Highlights

• Invictus Energy (ASX:IVZ) awarded key contracts supporting Musuma-1 drilling preparations.

• Wellpad construction, access roads and water infrastructure are progressing ahead of drilling.

• Rig 202 mobilisation and maintenance activities have commenced with Exalo Drilling.

• The company remains on track to spud the Musuma-1 exploration well during H2 2026.

Invictus Energy (ASX:IVZ) has announced another operational milestone as it prepares for the drilling of the Musuma-1 exploration well within the Cabora Bassa Project in Zimbabwe. The company has awarded several key contracts covering wellpad construction, civil works, logistics and long-lead equipment procurement while advancing mobilisation plans for Rig 202.

On 7 July 2026, Invictus Energy (ASX:IVZ) shares were trading at A$0.055, up 5.77% during the trading session. The share price movement followed the company's latest operational update, which confirms preparations remain on schedule ahead of the planned exploration campaign during the second half of 2026.

Operational Preparations Move Into Execution Phase

The latest announcement outlines progress across several workstreams required before drilling can commence at the Musuma-1 well.

Invictus has awarded contracts covering construction of the exploration wellpad together with associated civil works. The programme includes upgrades to access roads required for transporting drilling equipment, as well as installation of water supply infrastructure needed to support drilling operations.

According to the company, site preparation activities are being coordinated to ensure the location is fully prepared before the arrival of Rig 202. Completing these infrastructure works represents one of the final operational stages before drilling equipment is mobilised to the wellsite.

The commencement of field activities indicates that the project has entered a more advanced phase of execution following earlier planning and procurement activities.

Long-Lead Equipment Procurement Nears Completion

Alongside civil works, Invictus has completed evaluation of suppliers for the remaining long-lead drilling equipment required for Musuma-1.

Management confirmed that contract awards for outstanding items, including wellheads and tubulars, are now being finalised. With these procurement activities nearing completion, the company expects all major long-lead equipment required for the exploration well to be secured before drilling begins.

Long-lead equipment typically represents one of the most time-sensitive aspects of exploration projects because manufacturing and delivery schedules can directly influence drilling timelines.

Securing these components reduces procurement risk as the company approaches the planned drilling campaign.

Rig Mobilisation Activities Underway

The company also confirmed that Exalo Drilling S.A., the contractor responsible for Rig 202, has commenced mobilisation activities.

A technical team is travelling to Zimbabwe to begin in-country setup together with maintenance work required before the drilling rig is relocated to the Musuma-1 location.

The maintenance programme is being coordinated with Invictus' operational team and forms part of the rig acceptance process before drilling operations commence.

Rig mobilisation represents another important milestone because drilling equipment must undergo inspection and preparation before being deployed to an exploration location.

Management stated that these activities continue to support the planned drilling schedule for the second half of 2026.

Well Services and Logistics Progressing

Beyond drilling equipment, Invictus continues evaluating contractors responsible for well services associated with the Musuma-1 campaign.

The company indicated that tender assessments are well advanced, with awards expected over the coming weeks. These contracts represent the remaining operational packages required before drilling begins.

Invictus has also completed planning for logistics and mobilisation, including transportation of equipment, materials and personnel from neighbouring countries into Zimbabwe.

Selection of logistics providers is expected to follow shortly after finalisation of the drilling services contracts, completing the operational framework required to support the exploration programme.

These preparations are intended to ensure equipment and personnel are available when drilling commences.

Musuma-1 Remains on Schedule for H2 2026

Following the latest contract awards, Invictus reiterated that the Musuma-1 exploration well remains on schedule to spud during the second half of 2026.

Traditional and cultural ceremonies are also planned before commencement of wellpad construction, reflecting local engagement activities associated with the project.

According to the company, multiple operational workstreams are progressing simultaneously, including civil construction, logistics planning, rig preparation and procurement.

Maintaining progress across these parallel activities is expected to support timely commencement of the drilling campaign.

Musuma-1 Represents a High-Impact Exploration Target

Musuma-1 has been identified as the first major exploration well to be drilled outside the existing Mukuyu gas-condensate discovery area within the Cabora Bassa Basin.

The well targets an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet (Tcf) of natural gas together with approximately 73 million barrels of condensate. These estimates relate to undiscovered resources and remain subject to exploration, appraisal and future development.

Management considers Musuma-1 one of the highest-priority undrilled conventional exploration opportunities within the basin.

The well also represents the first test of a new geological play type identified in the eastern portion of the company's licence area following interpretation of the CB23 seismic survey.

Success at Musuma-1 could contribute valuable geological information regarding additional exploration opportunities across Invictus' extensive acreage position.

Broader Cabora Bassa Portfolio Supports Exploration Strategy

Invictus controls approximately 360,000 hectares within the Cabora Bassa Basin in Zimbabwe.

Its portfolio includes the Mukuyu Gas Field, together with several basin margin exploration prospects located within Special Grant 4571 and Exclusive Prospecting Orders 1848 and 1849.

The company believes the basin remains underexplored despite previous discoveries and continues using seismic interpretation to identify additional drilling opportunities.

Musuma-1 forms part of this broader exploration strategy aimed at evaluating multiple prospective structures across the licence area.

Share Performance Reflects Exploration Progress

Invictus Energy's share performance is closely linked to exploration milestones and operational progress.

On 7 July 2026, the company's shares traded at A$0.055, representing a 5.77% gain during the session following the operational update.

As the company approaches the drilling phase, investors are likely to monitor contract awards, rig mobilisation, wellpad construction and confirmation of the Musuma-1 spud date.

Future drilling results will represent the next major operational catalyst once exploration commences.

Conclusion

Invictus Energy (ASX:IVZ) continues to advance preparations for the Musuma-1 exploration well through contract awards covering wellpad construction, civil works, logistics, long-lead equipment procurement and rig mobilisation. The company remains on schedule to commence drilling during the second half of 2026, with operational activities progressing across multiple workstreams. As Musuma-1 represents the first major exploration well outside the Mukuyu discovery area and targets an estimated gross mean unrisked prospective resource of 1.2Tcf of gas and 73 million barrels of condensate, upcoming drilling milestones are expected to remain the primary focus for investors following the latest operational update.