Invictus Energy, the junior player that recently spudded a high-profile wildcat onshore Zimbabwe, has identified further prospects on its acreage that could be targeted in future drilling campaigns.
The Australia-based player has an 80% stake in the Cabora Bassa basin in northern Zimbabwe where its Mukuyu-1 probe is aiming for a huge prospect that could potentially house 20 trillion cubic feet of gas and 845 million barrels of liquids. Now, based on freshly acquired 2D seismic data, a further 1.17 billion barrels of conventional oil on a gross mean unrisked basis.
Invictus Energy Limited said it had received a report suggesting the presence of an Independent Prospective Resource of 1.17 billion barrels of oil from five drill-ready prospects in the Basin Margin Area.
Invictus has received an updated Independent Technical Report from ERCE estimating the gross mean recoverable conventional potential of the Basin Margin Area at a combined 1.17 billion barrels of conventional oil (about 18,603,000,000 litres). The prospective resource estimate includes the Baobab, Acacia, Marula, Mukamba and Mimosa prospects but excludes additional leads along the basin margin and central fairway area.
This adds to the prospective resource upgrade at Mukuyu, announced in an ASX release on 5 July 2022, taking the estimated total prospective resource base for the Cabora Bassa project portfolio to a combined 5.5 billion boe. Invictus, however, cautioned that further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
Invictus’ net share of the Basin Margin area prospective resource would equate to 937 million barrels of oil and 4.4 billion boe for the total project area. Invictus equates the resource potential in the Basin Margin to the prolific East African Rift System that resulted in material discoveries in the “String of Pearls” plays in Kenya and Uganda.