Invictus Energy confirms oil, gas and helium find in Zimbabwe

By Reuters & Staff Reporter

HARARE: Australia-listed Invictus Energy (IVZ.AX) on Monday confirmed the presence of light oil, gas condensate and helium at its Cabora Bassa project in Zimbabwe, sending its shares up 8.7%.

The company said that mud gas analysis from the Mukuyu-1 well drilled last year had proved the presence of hydrocarbons in multiple reservoir pay zones.

“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,” aid Invictus Energy Managing Director Scott MacMillan

“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.

“The analysed samples demonstrate a consistent, high–quality natural gas composition, exhibiting low inert content, containing less than 1% CO2.

“Furthermore, the presence of helium gas in commercial concentrations in multiple reservoir units is comparable with global helium producing fields and provides an additional high value by–product.”

He added; “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.

“Success at Mukuyu–2 and confirmation of a significant discovery will further unlock the value of our material portfolio and basin master position in the Cabora Bassa Basin.”

The analysis also confirmed the presence of helium gas in commercial concentrations comparable with global helium producing fields, the company added.

Helium is a key component in the manufacture of semiconductors, liquid crystal display (LCD) panels and fibre optic wire.