Invictus Energy Limited ("Invictus" or "the Company"), is pleased to provide an update on its financial and operational performance for the quarter ended 30th June 2022.
Mukuyu prospective resource upgraded to 20 Tcf + 845 million barrels of conventional gas condensate (gross mean unrisked basis)
During the quarter, Invictus received an updated Independent Report from ERCE estimating substantial resource potential at its Cabora Bassa Project, as announced in the ASX release on 5 July 2022.
ERCE estimates the gross mean recoverable conventional potential of the Mukuyu prospect at a combined 20 Tcf and 845 million barrels of conventional gas condensate, or approximately 4.3 billion barrels of oil equivalent (boe) on a gross mean unrisked basis# .
# Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. Prospective Resources assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.
This marks a 2.7-fold increase on a barrel of oil equivalent basis to the 2019 independent assessment by Getech Group plc, which estimated Mukuyu (then named Mzarabani) to hold
Invictus Energy Ltd is an independent oil and gas exploration company
focused on high impact energy resources in sub-Saharan Africa. Our asset
portfolio consists of a highly prospective 250,000 acres within the Cabora
Bassa Basin in Zimbabwe. Special Grant 4571 contains the world class
multi-TCF Mukuyu and Msasa conventional gas-condensate prospects.
8.2 Tcf and 247 million barrels (~1.6 billion boe) of conventional gas condensate, on a gross mean unrisked basis.
A summary of the ERCE report's findings for the Mukuyu prospect, which incorporates the results of the new 2021 Cabora Bassa 2D Seismic Survey ("CB21 Survey") data, is tabulated below.
Gross Unrisked Estimated Prospective Resources#
Source: ERCE as at 30 June 2022
Figure 1 - Mukuyu-1 Drilling Targets and Well Schematic
Substantial new shallow target identified in Mukuyu prospect
During the quarter the Company completed interpretation of the CB21 Survey, identifying a substantial new shallow target in the Post Dande (Horizon 200) section of the Mukuyu prospect.
The ASX release on 7 April 2022 highlighted the extensive amplitude anomaly at the Horizon 200 level and the very positive correlation of amplitude extent and structural closure - this fit to structure is regarded as a very strong attribute for any prospect and a potential Direct Hydrocarbon Indicator (DHI) as shown in Figure 3.
Figure 2 - Mukuyu Prospect (formerly Muzarabani): AVO Gradient at Horizon 200 Level (Post Dande) showing conformance to structure
Potential for multiple stacked hydrocarbon bearing zones
During the quarter further quantitative analysis (QA) studies provided support for the presence of potential hydrocarbons in the Mukuyu structure as announced in an ASX release on 12 May 2022.
The results from a seismic inversion/QA study indicate the section immediately below the Horizon 200 target is likely to comprise multiple stacked hydrocarbon bearing zones, ranging in thickness from 40m to 80m. As a result, the drilling program has been updated to include a diverter system for the shallow sections of the Mukuyu-1 well.
Figure 3 - Lambda-Rho attribute for Line CB21-09 showing potential for stacked hydrocarbon bearing zone below Horizon 200
The Horizon 200 target is newly identified from the CB21 Survey and will be the first target tested in the Mukuyu-1 well, as shown in Figure 3.
The extent of the amplitude anomalies (up to 16km along strike and 15km along dip) are coincident with the greater structural closure at the Horizon 200 Level (Post Dande) and shown in Figure 1. The amplitudes terminate at approximately the same two-way time (TWT) across all the dip and strike lines, which may indicate the presence of trapped hydrocarbons across the broader structure.
Exalo Rig 202 mobilisation to Cabora Bassa commenced
During the quarter the Exalo Rig 202 commenced mobilisation from Songo Songo Island in Tanzania to Cabora Bassa. The rig and associated equipment will arrive at the Mukuyu-1 wellsite, which has been completed and handed over by the civils contractor.
Exalo will commence rig up and then perform some additional maintenance work prior to commencing drilling the Mukuyu-1 well in August.
Figure 5 - Exalo 202 Rig Up at Mukuyu-1 Wellsite
Mukuyu-1 will be drilled as a deviated well to test multiple stacked targets within the greater Mukuyu structure from the 200 to 650 horizons, as per Figure 5.
Figure 4 - Mukuyu-1 Planned Well Trajectory & Primary Targets
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Invictus Energy Limited published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 08:53:00 UTC.