According to a statement issued Monday by Invictus Energy Limited, drilling of Mukuyu-1, a 3,5 Kilometer deep well which is situated in the Muzarabani-Mbire area, started on Friday and will last 60 days.
Officials of the Sub-Saharan focused energy company say the Muzarabani-Mbire project is one of the largest oil and gas exploration prospects to be drilled worldwide this year, and add, will cost $16 million.
“It (Mukuyu) is estimated at 20 trillion cubic feet and 845 million barrels of conventional gas condensate, or about 4.3 million barrels of oil equivalent,” read the company statement.
Officials add, the company last month raised $17 million to fund drilling of explorations wells in the southern African nation through private placement.
Upon completion of Mukuyu-1, Invictus Energy Limited is expected to follow up with Baobab-1, another drilling project in the southern African nation, and is scheduled to complete in 40 days.