Invictus Energy (ASX:IVZ) reveals impressive seismic inversion results for Mukuyu Prospect

Highlights

• Invictus Energy Limited (ASX:IVZ) released a report showing potential for multiple stacked hydrocarbon-bearing zones in the new Post Dande target (Horizon 200).
• There have been progressive results in the quantitative analysis of potential hydrocarbons in the Mukuyu structure.
• The company is continuing to make progress on selecting the second well location for the upcoming drilling campaign. 

Invictus Energy Limited (ASX:IVZ), an independent upstream oil and gas company continues to develop its 80% owned and operated Cabora Bassa Project in Zimbabwe. It is opening one of the last untested enormous frontier rift basins in onshore Africa, the Cabora Bassa Basin, via a high-impact exploration program.

Ahead of the 2-well drilling program scheduled to commence in July, the Company has released seismic inversion results. Results show promising potential for multiple stacked hydrocarbon-bearing zones in Mukuyu Prospect. Notably, The Mukuyu-1 well will test multiple stacked targets within the greater Mukuyu structure which is independently estimated to contain 8.2 Tcf + 247 million barrels of conventional gascondensate (gross mean unrisked).

The prospects of Cabora Bassa Basin

The company has recently released a progressive report showing potential for multiple stacked hydrocarbon-bearing zones in the new Post Dande target (Horizon 200). Earlier, it had unveiled the extensive amplitude anomaly at the Horizon 200 level and the very positive correlation between amplitude extent and structural closure.

Notably, the Horizon 200 target is newly identified from the 2021 Cabora Bassa 2D Seismic Survey. It will be first target tested in the Mukuyu-1 well.

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Seismic inversion results

There have been progressive results in the quantitative analysis of potential hydrocarbons in the Mukuyu structure. The quantitative analysis has showcased that the section below the Horizon 200 target is likely to comprise various stacked hydrocarbon-bearing zones, ranging in thickness from 40-80m.

Additionally, the strength of the anomaly and the values calculated are in the range that may indicate the presence of light hydrocarbons. As noted on various lines, the common depth shut-off of the anomaly is a further sign of a trapped accumulation.

The seismic interpretation has also revealed some positive elements in the section below the Horizon 500 level-

• Of particular interest is the consistent positioning of some of the anomalies and the persistence at which they occur.
• These anomalies do extend across to the northern side of the Mukuyu structure.
• At times, the anomaly reveals a “flat spot”, which can be seen as further validation for the potential presence of hydrocarbons. Such flat spots are usually the seismic reflection from the base of a hydrocarbon column.

Lambda-Rho attribute for Line CB21-09 showing potential for stacked hydrocarbon bearing zone below Horizon 200

Source- Company announcement, May 2022

Besides, New PSDM (Pre-Stack Depth Migration) studies show anomalous, low interval velocity zones, correlative with target intervals within structural closure in Upper Angwa primary target (Horizon 500 & 600) potentially indicative of gas fill.

An anomalous, relatively slower interval velocity appears to be uniquely associated with the extent of the Mukuyu structure at the lower horizons where gaseous hydrocarbons are more likely. This uniqueness is considered to be a very positive encouragement for the presence of a significant gas interval in the lower primary targets of the Mukuyu structure.

Interval velocity overlay showing lower interval velocity lenses coincident with structure at deeper levels

Source- Company announcement, May 2022

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Significance of recent findings

Managing Director Scott Macmillan believes that the multiple seismic anomalies evident in the Mukuyu prospect across multiple stacked target horizons, which also demonstrate structural conformance, are highly encouraging. They provide Invictus with increased confidence in delivering a successful exploration outcome.

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The Mukuyu-1 well pad construction is anticipated to be completed in the next few weeks. The management also highlighted that the company is also continuing to make progress on selecting the second well location for the upcoming campaign. Currently, the Exalo Rig 202 is preparing for mobilisation to Zimbabwe and long lead items are arriving at the company’s warehouse.

IVZ quoted AU$0.19 on 12 May 2022. The market capitalisation stood at AU$137.25 million.