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AUSTRALIAN oil and gas exploration junior, Invictus Energy, says its Mukuyu-1 prospect is now one of the largest conventional exploration targets globally after an updated independent report revealed substantial oil and gas potential at its Cabora Bassa project in Muzarabani.

In a statement released yesterday, Invictus said the updated independent report was compiled by United Kingdom based ERCE, an independent consultancy specialising in petroleum reservoir evaluation.

Virtually all independent research studies that have been carried out on the company’s prospective area in Muzarabani and Mbire districts of Mashonaland Central Province, north of Zimbabwe, have confirmed huge potential for hydrocarbons (oil/gas) in the area.

The Australia Stock Exchange listed company has reprocessed significant data, using modern technologies, which was first generated by Mobil Oil in the early 1990s when extensive oil and gas geo-physical work was undertaken in the greater Muzarabani area. President Mnangagwa said at the launch of a Petroleum Exploration Development and Production Agreement (PEDA) with Invictus last year that the signing of the PEDPA represented major strides in Zimbabwe’s efforts to tap into its oil and gas deposits, which is a new territory in the country’s mining sector.

The PEDPA provides the framework for progression of the Cabora Bassa Project through the exploration, appraisal, development and production phases, the obligations and rights of each party, the minimum work program obligations to maintain the licence in good standing, and the security of tenure for the project duration. The parties will also sign a proposed Petroleum Production and Sharing Agreement (PPSA) — administered by the Ministry of Energy  and Power Development , which contains the fiscal provisions of the project, including Zimbabwe’s profit/production share.

Invictus plans to start exploration in the area beginning at the end of July into August and the company confirmed recently that key pieces of equipment for the Exalo 202 rig had arrived in Beira, Mozambique from Songo Songo in Tanzania enroute to Zimbabwe.

“Mukuyu-1 prospective resource upgraded to 20 Tcf (trillion cubic feet) + 845 million barrels of conventional gas condensate (gross mean unrisked basis).  Invictus has received an updated independent Report from ERCE estimating substantial resource potential at its Cabora Bassa project.

ERCE estimates the gross mean recoverable conventional potential of the Mukuyu prospect at a combined 20Tcf (trillion cubic feet) and 845 million barrels of conventional gas condensate, or about 4,3 billion barrels of oil equivalent (boe) on a gross mean unrisked basis,” said the Australia Stock Exchange-listed firm.

Based on the company’s 80 percent share in the Cabora Bassa project, Invictus’ net share of this prospective resource would equate to 16 Tcf and 676 million barrels of conventional gas condensate, or about 3,44 billion boe.

The exploration firm said this marked a 2,7-fold increase on a barrel of oil equivalent basis to the 2019 independent assessment by Getech Group plc, which estimated Mukuyu (then Muzarabani) to hold 8,2 Tcf and 247 million barrels (~1,6 billion boe) of conventional gas condensate, on a gross mean unrisked basis.

Invictus managing director Scott Macmillan commented  “The Mukuyu prospect has grown significantly in its scale and now represents one of the largest conventional exploration targets globally. This updated estimate is the culmination of the excellent work from the Invictus technical team over the last 12 to 18 months to deliver this result in the lead up to our drilling programme. The estimate for the newly identified 200 horizon in the Dande formation within Mukuyu is 1,9 Tcf + 77 mmbbl which provides us with a material first up target in the Mukuyu-1 well.”

He said the substantial work undertaken to plan, acquire, process and interpret the CB21 (Cabora Bassa 2021) Seismic Survey and integrate it into geological and basin modelling studies has enabled them to identify and quantify the additional prospectivity.

“This has not only materially enhanced the value of our acreage, but also de-risked it.

“The Mukuyu-1 well will test seven major targets from the 200 to 650 horizons, including the primary Upper Angwa targets, and provides the company with multiple opportunities to make a material hydrocarbon discovery,” said Mr Macmillan.