Invictus Energy (ASX: IVZ) Confirms November Drilling Schedule for Musuma-1 Exploration Well

Sonal Goyal

07 August 2026 01:35 PM AEST

Invictus Energy (ASX: IVZ) Confirms November Drilling Schedule for Musuma-1 Exploration Well

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Key Highlights

Invictus Energy executed a revised drilling contract with Exalo Drilling S.A. for Musuma-1.
The Musuma-1 exploration well is confirmed to spud in November 2026.
Wellpad construction, rig preparation and procurement activities are progressing simultaneously.
Musuma-1 targets an estimated gross mean unrisked prospective resource of 1.2 Tcf of gas and 73 million barrels of condensate.

Invictus Energy (ASX:IVZ) has announced the execution of a Deed of Variation with Exalo Drilling S.A., confirming the drilling schedule for the Musuma-1 exploration well at its Cabora Bassa Project in Zimbabwe. At the time of writing on 7 August 2026, Invictus Energy shares were trading at AUD 0.066, up 10.00% during the trading session. The announcement marks the transition of the Musuma-1 campaign into its execution phase, with drilling scheduled to commence in November 2026.

Revised Rig Contract Confirms Drilling Timeline

The company has formalised a revised drilling agreement with Exalo Drilling S.A. covering the use of Exalo Rig 202 for the Musuma-1 exploration program.

According to Invictus, execution of the revised contract, together with the completion of planning for rig preparation and mobilisation, enables the company to confirm a November 2026 spud date. The agreement also secures the required operational scope ahead of drilling activities.

The company noted that multiple workstreams are progressing concurrently, including rig maintenance, wellpad construction, logistics and procurement of specialised well services required before drilling operations begin.

Operational Preparations Enter Execution Phase

Invictus stated that Exalo will undertake an extensive maintenance and operational readiness program before mobilising the drilling rig from the Mukuyu location to the Musuma-1 wellsite.

The maintenance campaign is designed to prepare the drilling equipment for safe mobilisation, rig-up procedures and drilling operations. Exalo personnel will work alongside Invictus and Geo Associates drilling teams throughout the preparation process.

At the same time, procurement activities for remaining well services have advanced substantially. Commercial and technical evaluations have been completed, with contracts being prepared for award. Following contract execution, equipment and personnel will be mobilised in stages to support the scheduled drilling campaign.

Civil Works and Site Preparation Progress

Construction of the Musuma-1 wellpad and associated civil infrastructure is expected to commence following completion of customary cultural ceremonies with traditional leaders and local communities.

The planned civil works include preparation of the drilling location, supporting infrastructure and upgrades to access roads needed for transporting the drilling rig and associated equipment.

Running these activities in parallel is intended to align operational readiness with the confirmed November drilling schedule.

Musuma-1 Represents a High-Impact Exploration Target

Musuma-1 is positioned outside the previously discovered Mukuyu gas-condensate area and represents the first high-impact exploration well targeting a different play type within the Cabora Bassa Basin.

According to the company, the prospect is targeting an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet (Tcf) of gas and 73 million barrels of condensate. These figures represent prospective resource estimates relating to undiscovered accumulations and remain subject to exploration success and future development.

Invictus believes the well could contribute to a broader understanding of hydrocarbon potential across the eastern portion of its acreage, where additional exploration targets have been identified using seismic survey data.

The company also stated that Musuma-1 has the potential to complement the existing Mukuyu gas-condensate discovery while expanding knowledge of the wider Cabora Bassa Basin.

Strategic Importance of the Drilling Campaign

The confirmation of the drilling schedule represents an operational milestone for Invictus as it advances exploration activities within its Zimbabwean licence area.

The company has focused on coordinating drilling services, logistics, engineering support and infrastructure preparation to ensure key activities remain aligned ahead of the planned commencement of operations.

Future market updates are expected to cover mobilisation progress, construction activities, contract awards for remaining well services and the commencement of drilling operations at Musuma-1.

Conclusion

Invictus Energy's latest press release confirms that operational planning for the Musuma-1 exploration well has progressed to the execution stage following the completion of a revised drilling agreement with Exalo Drilling. With the November 2026 spud date now confirmed, the company is advancing multiple operational workstreams, including rig preparation, infrastructure construction and service mobilisation. As exploration activities move forward, investors will be watching future announcements regarding drilling progress and exploration outcomes within the Cabora Bassa Project.

FAQs

Q: What did Invictus Energy announce?

A:The company announced the execution of a revised drilling contract with Exalo Drilling S.A., confirming the Musuma-1 exploration well will spud in November 2026.

Q: Where is the Musuma-1 exploration well located?

A:Musuma-1 is located within Invictus Energy's Cabora Bassa Project in Zimbabwe.

Q: What resource is Musuma-1 targeting?

A:The company estimates the prospect targets a gross mean unrisked prospective resource of1.2 Tcf of gas and 73 million barrels of condensate, subject to exploration success.

Q: What activities are currently underway before drilling?

A:Rig maintenance, wellpad construction, civil works, procurement of well services and equipment mobilisation are progressing ahead of the November drilling schedule.

Q: What was the Invictus Energy (ASX: IVZ) share price on 7 August 2026?

A:At the time of writing on7 August 2026, Invictus Energy (ASX: IVZ) shares were trading atAUD 0.066, up10.00%during the trading session.

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