Invictus Energy Ltd (ASX:IVZ) is focused on exploring and developing the Cabora Bassa Basin – one of Africa’s largest and last untested frontier rift basins located in northern Zimbabwe.
Invictus Energy Ltd declared multiple high quality gas-condensate discoveries at the Mukuyu Gas Field in late 2023, in the Upper and Lower Angwa Formations.
The Company is advancing commercialisation opportunities, field appraisal activity and further drilling of exploration targets in its 360,000 hectare licence area.
Our goal is to develop our resource base to become an energy supplier to a large and rapidly expanding southern African energy market.
Cabora Bassa Basin
Located in northern Zimbabwe near the border of Mozambique, the Cabora Bassa has long been an area of natural energy resource exploration interest due to its geology and rift basin setting analogous to many hydrocarbon habitats.
Dating back to the 1990s, Mobil Oil Corporation explored the area and identified significant natural gas potential but later relinquished the area due to a lack of monetisation options and limited gas markets.
Since acquiring the project in 2018, Invictus has undertaken an aggressive work program acquiring 1,400km of 2D seismic and drilling two wildcat wells resulting in the Mukuyu gas-condensate discovery in late 2023.
Invictus has further expanded its acreage to a dominant 360,000 hectare basin scale position, acquiring and interpreting high resolution 2D seismic data which has defined three major play types and identified multiple drill ready prospects across three licence areas:
In late 2023 Invictus declared dual gas discoveries from its Mukuyu-2 drilling campaign, which encountered multiple gas-bearing reservoirs with a net pay of 35m.
The Mukuyu discoveries from the Lower and Upper Angwa Formations ranked as the second largest oil/gas discovery in sub-Saharan African in 2023, representing an estimated 230mmboe or 1.3 Tcf of gas from just the first two wells drilled in the 200km2 Mukuyu structure.
Analysis of downhole samples retrieved to surface revealed high quality gas-condensate with minimal impurities, ideal for low-cost processing. Importantly, hydrocarbon presence and migration was proved in secondary targets and presents additional upside in shallower targets.
Discovery success followed a maiden drilling campaign approximately 7km south-west at Mukuyu-1 in late 2022, which confirmed the Cabora Bassa Basin has a working petroleum system.
Gas-to-power MOU to supply pilot gas-to-power project for Eureka Gold Mine
Strategic investment by Mutapa Investment Fund
Progress PPSA with Republic of Zimbabwe
Mukuyu-2 gas discoveries declared
425km CB23 seismic infill program completed
Gas-to-power offtake MOU with Mbuyu/Tatanga Energy updated
Licence area expanded threefold to 360,000ha, securing dominant acreage position
Basin opener Mukuyu-1 well drilled confirming working hydrocarbon system
Petroleum Exploration Development & Production Agreement signed with Republic of Zimbabwe
CB21 seismic infill survey acquired 840km of high res 2D seismic data to refine Mukuyu-1 well location
EIA approved for seismic and drilling activity
Mobil legacy seismic data reprocessed using modern processing techniques reveal world class Mukuyu prospect
Gas sale MOUs struck with Sable Chemicals and Tatanga Energy
Invictus farm-in to Cabora Bassa Project
Archived Mobil seismic field tapes acquired from Geological Survey vault
Mobil relinquishes acreage due to lack of natural gas commercialisation opportunities in Zimbabwe
Mobil Oil Corporation commence exploration of Cabora Bassa Basin which reveals significant natural gas potential
