Australian oil and gas exploration company Invictus Energy has announced the discovery of light oil, gas condensate and helium at its Cabora Bassa project, located in the northern province of Zimbabwe.
The discovery follows the analysis of mud gas collected from the drilling of the Mukuyu-1 well in late 2022, which identified 13 hydrocarbon bearing zones.
“Results from the mud gas compositional analysis definitely proves the presence of hydrocarbons in multiple reservoir pay zones at Mukuyu-1, consistent with the wireline log interpretation, fluorescence and elevated mud gas readings.
Analysis shows the presence of light oil and rich natural gas-condensate, with condensate gas ratios estimated at between 30 to 135 barrels per million cubic feet,” Invictus Energy Managing Director,Scott Macmillan stated.
“Furthermore, the presence of helium gas in commercial concentrations in multiple reservoir units its comparable with global helium producing fields and provides an additional high value by-product.
We are extremely pleased with the results from the mud gas 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,” Macmillan continued.
The company has since demobilized the Mukuyu-1 well and will now progress with the drilling of the Mukuyu-2 well, with the spudding of the second appraisal well targeted for Q3, 2023. Last week, Invictus Energy launched a share purchase plan aimed at raising funds for the second phase of the upstream campaign.
