Half-Year Report: A quick overview of Invictus Energy’s (ASX:IVZ) key developments - Kalkine Media

Highlights

• Invictus Energy (ASX:IVZ) has released its financial report for the half-year ended 31 December 2022.
• The company has been forging ahead in developing its Cabora Bassa Project in Zimbabwe that encompasses the Mukuyu prospect.
• Invictus Energy carried out maiden oil and gas exploration drilling campaign at Cabora with the spudding of the Mukuyu-1 well.
• IVZ has completed an updated independent prospective resource estimate for the Mukuyu prospect to 20 Tcf and 845 million barrels of conventional gas-condensate (gross mean unrisked).
• Invictus and the Forestry Commission of Zimbabwe (FCZ) have inked a 30-year-long agreement to develop the Ngamo-Gwayi-Sikumi (NGS) REDD+ project.

Invictus Energy Limited (ASX:IVZ) has released its financial report for the half-year ended 31 December 2022. During the six months period, the company focused on delivering its principal activities in-line with its business goals.

Invictus advanced the development of its 80% owned and operated Cabora Bassa Project in Zimbabwe that encompasses the Mukuyu prospect, one of the largest conventional oil and gas prospects in onshore Africa, defined by high-quality data set.

High points from the half-year report

Invictus Energy carried out maiden oil and gas exploration drilling campaign at Cabora with the spudding of the Mukuyu-1 well. Fluorescence and elevated gas shows in the Upper Angwa primary target confirmed the existence of a conventional working hydrocarbon system in the Cabora Bassa Basin.

Image source: Company update

The company has completed an updated independent prospective resource estimate for the Mukuyu prospect to 20 Tcf and 845 million barrels of conventional gas-condensate (gross mean unrisked).

During the half year, Invictus expanded the Cabora Bassa Project exploration footprint through the conclusion of the assignment of the exploration rights to Exclusive Prospecting Order 1848 and 1849 from the Sovereign Wealth Fund of Zimbabwe. Under the Exploration Licences, a combined area of about 360,000 hectares, with EPOs 1848 and 1849 and the Special Grant 4571 licence area with around 100,000 hectares, are covered.

The company had announced an updated Independent Technical Report from ERCE measuring significant additional resource potential in the Basin Margin Area of Exclusive Prospecting Order 1849. ERCE has assessed the gross mean recoverable conventional potential of the Basin Margin Area at a combined 1.17 billion barrels of conventional oil on a gross mean unrisked basis.

The ASX-listed firm has also wrapped up the independent maiden prospective resource estimate for the newly identified Basin Margin Play within EPO 1848 consisting of five drill ready prospects totaling 1.2 billion barrels (gross mean unrisked).

Invictus and the Forestry Commission of Zimbabwe (FCZ) have inked a 30-year-long agreement to develop the Ngamo-Gwayi-Sikumi (NGS) REDD+ project. It can be renewed for another 30 years. This is a part of the sustainable plan of the company to manage emissions.

During the half-year period, the company progressed Ngamo-Gwaai-Sikumi REDD+ (NGS REDD+) project. The draft Project Development Document (PDD) has been wrapped up and the listing process has been initiated for project certification via Verified Carbon Standard (VCS). Also, a pilot program has been started in the Ngamo forest area to prioritise forest fire prevention and management. This program has been started in collaboration with the Zambesia Conservation Alliance.

During the half year period, Invictus also completed the drilling of its maiden wildcat Mukuyu-1 / ST1 well in the Cabora Bassa Basin.

Cabora Bassa forward strategy

Image source: Company update