Invictus almost triples resource potential at Zimbabwe project
Sydney-listed Invictus Energy on July 5 reported a significant increase in resource potential at the Mukuyu prospect within the Cabora Bassa project in Zimbabwe.
The company has received an updated independent report from ERCE. The report estimates the gross mean recoverable conventional potential of the Mukuyu prospect at a combined 20 trillion ft3 and 845mn barrels of conventional gas condensate, or about 4.3bn barrels of oil equivalent (boe) on a gross mean unrisked basis, the company said.
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This marks a 2.7-fold increase on a barrel of oil equivalent basis to the 2019 independent assessment by Getech Group, which estimated Mukuyu (then named Mzarabani) to hold 8.2 trillion ft3 and 247mn barrels of conventional gas condensate, on a gross mean unrisked basis.
Based on Invictus’ 80% share in the Cabora Bassa project, its net share of this prospective resource now stands at 16 trillion ft3 and 676mn barrels of conventional gas condensate, or about 3.44bn boe. The ERCE prospective resource upgrade incorporates new data from the Cabora Bassa 2D seismic survey.
“The Mukuyu prospect has grown significantly in its scale and now represents one of the largest conventional exploration targets globally,” managing director Scott Macmillan said.
“This updated estimate is the culmination of the excellent work from the Invictus technical team over the last 12-18 months to deliver this result in the lead up to our drilling programme,” he added.
The Cabora Bassa project comprises the Mukuyu and Msasa gas and condensate prospects. The project received environmental approval from Zimbabwean authorities in August 2020.