Invictus Energy Limited (ASX:IVZ) — What Comes Next for the Musuma-1 Exploration Programme?

Aditi Sarkar

04 November 2026 06:40 PM AEDT

Invictus Energy Limited (ASX:IVZ) — What Comes Next for the Musuma-1 Exploration Programme?

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Key Highlights

Invictus Energy Limited (ASX:IVZ) reported on its 2026 operating activities, financial position and project developments. Its recent disclosures address the planned Musuma-1 well, supporting drilling contracts and quarter-end liquidity.
The company advanced the Musuma-1 exploration well during the September quarter, securing Exalo Rig 202 for a planned November 2026 start.
Specialist drilling services were awarded to SLB, while Exalo carried out maintenance and operational readiness work on Rig 202.
The company reported that its Musuma-1 wellpad had been completed and accepted by the drilling contractor.
Cash and cash equivalents were AUD 7.97 million at 30 September 2026, following an AUD 10 million Placement ratified in July.

Invictus Energy Limited (ASX:IVZ) is evaluating the Cabora Bassa oil and gas project in Zimbabwe, with its near-term work centred on preparations for the Musuma-1 exploration well. Its shares were quoted at AUD 0.064, down 1.54%, on 4 November 2026. The latest progress covers drilling arrangements, site readiness and the Capital available to support exploration activities.

The Quarterly Report released on 30 October 2026 outlined the contract for Exalo Rig 202, the completion of wellpad and access works, and the intended November drilling timetable. These are preparation and planning milestones, not evidence that the proposed well had begun producing hydrocarbons.

Musuma-1 Preparations

The company advanced the Musuma-1 exploration well during the September quarter, securing Exalo Rig 202 for a planned November 2026 start. The company executed a rig contract variation in August and appointed SLB in September to provide specialist well services. The well is intended to test a separate exploration play beyond the Mukuyu discovery area.

The company completed the Musuma-1 wellpad, associated civil works and access road upgrades after quarter-end. The drilling contractor inspected and accepted the completed site. The relocation of Rig 202 from Mukuyu-2 to Musuma-1 was completed after the quarter, leaving rig-up, maintenance and final acceptance as the remaining preparatory steps described in the report.

Cabora Bassa Position

The company holds an 80% interest in the Cabora Bassa project in northern Zimbabwe through Geo Associates. The area covers approximately 360,000 hectares across SG 4571 and exploration permits EPO 1848 and EPO 1849. Musuma-1 targets the eastern Margin of the basin, rather than repeating the existing Mukuyu exploration location.

The well was designed to test a different petroleum play and acquire evidence about the distribution of potential gas-bearing reservoirs. The company has distinguished the Musuma-1 prospect from the Mukuyu gas-condensate discovery. Successful contractor mobilisation and site preparation do not in themselves establish a discovery at the new well.

Contracting and Financing

Specialist drilling services were awarded to SLB, while Exalo carried out maintenance and operational readiness work on Rig 202. Equipment and personnel mobilisation, tubulars and wellheads were among the items identified for the final pre-spud period. The company stated that the rig move had been completed on 29 October 2026.

The company also reported Shareholder ratification of securities associated with a AUD 10 million placement completed in the June quarter. Its cash and cash equivalents at 30 September were AUD 7.97 million. The report separates these financing activities from the physical progress of the Musuma-1 drilling programme.

Project Status and Key Insights

The company had completed major site works and mobilised its rig when the latest quarterly report was issued. The remaining work involved rig acceptance and the mobilisation of services and equipment for the targeted November start. The stated drilling timetable is a plan and may change as execution proceeds.

The company’s 2026 activity centres on testing an additional Cabora Bassa exploration target while managing equipment, contractors and available cash. The report contains measurable preparatory milestones but no Musuma-1 drilling results or hydrocarbon flow rates from that proposed well. Invictus also reported that the remaining pre-spud programme involved installation of well-services equipment and the final operational acceptance of its relocated rig.

FAQs

Q: What was the planned Musuma-1 drilling period?

A: November 2026.

Q: Which rig was contracted?

A: Exalo Rig 202.

Q: How much interest does Invictus hold in Cabora Bassa?

A: 80% through its interest in Geo Associates.

Q: Was the wellpad completed?

A: Yes, and it was accepted by the drilling contractor after quarter-end.

Q: What cash was reported at September-end?

A: AUD 7.97 million.

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