HARARE – Australian energy firm Invictus Energy Limited has announced the discovery of a significant prospective resource of 184 million barrels of oil condensate at its Cabora Bassa project in northeastern Zimbabwe.
This development follows a previous gas discovery at the Mukuyu 2 drill site within the same project, located in the Muzarabani district of Mashonaland Central province.
In a statement released yesterday, Invictus Energy emphasized that the estimated quantities of petroleum are based on potential future recovery through further exploration and development. The company noted that these figures involve both a “risk of discovery and a risk of development,” necessitating additional exploration, appraisal, and evaluation to confirm the existence of recoverable hydrocarbons.
The announcement comes after the completion of the CB23 Seismic Survey, which led to the identification of eight key prospects in the eastern Cabora Bassa basin. These prospects, defined within the company’s exclusive prospecting orders (EPOs) 1848 and 1849, amount to a total of 2.9 trillion cubic feet (Tcf) of gas and 184 million barrels of oil condensate on a gross mean unrisked basis.
Invictus Energy’s managing director, Scott Macmillan, expressed optimism about the findings, stating, “We’re extremely pleased with the results from the CB23 seismic survey which has identified material prospectivity in the eastern portion of our acreage. Exploration success at these prospects would prove up a further material play within Invictus’ acreage.”
Macmillan added that the company’s next exploration campaign will focus on the Musuma prospect, estimated to contain 1.17 Tcf of gas, alongside further appraisal drilling in the Mukuyu gas field. These efforts align with Invictus’ strategy for early gas monetization and unlocking additional value within its portfolio.
The resource estimates were calculated using probabilistic methods in accordance with the Society of Petroleum Engineers International’s Petroleum Resources Management System (SPE-PRMS) standards, ensuring reliable and consistent assessment of hydrocarbon resources.
Invictus holds an 80% stake in the Cabora Bassa project, which equates to a net share of 2.3 Tcf of gas and 147 million barrels of oil condensate from the newly identified prospective resources. The company is set to continue its exploration and appraisal activities in the region, with further updates expected as the project progresses.
Source: News Day