Invictus Energy calls a halt to 'unfeasible' first exploration well in Zimbabwe | Business

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Invictus Energy, an Australian-listed company that is looking for oil in Zimbabwe, on Tuesday announced that prospecting for oil at its Mukuyu-1 site had become impractical and it would be winding up operations. | News24_Business

But the company has set its sights on drilling a second well later this year.

"Further attempts to obtain a fluid sample are not feasible and the company will conclude operations on Mukuyu-1 and ST1 and demobilise the well services equipment and personnel," the firm said in a statement., the company's managing director, Scott MacMillan, said they expected to drill for 45 to 60 days. They had hoped to find up to 20 trillion cubic feet and 845 million barrels of gas condensate.

Invictus hired Exalo Drilling SA, a European onshore drilling contractor, for the job. Since it intends to drill another well, Exalo's equipment will remain in the country.

 

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damba_thomas _Business Stop fake news. Invictus according to KMutisi actually said the results so far are encouraging. daddyhope freemanchari PacheduZW PedzisaiRuhanya

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