with and the alternatives AEW 2022 gives for explorers corresponding to Invictus.

What are Invictus Power’s imaginative and prescient, mission and targets for 2022?

We’re at present planning our maiden drilling marketing campaign within the Cabora Bassa Basin in Zimbabwe which is estimated to start in July. We will probably be drilling two exploration wells: Mukuyu-1 and an extra nicely which is being matured for drilling at current. Our objective is to conclude our drilling marketing campaign safely and make a basin opening discovery.

Please present perception into the corporate’s current tasks in Africa. How do these tasks contribute to Invictus’ 2022 and general oil and fuel market agenda in Africa?

Our Cabora Bassa challenge in northern Zimbabwe is an thrilling asset. It’s one of many final undrilled inside rift basins in Africa that has important potential for locating hydrocarbons. Our Mukuyu prospect is world class and independently estimated to comprise 8.2 trillion cubic ft and 247 million barrels of typical gas-condensate. It’s the largest undrilled prospect onshore Africa and will probably be one of many largest targets drilled globally in 2022.

Our imaginative and prescient is to turn out to be a regional power provider in southern Africa and success in our exploration marketing campaign at one of many materials prospects we’re drilling will go a protracted solution to fulfilling that objective and having a big affect within the area. Power independence and power safety are important to serving to finish power poverty in southern Africa.

What challenges are corporations like Invictus Power which can be working inside Africa’s oil and fuel market dealing with and the way can they be addressed?

The challenges for us from an operational perspective are primarily round availability of service suppliers and the mobilization and logistics hurdles to maneuver tools to the challenge. We skilled this throughout our seismic marketing campaign final yr which we executed throughout the peak of COVID-19. It’s one thing that our crew has needed to be very concerned in to make sure that our drilling marketing campaign kicks off on schedule and inside price range. We have now managed to quickly progress a really frontier challenge from acquisition in 2018 to taking pictures a big 840 km infill seismic marketing campaign within the second half of 2021, and now getting ready to drill two wells inside six months of finishing the seismic survey. We’re very lucky that now we have a really skilled and devoted native crew and a supportive authorities who’ve gone out of their solution to help us.

The opposite problem is overcoming the notion that while Africa has nice geological potential, the fiscal phrases and above floor atmosphere have made it a tough place to do enterprise. That is definitely true for some jurisdictions, however others have recognised this and amended their phrases to draw funding again into their international locations. We at the moment are seeing the change in phrases bear fruit in locations corresponding to Ivory Coast and Namibia with the current materials discoveries.

What are the highest three key traits that may form Africa’s oil and fuel market within the subsequent three to 5 years?

Firstly, African oil and fuel goes to be in higher demand, notably in Europe and Asia, due to the altering power dynamics and want to maneuver away from dependence on Russia. This can assist unlock stalled developments which have struggled to achieve Last Funding Resolution or safe anchor markets.

Secondly, fiscal competitiveness will decide whether or not Africa can seize additional curiosity that may result in exploration and growth exercise.

Thirdly, the rising power calls for in Africa from a rising inhabitants in addition to the industrialization of economies would require inexpensive and dependable sources of baseload energy. Fuel goes to play a vastly vital function in that regard.

What are a few of the alternatives corporations like Invictus Power can acquire from collaborating at AEW 2022?

The AEW convention will present a implausible platform to community with different E&P corporations and authorities delegates from across the continent and supply us with entry to new alternatives and partnerships which you can actually solely get from a gathering head to head.

What are a few of the matters that you can be discussing at AEW 2022 in Cape City?

We will probably be discussing the outcomes from our maiden drilling marketing campaign in addition to looking for new alternatives to develop our enterprise past Zimbabwe.

Distributed by APO Group on behalf of African Power Week (AEW).

This Press Launch has been issued by APO. The content material shouldn’t be monitored by the editorial crew of African Enterprise and never of the content material has been checked or validated by our editorial groups, proof readers or reality checkers. The issuer is solely accountable for the content material of this announcement.

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