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Highlights
- IVZ confirmed the presence of gas-rich condensate in the Mukuyu gas field.
- An independent analysis from Wood Mackenzie recognised Mukuyu as the second-largest oil or gas discovery in Sub-Saharan Africa for 2023.
- Mukuyu appraisal and flow testing preparations continued during the March 2024 quarter.
- The company executed a Gas sales MOU for a proposed gas-to-power project.
- Multiple prospects identified in the Dande Formation.
Invictus Energy Limited (ASX: IVZ), an upstream oil & gas company, is making significant strides across its expansive 360-thousand-hectare portfolio in Zimbabwe's Cabora Bassa Basin. Notably, recent developments have confirmed substantial gas discoveries in the Mukuyu field within the basin.
In the latest quarter ended 31 March 2024, the company advanced preparations for the Mukuyu appraisal and flow testing well. Additionally, there were notable advancements in in-country stakeholder engagement concerning the Petroleum Production Sharing Agreement (PPSA). Furthermore, the company received interest from multiple parties regarding potential partnerships in the project.
The reported period also saw a shareholder entitlement offer, raising AU$1.49 million.
Gas-rich condensate confirmed in Mukuyu Gas Field
Compositional analysis on downhole reservoir fluid samples obtained during the Mukuyu-2 drilling campaign from the Upper and Lower Angwa targets confirmed the discovery of a gas-rich condensate in Mukuyu. In December 2023, the company had reported two material discoveries from these targets.
Compositional analysis has verified the presence of high-quality natural gas with minimal impurities, boasting less than 2% CO2 content and no H2S. It will require minimal processing before it is ready for sale to downstream customers, highlights the company update.
Further analysis of multiple additional samples is currently underway.
The quarter saw advancement of preparations for Mukuyu appraisal and well testing. Additionally, the company continued its final stages of interpreting 425km of high-resolution data acquired through its CB23 infill seismic survey, which is near completion.
Mukuyu achieves amongst top rank as oil and gas discovery
An independent analysis from Wood Mackenzie identified Mukuyu as the second-largest oil or gas discovery in Sub-Saharan Africa for 2023.
Advances towards PPSA and inbound interest for partnerships
During the latest quarter, IVZ’s full board met in-country with several stakeholders including the Zimbabwean Government’s top-level officials. The focus was on progressing and implementing the Petroleum Production Sharing Agreement (PPSA). The PPSA aims to establish a stable and transparent legal and fiscal framework throughout the duration of the Cabora Bassa Project.
Further, the company entered into confidentiality agreements with various entities, interested in partnering or financing future activities in the Cabora Bassa Project. Additionally, confidentiality agreements and engagements with upstream oil & gas companies and regional development banks are underway.
Following the quarter end, the company finalised a gas sales memorandum of understanding (MOU) with Dallaglio Investments Pvt Ltd and Himoinsa Southern Africa Proprietary Limited for a potential gas-to-power project. This project aims to provide electricity to the Eureka Gold Mine, operated by Dallaglio, situated approximately 50km from the Mukuyu-2 wellsite.
IVZ also recently announced encouraging 2D seismic data interpretation outcomes. To know more, read here.
IVZ shares traded at AU$0.069 apiece at the time of writing on 15 May 2024.
