The Muzarabani oil and gas project represents huge potential to become a key asset for
Citing changing market conditions and improvements to local regulations, Invictus is confident that it can make the prospect viable in an energy deficient region.
Gas, a growing energy source, was reportedly discovered by Mobil in the early 1990s but reserves were unexploited due to a lack of regional demand and
The area has also shown significant potential, from reprocessing of data gathered by Mobil and use of latest technology, to host significant deposits of petroleum oil.
In a speech at the company's annual general meeting held on Tuesday,
He said 2022 had been transformative for the company, which saw Invictus achieving a number of significant milestones to advance the project including the signing of the
The PEDPA provides the framework for the rapid progression of the Muzarabani oil and gas project through the exploration, appraisal, development and production phases of the project, as well as rights and obligations of each part through the project's life cycle.
Further, the company managed to renew its special grant 4571 licence for a further 3 years to
Further, Invictus this year also appointed drilling contract manager in Aztech Well Services, and commenced the second phase of a Corporate Social Responsibility programme.
Importantly, the initial processing results of the seismic acquisition have produced high quality data revealing a variety of structural and stratigraphic features providing for a target rich environment for the upcoming drilling programme.
"Our technical work will progress over the next few months which will enable us to quantify this additional potential of our licence area and is expected to add materially to our already world class prospective resource base.
"This is a project that can have national significance for
"The potential of our acreage is truly staggering for a company of our size and we will continue our efforts so that the value is reflected for our shareholders", he added.
The Company will also continue to focus on its core values of delivering growth, maintaining capital discipline, and fostering relationships with our stakeholders and host communities.
"The milestones achieved over this year have placed us firmly on the path to drill the world class Muzarabani prospect in 2022 first half. Details of the drilling campaign will be provided in the coming days as we near the finalisation of a number of elements of the programme.
"Our asset portfolio consists of a highly prospective 250 000 acres within the
"We would also like to thank all our stakeholders and shareholders for their continued support as we strive towards delivering transformational value in what will be an exciting period ahead for the Company as we move towards a basin opening drilling campaign".
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