Invictus Energy (ASX: IVZ): Rich gas-condensate discovery confirmed at Mukuyu-2

Highlights

• Results of preliminary compositional analysis from the downhole reservoir fluid samples confirmed a large and rich gas-condensate discovery at Mukuyu.
• The samples reflect a consistent, high-quality natural gas composition, with low inert content, <2% CO₂ and nil H₂
• The compositional analysis suggests minimal processing will be required for sale to downstream customers.

Invictus Energy Limited (ASX: IVZ) has received results of preliminary compositional analysis from the downhole reservoir fluid samples, confirming a large and rich gas-condensate discovery at Mukuyu prospect of its Cabora Bassa project in Zimbabwe. The samples reflect a consistent, high-quality natural gas composition, with low inert content, <2% CO₂ and nil H₂S.

The compositional analysis suggests minimal processing will be required for sale to downstream customers. Its condensate gas ratios are estimated in the range of 14-22 barrels per million standard cubic foot (bbls/MMscf) of gas with a condensate API gravity of 50-60.

The mudgas analysis results for Mukuyu-1 confirmed the occurrence of light oil and gas condensate yields of 30-135 bbls/MMscf and high quality natural gas with minimal impurities.

According to IVZ, the preliminary analysis from Mukuyu-2 as well as the results from Mukuyu-1 are in line with the geological modelling that marked rising level of liquid hydrocarbon in the south of Mukuyu towards the Basin Margin, and increasing dry gas contribution from the deeper kitchen and higher maturity source rock to the north of the Mukuyu structure.

Moreover, the preliminary gas isotope analysis from processed downhole reservoir fluid samples in Mukuyu-2 and mudgas samples from comparable depths are consistent. It will allow for additional insights from the extensive suite of samples from the Mukuyu-1 and Mukuyu-2 wells. The Mukuyu-2 gas samples highlight that dryness is increasing with depth.

As of now, the processing of the additional downhole reservoir fluid and mudgas samples is underway. Also, results from other ongoing analysis will be integrated into the geological model for Mukuyu.

Remarks by Managing Director, Mr Scott Macmillan

IVZ shares traded at AU$0.102 apiece at the time of writing on 04 March 2024.