AUSTRALIAN energy firm, Invictus Energy Limited, will reveal the results of samples it acquired from its Mukuyu 2 drill site at its 80% owned and operated Cabora Bassa project in two weeks.
This comes after the company last year discovered gas at its Mukuyu 2 drill site which it described as a tremendous asset in Zimbabwe with the potential to transform the local and regional energy markets.
The Cabora Bassa project is in northeastern Zimbabwe.
In its latest update, Invictus managing director Scott Macmillan said the initial laboratory analysis results of the samples it took from the drill site were expected to be completed within two weeks in the United States.
“Following the two gas discoveries from the Upper and Lower Angwa reservoirs in recently completed Mukuyu 2/ST1 drilling campaign, the downhole gas samples acquired have completed export procedures and are due to arrive in the United States for analysis at the end of this week,” he said.
According to company updates, before the Mukuyu 2 exploration, drilling temporarily ceased at the Mukuyu 1 drill site due to technical glitches towards the end of 2022.
Drilling stopped without the confirmation of the presence of hydrocarbons or any other fluid sample.
However, after several successful capital raising initiatives, drilling resumed at Mukuyu 2 drill site where the company declared a discovery in the fourth quarter of last year.
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The firm recently launched a new capital raising initiative worth US$10,06 million to fund its drilling activities at Mukuyu 2 oil and gas drill. This comes after the successful raising of AUD15 million (US$10,25 million) in December last year.
Macmillan said funds from the offer would be invested in the operational activities at the Cabora Bassa project.
“Invictus has made a significant gas discovery in the Cabora Bassa Basin in northern Zimbabwe — one of the last untested large frontier rift basins in onshore Africa — through a high impact exploration programme which it continues to develop and mature,” the company said.
“Invictus Energy is committed to operating in a safe, ethical and responsible manner, respecting the environment, our staff, contractors and the communities in which we work.”
Invictus said 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 resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards,” Invictus said.
