Invictus’ Mukuyu-1 prospective resource upgraded to a massive 20 trillion cubic feet and 845 million barrels
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Leading petroleum consultancy ERCE says the Mukuyu-1 prospect at Invictus Energy’s Cabora Bassa Project in Zimbabwe has substantial resource potential.
ERCE estimates the gross mean recoverable conventional potential of the prospect at a combined 20 trillion cubic feet (tcf) and 845 million barrels of conventional gas condensate – or about 4.3 billion barrels of oil equivalent (boe) on a gross mean unrisked basis.
Invictus Energy (ASX:IVZ) MD Scott Macmillan says the prospect now represents one of the largest conventional exploration targets globally.
“The estimate for the newly identified 200 horizon in the Dande formation within Mukuyu is 1.9 Tcf + 77 million barrels of oil which provides us with a material first up target in the Mukuyu-1 well,” he said.
The ERCE prospective resource upgrade covers eight stacked targets and incorporates new data from the Cabora Bassa 2D Seismic Survey, which firmed up the potential for multiple stacked hydrocarbon bearing zones in the Prospect.
“The substantial work undertaken to plan, acquire, process and interpret the CB21 Seismic Survey and integrate it into our geological and basin modelling studies has enabled us to identify and quantify the additional prospectivity,” Macmillan says.
“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.”
Invictus is fully funded to drill the Mukuyu-1 gas-condensate exploration well after a $12m private placement in mid-May.
Drilling is expected to commence in August with the Exalo Rig 202 – which is capable of drilling to a depth of 5,000m.
The plan is to drill Mukuyu-1 well as a deviated well to test multiple stacked targets within the greater Mukuyu structure from the 200 to 650 horizons.
This article was developed in collaboration with Invictus Energy Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.