Zimbabwe's Invictus completes Musuma-1 rig move ahead of November drilling

Australian oil and gas explorer Invictus Energy (ASX:IVZ; OTCQB:IVCTF; VFEX:INV) has completed relocating its drilling rig to the Musuma-1 exploration site in northern Zimbabwe, ahead of planned drilling in November 2026.

Exalo Rig 202 was moved from the Mukuyu-2 wellsite following completion of wellpad construction and access road upgrades, according to the company's October 29 announcement. Rig assembly, remaining maintenance, equipment mobilisation and final operational acceptance must be completed before drilling begins.

Invictus is working with drilling contractor Exalo and oilfield services provider SLB (NYSE:SLB) on the preparations. The company secured the rig through a revised Exalo agreement in August and awarded SLB a well services contract in September.

Musuma-1 targets gross mean unrisked prospective resources of 1.2 trillion cubic feet of natural gas and 73mn barrels of condensate, based on a September 2024 assessment. The estimates concern an undiscovered accumulation and have not been adjusted for geological discovery or development risks.

The vertical exploration well will target the shallow Dande Formation at a planned depth of approximately 1,500 metres. Seismic surveys identified updip amplitude brightening and a persistent flat spot interpreted as a possible gas-water contact, although drilling is required to establish whether hydrocarbons are present.

The latest milestone follows completion of the Musuma-1 wellpad on October 15 and commencement of rig relocation on October 19. Invictus managing director Scott Macmillan described the completed move as another step towards drilling the prospect.

Musuma forms part of the approximately 360,000-hectare Cabora Bassa exploration portfolio, in which Invictus holds an 80% operating interest. The company previously discovered gas and condensate at Mukuyu and is pursuing further exploration alongside appraisal and potential commercialisation of that discovery.

In May 2026, Invictus' 80%-owned subsidiary Geo Associates signed a petroleum production-sharing agreement with Zimbabwe's government, establishing a legal and fiscal framework for exploration, appraisal, development and production in the Cabora Bassa Basin.