AUSTRALIAN energy firm, Invictus Energy Limited, says it has discovered a prospective resource of 184 million barrels of oil condensate at its Cabora Bassa project in the northeastern part of the country.
The discovery of a prospective oil resource comes after the firm announced a gas discovery at its Mukuyu 2 drill site at the Cabora Bassa project, located in the Muzarabani district of Mashonaland Central province in December.
In a statement released yesterday, Invictus cautioned that these estimated quantities of petroleum that may be potentially recovered by the application of a future development project related to undiscovered accumulations.
“The estimates had both a risk of discovery and a risk of development which required further exploration, appraisal and evaluation to determine the existence of a significant quantity of potentially recoverable hydrocarbons,” the company said.
“Following the completion of the interpretation of the CB23 Seismic Survey data and a review of prospectivity in the eastern Cabora Bassa basin, eight key prospects have been defined in the company’s exclusive prospecting orders (EPOs) 1848 and 1849, totalling 2,9 Tcf (trillion cubic feet) gas and 184 million barrels of oil condensate (gross mean unrisked basis).
“The company will focus its next exploration drilling campaign, initially targeting the Musuma prospect (estimated to contain 1,17 Tcf gross mean unrisked basis) to test the eastern gas prospectivity, in addition to further appraisal drilling in the Mukuyu gas field.”
The prospective resource assessments used in the statement were estimated using probabilistic methods in accordance with SPE-PRMS standards.
SPE stands for the Society of Petroleum Engineers International, an American not-for-profit professional association with 127 000 members in 145 countries engaged in the exploration and production of oil and gas and related energy resources.
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SPE International has the Petroleum Resources Management System developed for consistent and reliable definition, classification and estimation of hydrocarbon resources.
“We’re extremely pleased with the results from the CB23 seismic survey which has identified material prospectivity in the eastern portion of our acreage. Exploration success at these prospects would prove up a further material play within Invictus’ acreage,” Invictus managing director Scott Macmillan said.
“This would also assist with unlocking additional significant value in the portfolio and ultimately aligns with the company’s early gas monetisation strategy. We have identified some high-confidence drill targets for the company’s next exploration campaign I look forward to providing further updates as we progress the Mukuyu gas field testing and appraisal, farm out and the wider Cabora Bassa exploration programme.”
The company had previously announced the identification of new prospects in the Dande Formation in the east of the basin.
“Further work has since been completed to mature these and additional prospects in the deeper Pebbly Arkose (Upper Triassic) and Angwa (Lower-Mid Triassic) Formations to assess prospective volumes and high-grade drilling candidates,” Invictus said.
“The interpretation of the 2023 2D seismic survey data identified multiple prospects with high potential gas volumes at multiple stratigraphic levels. The targets’ relatively shallow depths and, in some cases, stacked prospective intervals can be tested with simple vertical wells.”
Based on Invictus’s 80% share in the Cabora Bassa project, Invictus’ net share of this prospective resource would equate to 2,3 Tcf and 147 million barrels of oil condensate.
