By Advent Shoko | ZiGoats
Australian-listed energy company Invictus Energy has completed construction of the Musuma-1 drilling site in northern Zimbabwe, clearing a key logistical hurdle ahead of a planned exploration campaign in November.
The company announced on Thursday, 15 October 2026, that drilling contractor Exalo Drilling had formally inspected and accepted the completed wellpad, paving the way for the relocation of its Rig 202 from the Mukuyu-2 site.
The development brings Invictus a step closer to testing Musuma-1, a high-impact exploration target in the Cabora Bassa Basin, where the company is pursuing oil and gas resources.
Invictus said the wellpad construction included all associated civil works and upgrades to access roads, with the site now ready to receive the drilling rig.
“The completion and formal acceptance of the Musuma-1 wellpad by Exalo represents another important milestone in our preparations for the upcoming drilling campaign,” managing director Scott Macmillan said.
“With the wellpad, civil works and access roads now completed, we have cleared a key logistical milestone and can progress the relocation of Rig 202 from Mukuyu-2 to the Musuma-1 site.”
Rig Move Next As November Target Remains
Invictus said the next phase will involve moving Rig 202 from Mukuyu-2 to Musuma-1, followed by rig-up operations and the completion of outstanding maintenance work.
The rig will undergo a final inspection and acceptance process before drilling can begin.
Despite the remaining work, the company said Musuma-1 remained on track to begin drilling, known as spudding, in November.
“Our operational focus is now firmly on the rig move, rig-up and completion of the remaining maintenance activities ahead of final rig acceptance and drilling commencement,” Macmillan said.
“Our schedule remains on track to spud Musuma-1 in November and look forward to testing this exciting, high-impact exploration target in the Cabora Bassa Basin.”
The November timeline remains subject to the completion of the remaining preparations and final rig acceptance.
Why Musuma-1 Matters
Musuma-1 forms part of Invictus Energy’s wider exploration programme in Zimbabwe’s Cabora Bassa Basin, a frontier basin in the north of the country that the company considers highly prospective for hydrocarbons.
Invictus holds an 80% interest in, and operates, the Cabora Bassa Project. Its wider portfolio covers approximately 360,000 hectares under the relevant exploration permits.
The project includes the Mukuyu Gas Field, where Invictus has previously announced a significant gas discovery, alongside other prospects and leads that the company is continuing to evaluate.
Musuma-1 is intended to test another exploration target within this broader acreage, potentially adding to the understanding of the basin’s hydrocarbon potential.
However, completing the wellpad is a construction and operational milestone, not evidence that oil or gas has been discovered at Musuma-1. The results of the drilling campaign will be needed to establish whether the target contains hydrocarbons and whether any discovery could ultimately be developed commercially.
For Zimbabwe, exploration success could open further opportunities in the country’s energy sector. But the scale of any potential benefits will depend on the results, subsequent appraisal work, commercial viability and the infrastructure required to bring any resources to market.
Invictus Also Reports Expiry Of 9.43 Million Options
In a separate announcement dated 15 October, Invictus notified the Australian Securities Exchange that 9.43 million options carrying an exercise price of A$0.29 each had expired without being exercised or converted.
The securities, listed under the code IVZAC, ceased on 15 October 2026.
The company stated that no consideration was payable in connection with their cessation.
The options announcement is separate from the Musuma-1 operational update and does not, by itself, indicate the outcome of the planned drilling campaign.
Invictus is listed on the Australian Securities Exchange under IVZ, trades on the OTCQB market under IVCTF and is also listed on Zimbabwe’s Victoria Falls Stock Exchange under INV.
With the Musuma-1 site now accepted by its drilling contractor, attention turns to the relocation of Rig 202 and the remaining preparations. The next major milestone will be the start of drilling, which the company continues to target for November.
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