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Highlights
- Mukuyu has been recognised as the second largest discovery in Sub-Saharan Africa in 2023.
- Invictus Energy pins landmark achievement with two gas discoveries in the Upper and Lower Angwa formations at Mukuyu.
- These developments validate the immense potential of the Mukuyu gas field, says IVZ.
- Invictus has land holdings of around 360,000ha close to a high-demand energy market in the basin.
Invictus Energy Limited (ASX: IVZ) has revealed that the Mukuyu field has been recognised as the 2nd largest discovery in Sub-Saharan Africa. This is as per an upstream review published by Wood Mackenzie, a global energy research company. Mukuyu has won the rank for its estimated 230 million boe (1.3 TCF) resource.
Dual landmark discoveries by IVZ
According to the review, the exploration in the region has yielded total 7 discoveries from 17 wells drilled in the subcontinent in 2023. Two of these discoveries were made by IVZ.
The firm declared two gas discoveries from the Upper and Lower Angwa Formation targets in the Mukuyu-2 / ST-1 well, in December last year. Total 15 downhole gas and gas-condensate samples were recovered by IVZ from both the reservoirs during its drilling campaign.
These developments validate the immense potential of the Mukuyu gas field, outlining a new petroleum province in the Cabora Bassa basin, highlights the company update. Invictus holds a dominant acreage position of 360,000ha in proximity to a high-demand energy market with established delivery infrastructure in the basin.
Immense exploration upside
Invictus believes that there exists substantial upside through further drilling for turning prospective resources in Mukuyu into contingent resources and later mature them to reserves.
IVZ shares traded at AU$0.097 apiece on 21 February 2024.
