Zimbabwe Explorer Sees Oil Potential Too
Australian independent Invictus Energy says its Mzarabani gas condensate prospect in northern Zimbabwe likely contains oil as well.
Formerly named Interpose Holdings, ASX-listed Invictus holds an 80% equity interest in Zimbabwe's special grant 4571, a potentially trillion cubic feet asset in the Cabora Bassa basin, which it regards as one of the largest under-explored interior rift basins in Africa and where it had already identified the Mzarabani gas condensate prospect.
Invictus said September 24 its ongoing technical study has confirmed the oil potential of the Cabora Bassa Basin in association with that massive Mzarabani anticline, and identifies further leads.
Invictus managing director Scott Macmillan: "The results of our ongoing technical work are extremely encouraging and is enhancing our understanding of the potential of our acreage in the Cabora Bassa Basin. The basin modelling and source rock characterisation is one of the key pieces of work that significantly de-risks the charge timing and availability to the Mzarabani Prospect and the wider basin as well. In addition, new processing techniques applied to the raw datasets that were not available 25 years ago are beginning to show additional structural detail in the basin that was not previously possible as indicated by the preliminary gravity processing results. Our technical work is continuing on this exciting project and we look forward to updating the market on our progress in due course."
US oil major Mobil owned the acreage in early 1990s but relinquished it, as it held more gas than oil. More detailed data on it was not publicly known until April 2018 when Interpose announced its detail to acquire Invictus for $500,000. That acquisition was completed two months later in June.