Invictus Energy (ASX: IVZ) commences 2D seismic survey at Cabora Bassa Project, shares jump

Highlights

• The CB23 seismic survey is part of Phase 2 exploration in the Cabora Bassa Basin.
• The survey, likely to complete in July, is aimed at maturing several already identified leads to drillable prospects.
• The seven already identified drill-ready prospects across the project are estimated to contain 5.5 billion boe prospective resource.
• Processing and interpretation would be performed in the second half of 2023.

Invictus Energy Limited (ASX: IVZ) has kicked off Phase 2 exploration with the commencement of a 2D seismic survey at its Zimbabwe-based project. The data generated from the survey would aid the company in firming up several already identified leads on trend with Mukuyu and in the Basin Margin Play into drillable prospects.

The campaign is expected to be completed next month. Following which the company plans to undertake processing and interpretation during the second half of 2023. 

Data source: IVZ update

Details into Seismic Survey

IVZ, an independent upstream oil & gas company, is the operator of the Cabora Bassa Project with an 80% interest.

The company in May 2023 had updated on the engagement of Polaris Natural Resource Development Ltd., which has now started line clearing operations. Polaris has mobilised Vibroseis units and recording equipment to the seismic camp.

Data source: IVZ update  

The company says that all the leads being targeted indicate seismic amplitude anomalies such as “flat spots” that are often indicative of hydrocarbon contacts and velocity interval slowdowns, which correlate with the hydrocarbon bearing intervals intersected in the Mukuyu-1/ST1 well.

Adding to the existing prospective resource

IVZ already has seven drill-ready prospects across the project, estimated to contain a combined 5.5 billion barrels of prospective resources in oil equivalent (boe) on a gross mean unrisked basis. 

Cabora Bassa Prospect & Lead Map and CB23 Seismic Survey Area

Image source: IVZ update

In the Central Fairway Play (Mukuyu and Msasa), the drill ready prospects are estimated to hold 4.3 billion boe in prospective resources (gross mean unrisked basis).

In the Basin Margin Play, the drill ready prospects (Baobab, Acacia, Marula, Mukamba and Mimosa) are estimated to hold nearly 1.2 billion barrels in prospective resources, of conventional oil (gross mean unrisked basis).

IVZ shares gain over 4.5%

Triggered by the update, IVZ shares gained over 4.5% to trade at AU$0.115 at the time of writing on 13 June 2023. The company has a market cap of over AU$117 million.