By ZiMining Reporter
Invictus Energy has entered what it describes as a “defining period” in 2026, with regulatory approvals and operational groundwork now in place to progress drilling and early commercialisation at its Cabora Bassa project in Zimbabwe.
In a company update, Managing Director Scott Macmillan said the first half of 2026 focused on “progressing the strategic, regulatory and operational requirements needed to unlock the full potential of the Cabora Bassa project.”
“These efforts have positioned Invictus to continue advancing our exploration objectives while simultaneously pursuing development opportunities, underpinned by the recently executed Petroleum Production Sharing Agreement (PPSA), which provides a clear regulatory and fiduciary framework to take the Cabora Bassa Project forward,” Macmillan said.
Operationally, the company is targeting the drilling of the Musuma-1 exploration well, described as the first to be drilled outside the Mukuyu Gas Field.
“We have a defined work program headlined by the high-impact Musuma-1 exploration well – the first to be drilled outside the Mukuyu Gas Field,” Macmillan said.
He said the prospect “exhibits compelling seismic direct hydrocarbon indicator (DHI) responses and potential flat spots, targeting the shallow Dande Formation.” The well is planned as “a simple, low-cost vertical well targeting the shallow Dande Formation, with an estimated prospective resource of approximately 1.2 Tcf of gas and 73 million barrels of condensate.”
Invictus said preparatory work for the campaign is underway. “More contracts for drilling and field services are to be finalised in coming weeks,” Macmillan noted. He added that “The Exalo Rig 202 maintenance scope is rolling out where it is stacked at Mukuyu-2, once complete will get firm timing on rig mobilisation to Musuma site.” Upgrades at the Zambezi Valley supply base have also been completed “and ready for the Musuma campaign.”
On the regulatory front, Macmillan said key approvals have created a pathway to early production.
“Approval of the Environmental and Social Impact Assessment (ESIA) for pilot production activities at Cabora Bassa provides a clear pathway toward early commercialisation, including initiatives such as the Eureka Gold Mine Gas-to-Power Project,” he said.
The company has also “secured the EIA required to permit ongoing exploration activity across our licence areas.”
“Combined with the executed PPSA, Invictus has the foundation to march forward with development planning, the acceleration of exploration and appraisal activities, and existing wells across our Project,” Macmillan said.
The company is also pursuing regional opportunities. “New venture discussions are progressing well, with recent visit to Luanda reinforcing strong partnership potential in Angola, sub-Saharan Africa’s second largest petroleum producing nation,” he said.
Macmillan said the alignment of regulatory, operational and commercial work is strengthening Invictus’ position with investors.
“Alignment of these elements also establishes a stronger investment case for Invictus as we continue to receive strong inbound interest from potential strategic partners looking to help provide new and alternative energy that could supply much of southern Africa,” he said.
Looking ahead, the company said its priorities are set.
“We now have the ingredients to move more decisively into the execution phase. Our priorities are clear: advance drilling at Musuma-1, advance appraisal activities and continue to progress commercialisation pathways across the Cabora Bassa project,” Macmillan said.
He credited government support for the progress to date.
“With a high-quality asset base, an embedded team, and improved regulatory certainty backed by the Government of Zimbabwe, Invictus is ready to convert momentum into tangible outcomes,” he said.
“On behalf of the Board and management team, I thank you for your continued support and look forward to updating you as we shift gears into this next phase of growth,” Macmillan concluded.
