Harare (New Ziana) – Invictus’s oil and gas prospect in the Muzarabani area is now believed to hold more resources than previously thought after an exploratory assessment by an independent contractor, the company announced on Tuesday.
A drilling exercise, to confirm the independent contractor’s test findings, will start in August, a month later than originally planned, after the investors suffered transportation delays of the drilling rig from Tanzania.
United Kingdom-based ERCE, an independent consultancy specialising in petroleum reservoir evaluation, conducted the latest assessment of the quantum of the oil resource, after indications this might be bigger than originally thought.
The new assessment to be confirmed indicate potential oil and gas find at the first well, dubbed the Mukuyu-1, at 20 Trillion cubic feet (Tcf) and 845 million barrels of conventional gas condensate or about 4.3 billion barrels of oil equivalent (boe).
“This marks a 2.7-fold increase on a barrel of oil equivalent basis to the 2019 independent assessment by Getech Group plc, which estimated Mukuyu (then named Muzarabani) to hold 8.2 Tcf and 247 million barrels (1.6 billion boe) of conventional gas condensate, on a gross mean unrisked basis,” the company said.
“The Mukuyu-1 well pad has been completed and handed over from the civils contractors. The full rig arrival has been held up due to customs clearance delays in both Tanzania and Mozambique enroute to Zimbabwe, with drilling now expected to commence in August.
“Exalo will commence rig up and then perform some additional maintenance work prior to the commencement of drilling the Mukuyu-1 well. Mukuyu-1 will be drilled as a deviated well to test multiple stacked targets within the greater Mukuyu structure from the 200 to 650 horizons.”
Commenting, Invictus managing director Scott Macmillan said the Mukuyu prospect had grown significantly in its scale and now represented one of the largest conventional exploration targets globally.
“This updated estimate is the culmination of the excellent work from the Invictus technical team over the last 12-18 months to deliver this result in the lead up to our drilling program,” he said.
“The substantial work undertaken to plan, acquire, process and interpret the CB21 Seismic Survey and integrate it into our geological and basin modelling studies has enabled us to identify and quantify the additional prospectivity. This has not only materially enhanced the value of our acreage, but also de-risked it.”