Invictus Energy (ASX:IVZ) spuds first oil and gas exploration well at Cabora Bassa Basin

Highlights

• Invictus Energy has started drilling at the first of two potentially play opening exploration wells in Zimbabwe.
• The Mukuyu-1 exploration well is targeting 20TCF plus 845 million barrels of conventional gas condensate (gross mean unrisked).
• After Mukuyu-1 exploration well, drilling will begin at the Baobab-1 well to test the Basin Margin play.

Independent upstream oil and gas company Invictus Energy Limited (ASX:IVZ) has initiated maiden drilling at the Mukuyu-1 exploration well in Special Grant 4571 on 24 September 2022. This well is in Invictus’ 80% owned and operated Cabora Bassa Basin project in Zimbabwe.

The Mukuyu-1 well has been designed aiming multiple stacked Triassic and younger sandstones within a 200km² four-way dip closure on the basement high trend.

The company will begin drilling from the installed conductor at 67m to a planned depth of around 650m in the 17½ inch intermediate hole section.

The company considers SG 4571 as its principal asset. This includes the world-class Mukuyu (Muzarabani) prospect. As per IVZ, Mukuyu is one of the world’s largest oil and gas exploration prospects to be drilled globally this year, aiming a total prospective resource potential of about 20 trillion cubic feet (TCF) and 845 million barrels of conventional gas condensate, or about 4.3 billion barrels of oil equivalent on a gross mean unrisked basis.

                                Invictus’ high-impact exploration program in Cabora Bassa Basin | Expert Talks with Scott Macmillan

Developments to follow after drilling at Mukuyu 

After Mukuyu-1, drilling will commence at the Baobab-1 well to test an independent play along the basin margin in the EPO 1849 block and take about 30 to 40 days to complete. Baobab-1 well has been designed to target stacked Cretaceous and younger sandstones, within four-way and three-way dip closures, against the southern basin bounding rift fault.

Baobab exhibits structural characteristics similar to the play opening Ngamia discovery in Kenya’s Lokichar Basin, which led to numerous discoveries in the “String of Pearls” along the basin margin.

 Image Source: ©2022 Kalkine Media®, Data source: Company Announcement 

IVZ shares were trading at AU$0.190 on 26 September 2022.