Invictus Energy Finds Gas Reserves in Cabora Bassa

Invictus Energy Limited, the Australia-based oil exploration company listed on Australian Securities Exchange (ASX), said that following the completion of the CB23 Seismic Survey data in the eastern Cabora Bassa basin in Zimbabwe, it has identified eight key prospects with a total 2.9 trillion cubic feet (TCF) gas and 184 million barrels (MMBBL) of condensate.

Invictus Energy owns and operates 80% of the Cabora Bassa Project and will focus its next exploration drilling campaign, initially targeting the Musuma prospect (estimated to contain 1.17 TCF) to test the eastern gas rospectivity, in addition to further appraisal drilling in the Mukuyu gas field.

Invictus Energy’s Managing Director Scott Macmillan commented said that the results from the CB23 seismic survey which has identified material prospectivity in the eastern portion of the company’s acreage and the exploration success at these prospects would prove up a further material play within Invictus’ acreage.

“This would also assist with unlocking additional significant value in the portfolio and ultimately aligns with the company’s early gas monetisation strategy. We have identified some high-confidence drill targets for the Company’s next exploration campaign,” he said.

Invictus Energy provides further updates its progress of the Mukuyu gas field testing and appraisal, farm out, and the wider Cabora Bassa exploration program, he added.

Eight Prospects Identified

Invictus Energy previously announced the identification of new prospects in the Dande Formation in the east of the basin. Further work has since been completed to mature these and additional prospects in the deeper Pebbly Arkose (Upper Triassic) and Angwa (Lower-Mid Triassic) Formations to assess prospective volumes and high-grade drilling candidates.

The interpretation of the survey data identified multiple prospects with high potential gas volumes at multiple stratigraphic levels. The targets’ relatively shallow depths and, in some cases, stacked prospective intervals can be tested with simple vertical wells.

These central fairway gas prospects in the eastern portion of Invictus’ exploration portfolio are in addition to the prospective resource associated with the previously reported Basin Margin Prospects, Invictus Energy said in a regulatory filing.

The company will conduct a further evaluation of the Basin Margin play to select additional prospects for a future drilling campaign.

Located in northern Zimbabwe near the border of Mozambique, the Cabora Bassa has long been an area of natural energy resource exploration interest due to its geology and rift basin setting analogous to many hydrocarbon habitats.

Dating back to the 1990s, Mobil Oil Corporation explored the area and identified significant natural gas potential but later relinquished the area due to a lack of monetisation options and limited gas markets.

Since acquiring the project in 2018, Invictus has undertaken an aggressive work program acquiring 1,400 km of 2D seismic and drilling two wildcat wells resulting in the Mukuyu gas-condensate discovery in late 2023.

Invictus has further expanded its acreage to a dominant 360,000-hectare basin scale position, acquiring and interpreting high resolution 2D seismic data which has defined three major play types and identified multiple drill ready prospects across three licence areas.