Invictus Energy (IVZ.AX), an Australia-listed company, announced on Monday that it has confirmed the presence of light oil, gas condensate, and helium at its Cabora Bassa project in Zimbabwe.
The company’s shares rose by 8.7% following the announcement. The results were obtained from the mud gas analysis of the Mukuyu-1 well drilled last year, which proved the presence of hydrocarbons in multiple reservoir pay zones.
According to Invictus Energy Managing Director Scott MacMillan, “Results from the mudgas compositional analysis definitively proves the presence of hydrocarbons in multiple reservoir pay zones at Mukuyu–1 consistent with the wireline log interpretation, fluorescence, and elevated mudgas readings.” The
analysis also revealed the presence of light oil and rich natural gas-condensate with condensate gas ratios estimated between 30 to 135 barrels per million cubic feet. The samples also exhibited a consistent, high-quality natural gas composition containing less than 1% CO2.
The company also discovered the presence of helium gas in commercial concentrations in multiple reservoir units comparable to global helium-producing fields, which could be an additional high-value by-product. Helium is a crucial component in the manufacturing of semiconductors, LCD panels, and fibre optic wire.
“We are extremely pleased with the results from the mudgas analysis, which confirm our geological modelling of the Cabora Bassa Basin, and the presence of both light oil and gas-condensate provides us with confidence as we prepare for the drilling of Mukuyu-2 in Q3 this year,” said MacMillan.
The confirmation of a significant discovery at Mukuyu-2 will further unlock the value of Invictus Energy’s material portfolio and basin master position in the Cabora Bassa Basin.
