Australian-listed Invictus Energy has started drilling one of two exploration wells for oil and gas in the northern part of Zimbabwe, the company said on Monday.
The 3.5km deep well, situated in the Muzarabani-Mbire area, is part of the Cabora Bassa project in Zimbabwe, which is 80% owned and operated by Invictus through its interest in Geo Associates.
Invictus said in a statement that the drilling of the first well, Mukuyu-1, began on Friday and would last between 50 and 60 days.
Mukuyu, which will cost $16m, is one of the largest oil and gas exploration prospects to be drilled globally in 2022, estimated at 20-trillion cubic feet and 845-million barrels of conventional gas condensate, or about 4.3-billion barrels of oil equivalent, the company said.
Invictus has been prospecting for oil and gas deposits for the past four years in the Cabora Bassa and Zambezi basins.
The company said Mukuyu-1 would be followed by the 1.5km deep well Baobab-1, which would be completed in 30-40 days.
In August, the company raised additional $17m to fund the drilling of the exploration wells through private placement.
