Highlights

  • Invictus Energy (ASX:IVZ) awarded SLB the well services contract for the Musuma-1 drilling campaign.
  • Musuma-1 drilling remains targeted for November 2026 in Zimbabwe’s Cabora Bassa Basin.
  • The company is progressing wellpad construction, rig preparation and mobilisation activities.
  • Investors are monitoring drilling results, Partnership discussions and commercialisation plans.

Frontier exploration depends heavily on execution, with project timelines often influenced by logistics, contractors and operational readiness. Invictus Energy is preparing to drill Musuma-1 in northern Zimbabwe in November 2026, targeting a play separate from the Mukuyu gas-condensate discovery.

On 11 September 2026, the company secured one of the remaining major components of the campaign by awarding the well services package to SLB. With the rig contracted, wellpad construction underway and a target spud date established, the drilling timeline is becoming more defined.

Latest Development

Invictus announced on 11 September 2026 that it had awarded a well services contract to SLB for the Musuma-1 well.

The contract covers specialised equipment, technology and operational resources required for the drilling campaign in the Cabora Bassa Basin. Equipment preparation and mobilisation activities are already underway.

SLB’s previous involvement in the Mukuyu-2 well provided operational familiarity with the Basin and drilling environment.

Managing Director Scott Macmillan said the agreement advances operational readiness ahead of drilling. Construction of the Musuma-1 wellpad and associated civil works are progressing, while contractor Exalo has commenced maintenance activities on Rig 202, which will be used for the campaign.

Company Overview

Invictus Energy is an ASX-listed oil and gas explorer focused on northern Zimbabwe.

The company holds approximately 360,000 hectares across the Cabora Bassa Basin through three licence areas: SG 4571, EPO 1848 and EPO 1849.

The company identified dual gas-condensate discoveries at the Mukuyu Gas Field in late 2023, establishing an active petroleum system in a basin without previous commercial production.

Invictus is pursuing potential commercialisation pathways, including opportunities linked to southern Africa’s energy market.

Recent Developments

Mukuyu has been estimated at approximately 230 million barrels of oil equivalent, equivalent to around 1.3 trillion cubic feet of gas.

Since the discovery, Invictus has progressed its commercial framework, including National Project Status granted by the Zimbabwean government in 2025, ratification of a petroleum production sharing agreement with the Republic of Zimbabwe in 2026, and development of gas-to-power initiatives including a pilot project for the Eureka Gold Mine.

Musuma-1 targets a separate play type from Mukuyu. The company has published a gross mean unrisked prospective resource for the prospect, although prospective resources represent potentially recoverable volumes from an undiscovered accumulation and do not provide certainty of discovery or commercial development.

Financial and Operational Position

Invictus completed a Capital raising to support the Musuma-1 campaign and has continued discussions regarding the potential introduction of a strategic or industry partner.

The company does not currently generate production revenue.

The Musuma-1 campaign represents an important operational milestone as Invictus advances its exploration portfolio and evaluates further potential within the Cabora Bassa Basin.

What Investors May Watch Next

The near-term sequence includes completion of wellpad civil works, completion of Rig 202 maintenance, mobilisation to site and the targeted November 2026 spud.

Any delays across these activities may be important to monitor, particularly given the logistical challenges associated with frontier exploration in a landlocked jurisdiction.

Following drilling commencement, operational progress, results and any testing outcomes will become the primary focus.

Investors may also continue monitoring strategic partnership discussions and progress on gas-to-power arrangements associated with Mukuyu.

Risks

Geological uncertainty remains the key risk, as Musuma-1 is testing an undrilled play and may not result in a commercial discovery.

Even if Hydrocarbons are discovered, further appraisal, testing and development activities would be required before commercial production could be considered.

Invictus remains exposed to Zimbabwean political, fiscal and currency conditions, contractor availability, remote basin logistics and future funding requirements.

Conclusion

Awarding the well services contract to SLB removes another milestone ahead of Invictus Energy’s planned November 2026 Musuma-1 drilling campaign.

With the services provider secured, rig preparation underway and wellpad construction progressing, the company has advanced the operational pathway towards drilling.

For investors following ASX:IVZ, the key question now shifts from preparation to exploration outcome, with Musuma-1 expected to provide further insight into the broader potential of the Cabora Bassa Basin.