Key Highlights

  • Invictus Energy is rigging up Exalo Rig 202 at Musuma-1 in Zimbabwe, with spud expected in November 2026.
  • ADX Energy began an eight-week well work program targeting about 100 BOEPD of incremental production in Austria.
  • Avenira raised $48.9 million through a rights issue and shortfall Placement to fund the Wonarah Phosphate Project.
  • Timing at each company depends on equipment arrival, workover scheduling or the start of pre-strip work.

Three ASX-listed companies reported operational progress on 6 November 2026. Invictus Energy (ASX:IVZ) is preparing to drill an exploration well in Zimbabwe, ADX Energy (ASX:ADX) started production well work in Austria, and Avenira (ASX:AEV) completed a Capital raising to develop a phosphate project in the Northern Territory.

Invictus Energy Rigs Up at Musuma-1

Invictus said Exalo Rig 202 has been relocated from the Mukuyu-2 wellsite to Musuma-1 at the 80%-owned Cabora Bassa Project in Zimbabwe, and rig-up is under way. Mobilisation of well services equipment has begun, and the company is finishing rig maintenance, installation and testing ahead of final rig acceptance.

The exploration well remains on track to spud during November 2026, although the exact date depends on the arrival in Zimbabwe of the remaining critical well services equipment. Managing Director Scott Macmillan said Musuma-1 tests a new exploration target and could add to the existing gas-condensate discoveries in the Cabora Bassa Basin.

Invictus is an independent oil and gas explorer with 360,000 hectares in the Cabora Bassa Basin, which includes the Mukuyu Gas Field and multiple Basin Margin prospects.

ADX Energy Begins Austrian Well Work

ADX started a program using the MB Well Services workover rig across its 100%-owned Vienna Basin fields and at the HOCH-1 gas discovery, in which it is operator with a 50% economic interest. The work is expected to last about eight weeks and to add roughly 100 barrels of oil equivalent per day.

The schedule begins with a new gas zone completion at the GA-093 well in the week of 9 November, expected to add 50 to 60 BOEPD. A pump replacement at the GA-072A Oil Well follows in the week of 16 November, adding about 15 BOEPD. Phase 2 gas testing at HOCH-1 starts in the week of 7 December, after about two weeks of preparatory well work, and a new oil zone completion at GA-087 in the week of 14 December is expected to add 30 to 40 BOPD. Phase 1 testing at HOCH-1 delivered a commingled flow of 3.15 MMCFPD, equal to 548 BOEPD, from four reservoirs. The company cited a European gas price of EUR 86 per MWh, equivalent to an oil price of US$170 per barrel.

Testing the Hall Channel Zone 6 reservoir at HOCH-1 requires removing the existing completion, drilling out a cement plug to reach deeper gas reservoirs and re-running a production completion before perforation. The discovery well encountered up to eight biogenic gas reservoirs. ADX said the GA-093 work is timed to capture higher gas prices and winter demand.

Avenira Completes Its Capital Raising

Avenira raised $48.9 million before costs through a renounceable rights issue and shortfall placement, issuing about 8.1 billion new shares. Rights taken up contributed $35.9 million and the shortfall placement $12.9 million. Major Shareholder Hebang Biotechnology and other large holders took up their entitlements, and any remaining shortfall may still be placed under the prospectus.

The proceeds cover mine establishment, site infrastructure and Working Capital for the 100%-owned Wonarah Phosphate Project. Together with a $50 million term Facility and a $35 million working capital revolving facility, they are expected to fully fund the direct shipping ore phase under an owner-operator model. Deputy Chairman Brett Clark said pre-strip is due to start this quarter, with first ore on ship in the first half of 2027.

Under the owner-operator model, Avenira is assembling the workforce, equipment and operating systems for mining, along with product handling and transport arrangements to deliver phosphate rock to customers. Mahe Capital acted as lead manager to the rights issue.

Operational Dependencies

Each project now turns on execution milestones: equipment delivery in Zimbabwe, a sequenced workover schedule in Austria and the start of pre-strip in the Northern Territory. Updates are expected as results and timelines firm up.