Seismic acquisition refers to a process that uses reflected sound waves from the sub-surface to gather evidence or data that can be used to determine the existence of underground substances like oil, before drilling.
After completing a field reconnaissance programme and receiving submissions from multiple vendors,
Seismic surveys use sound waves to produce (computerized axial tomography (CAT Scans) of the earth's sub-surface and can help locate groundwater, locations for landfills, effect of earthquake and existence of oil or gas.
"The company (
"The company is planning to acquire a minimum of 400 line km of 2D seismic, which exceeds the work program obligations for the current (2nd) exploration period,"
Following the approval of the Environmental Management Plan for the project, Invictus undertook a successful field reconnaissance program in the
Detailed traversing and mapping across the area was completed and identified the optimal acquisition routes.
This will now be followed by the first seismic campaign in over 30 years as well as test drilling in October.
This will be followed by a high impact multimillion dollar basin opening drilling campaign to test the petroleum potential of the
Invictus has made significant progress towards commencing actual drilling for oil and gas in the Muzarabani prospective area, which could mark a major turning point for
The company has already received a non-binding offer for a farm-into the
The proposed transaction is subject to completion of a series of other relevant approvals.
These entail further technical, legal and commercial due diligence by parties, approvals and agreements by requisite State authorities and execution of binding farm out agreement(s).
The PEDPA provides the framework for progression of the project through the exploration, appraisal, development and production phases and obligations and rights of each party over its lifecycle.
The Company is awaiting execution of the agreement. While Invictus has been working on Muzarabani for only a few years, such projects typically can take up to 10 years in the making.
The time it takes to develop oil or gas fields however depends on location, size and complexity of facilities, number of oil and gas wells needed and entails extensive studies and huge investments.
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