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Invictus Energy going great guns at Cabora Bassa Project

Highlights 

  • Invictus Energy Limited (ASX:IVZ) notified that the Cabora Bassa 2021 seismic survey has completed 467 km of data acquisition.
  • The remediation of the completed lines has commenced.
  • Early stage data from Earth Signal is providing the Company with improved seismic resolution, good fault definition and sharper delineation.

Independent oil and gas exploration company Invictus Energy Limited (ASX:IVZ) continues to develop its 80 per cent owned and operated Cabora Bassa Project in Zimbabwe. The Project is the  largest undrilled structure onshore Africa. The Muzarabani Prospect has independent prospective resource of 8.2 Tcf + 247 million bbls gas condensate.

Invictus’ asset- SG 4571 is currently in second period of high impact work program. A seismic infill acquisition campaign to refine Muzarabani drilling targets and identify additional prospectivity is progressing well. The seismic survey is ongoing, with results expected end of CY 2021.

Seismic campaign update

The Cabora Bassa 2021 seismic survey has completed 467 km of data acquisition. Besides, the remediation of the completed lines has commenced. Invictus notified that the HSE performance (that pertains to health and safety) has been exceptional throughout the program. So much so, the Project has now surpassed 100,000 hours without a Lost Time Injury (LTI).

Seismic processing development

The preliminary processing of test Line 05 by Earth Signal is exhibiting encouraging results when compared to the 2019 fully processed vintage data from the 1990 Mobil survey. It should be known that during the 1990s, an AUD 30 million seismic, gravity aeromagnetic and geochemical dataset was generated by Mobil who later moved away from the asset owing to emphasis on oil rather than gas.

Notably, there is a significant difference in quality between the datasets even at this early stage of processing of the current survey- which is exceptionally encouraging. The very early stage data from Earth Signal is delivering the Company enhanced seismic resolution, excellent fault definition and sharper delineation.

There is a difference between 1990 Mobil Survey fully reprocessed & Invictus CB21 Survey early-stage processing

Ongoing survey data (Source: Company’s announcement, Oct 2021)

The final seismic products will help decide the well locations for the high impact basin opening drilling campaign that is scheduled for 1H 2022.

Way forward

All eyes are on Invictus’ high impact basin opening drilling campaign that is scheduled for 1H 2022. Besides, the Company aims to develop its Cabora Bassa Basin project by inviting a senior farm-in partner. Following securing of a farm-in partner, Invictus looks forward to the joint venture partners to commit to an exploration well on its lead prospect.

Interestingly, Invictus is the only oil and gas operator in country at present. It is therefore, in a distinctive position to take advantage of its basin master position in the Cabora Bassa Basin.

On 18 October 2201, IVZ traded at AUD 0.15 with a volume of over 2 million shares. The market capitalisation stood at AUD 99.46 million.

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