Invictus says Muzarabani exploration works encoura...

Invictus says Muzarabani exploration works encouraging

Zim Now Writer

Australia Stock Exchange (ASX)-listed oil and gas explorer Invictus Energy Limited (Invictus) its exploration works in Muzarabani, Mashonaland Central Province are encouraging and have some more drilling through its primary targets with additional potential.

This comes as the oil and gas explorer last month said rig maintenance had caused a minor hitch in its preparation to drive the 12¼ hole section of its Mukuyu-1 exploration well, delays which the company said were not unusual in normal oilfield drilling operations.

Invictus Managing Director Scott Macmillan said: “Early indications in our Upper Angwa primary target are highly encouraging and have proven a conventional working hydrocarbon system in the Cabora Bassa Basin, which is an exciting development validating our subsurface model.

“The presence of elevated mud gas readings, fluorescence in the cuttings, elevated LWD resistivity and increasing background gas with depth is a positive sign as we progress through the Upper Angwa Alternations Member.

“We still have several hundred metres of drilling through our primary targets with additional potential, which will be followed by a comprehensive wireline logging programme to evaluate results, with the aim of confirming the presence of moveable hydrocarbons in multiple zones,” said the energy firm executive.

The firm added that since the last update, the 8½” hole section has been drilled to a depth of 3 086 metres Measured Depth (“mMD”). Elevated mud gas peaks (up to 65 times above background gas baseline) have been observed while drilling through a depth of 3 070 mMD with marked increases from C1 to C5 compounds (methane, ethane, propane, butanes and pentanes)

The ASX-listed oil and gas explorer plans to evaluate all zones of interest through a planned wireline logging programme, which will take place once Mukuyu-1 reaches total depth and will allow for the identification of any potential hydrocarbon pay.

Invictus started prospecting for oil and gas in the Cabora Bassa and Zambezi basins about four years ago and Mukuyu-1, which is 3,5km deep and is expected to cost US$16 million, is a project being undertaken in partnership with the Government of Zimbabwe.

The energy firm is planning to construct a gas-to-power facility that will supply the national grid, thereby reducing the current power challenges that Zimbabwe is experiencing.