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Invictus holds clear pathway to continue SG 4571 asset development

Highlights

  • Invictus Energy Limited (ASX:IVZ) is the owner and operator of SG 4571 Cabora Bassa asset, located in the under-explored Cabora Bassa Basin, Zimbabwe.
  • This is one of the last undrilled oil and gas basins in Africa wherein 8.2Tcf + 247 million barrels of conventional gas-condensate1 (~1.6 billion boe) has been independently verified.
  • Seismic data acquisition at the Cabora Bassa Project will commence soon.

Invictus Energy Limited (ASX:IVZ) is involved in the exploration of oil and gas assets in one of the largest rift basins in onshore Africa. As a first mover in the productive Cabora Bassa Basin, Invictus operates the conventional oil and gas assets in SG 4571, located in the northern part of the Republic of Zimbabwe.

The Company holds 80% working interest in the SG 4571, the exploration licence to which is currently granted till 2024. A highly underexplored  area, the SG 4571 Project/ Cabora Bassa Project hosts the largest undrilled structure in onshore Africa-

  • The Muzarabani prospect holds a considerable reserve of natural gas and condensate.
  • 2Tcf + 247 million barrels of conventional gas-condensate1 (~1.6 billion boe) has been independently verified at the prospect.

GOOD READ: Lens Through Invictus Energy’s Lucrative Market Opportunity In South Africa

Snapshot of Invictus Energy (Source: Company presentation, September 2021; amounts in AUD)

Significance of SG 4571 Cabora Bassa asset

SG 4571 Cabora Bassa asset is spread across 250,000 acres. The Independent Prospective Resource depicts 9.25 TcF + 294m barrels of Conventional Gas-Condensate. In the Cabora Bassa Basin, source rock & seal is present and live oil has been recorded from three Mkanga formation surface samples.

Moreover, at the Muzarabani Prospect, five stacked targets can be targeted from a single well (200km2 under closure). Nears vs. Fars shows structural amplitude support, a possible indicator of hydrocarbon fill.

The strategic location of the asset is perhaps one of its biggest boons. Located in the northern part of the Republic of Zimbabwe, the asset is fit to provide solutions to the Southern African energy crisis. Unfortunately, Southern Africa is facing an energy crisis with increasing shortages of electricity hampering industry and investment.

Besides, other high-quality and offshore oil & gas assets and operators operate within the region, including Shell and ExxonMobil and Total. Multiple large scale power generation, mining, chemical processing, and industrial downstream consumers are also present within Southern Africa.

RELATED READ: Invictus Energy's (ASX:IVZ) Strategic Focus Amid Changing Industry Dynamics

Invictus making significant strides at SG 4571

Invictus Energy holds a clear pathway to continue towards the development of the SG 4571 asset-

  • The preparations for the seismic data acquisition and basin opening drilling campaign are progressing well.
  • The seismic data processing contract has been awarded to Earth Signal Processing Ltd.
  • The Company completed the tendering process for long lead drilling items (wellheads and casing) which is awaiting formal award.
  • Invictus recently launched the next phase of its CSR program in the Muzarabani and Mbire districts focusing on the provision of water to the community as part of its ESG commitments under the exploration program.

FOR MORE DETAILS, CLICK HERE: Invictus Energy to begin seismic data acquisition at Cabora Bassa, expands CSR program

On 14 September 2021, IVZ was trading up by 1.47% at A$0.172 (12:40 PM AEST) with a volume of over 4 million shares and a market cap of A$99.46 million.

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