Invictus Energy, Australian oil and gas exploration company, has announced the discovery of light oil, gas condensate and helium at its Cabora Bassa project, located in the northern province of Zimbabwe.
The discovery follows the analysis of mud gas collected from the drilling of the Mukuyu-1 well in late 2022, which identified 13 hydrocarbon bearing zones.
Announcing the success of the explorations, Invictus Energy Managing Director, Scott Macmillan, expressed optimism of the project.
“Results from the mud gas compositional analysis definitely proves the presence of hydrocarbons in multiple reservoir pay zones at Mukuyu-1, consistent with the wireline log interpretation, fluorescence and elevated mud gas readings.
“Analysis shows the presence of light oil and rich natural gas-condensate, with condensate gas ratios estimated at between 30 to 135 barrels per million cubic feet.”
Scott Macmillan
Macmillan further added that the presence of helium gas in commercial concentrations in multiple reservoir units its comparable with global helium producing fields and provides an additional high value by-product.
“We are extremely pleased with the results from the mud gas analysis which confirm our geological modelling of the Cabora Bassa Basin and the presence of both light oil and gas-condensate provides us with confidence as we prepare for the drilling of Mukuyu-2 in Q3 this year.”
Scott Macmillan
“Success at Mukuyu-2 and confirmation of a significant discovery will further unlock the value of our material portfolio,” said Invictus Energy Managing Director Scott MacMillan.
The company has since demobilized the Mukuyu-1 well and will now progress with the drilling of the Mukuyu-2 well, with the spudding of the second appraisal well targeted for Q3, 2023.
The analysis also confirmed the presence of helium gas in commercial concentrations comparable with global helium producing fields, the company added.
Meanwhile, Helium is a key component in the manufacture of semiconductors, liquid crystal display (LCD) panels and fibre optic wire.
Invictus Energy Launches a Share Purchase Plan
Invictus Energy launched a share purchase plan aimed at raising funds for the second phase of the upstream campaign
With the SPP, Invictus aims to raise up to A$10 million for Phase 2 of the upstream campaign. The SPP is priced at 12c a share, and will consist of 83.3-million new ordinary shares in the company. The offer price represents a 20% discount to Invictus Energy’s recent closing price.
According to the Managing Director of Invictus Energy, the SPP is anticipated to provide additional funding for these activities as it prepares to kick off a fresh 2D seismic campaign this month to mature leads on trend with Mukuyu into drill-ready prospects.
“The Cabora Bassa basin is one of the last untapped frontier rift basins onshore Africa and has the potential to provide energy security not only for Zimbabwe, but the wider Southern African region, should our activities lead to a successful development.”
Scott Macmillan
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