Invictus Energy has granted Cluff Energy Africa’s (CEA) request to extend its farm-in option expiry and submit an updated binding offer
The new agreed expiry for CEA to exercise its option has been extended from 31 March to 30 April 2022.
The extension request follows the agreement with the Republic of Zimbabwe and Sovereign Wealth Fund of Zimbabwe (SWFZ) to increase the SG 4571 licence area from 100,000 ha to 709,300 ha.
The extension to the option period coincides with the revised mobilisation date for Exalo’s Rig 202 from Tanzania which is now expected to arrive at the project in mid June compared to previous estimates at the time of CEA option agreement in early May.
The additional time will allow CEA to assess the extended SG 4571 area and finalise additional funding requirements associated with the drilling campaign and past costs.
Following completion and review of the Cabora Bassa 2021 Seismic Survey data and the SWFZ agreement to increase the SG 4571 licence area, Invictus continues to progress the farm-in process and is in active discussions with multiple parties.
Planning is underway to commence a two-well drilling programme in June, including the Muzarabani-1 well targeting 8.2 tcf and 247 mmbbl of conventional gas-condensate, and maturing additional prospectivity to drill a second well in the basin margin play.