eBusiness Weekly
Business Writer
INVICTUS Energy is now expecting more oil and gas from its Cabora Bassa project following a new updated independent report.
The report, compiled by ERCE an independent consultancy specialising in petroleum reservoir evaluation says the Mukuyu-1 prospective resource is now one of the largest conventional exploration targets globally.
In a statement, Invictus said the updated independent report was compiled by ERCE an independent consultancy specialising in petroleum reservoir evaluation.
“Mukuyu-1 prospective resource upgraded to 20 Tcf (trillion cubic feet) + 845 million barrels of conventional gas condensate (gross mean unrisked basis). Invictus has received an updated independent Report from ERCE estimating substantial resource potential at its Cabora Bassa project.
“ERCE estimates the gross mean recoverable conventional potential of the Mukuyu prospect at a combined 20 Tcf and 845 million barrels of conventional gas condensate, or about 4,3 billion barrels of oil equivalent (boe) on a gross mean unrisked basis,” said the Australia Stock Exchange-listed firm.
Based on the company’s 80 percent share in the Cabora Bassa project, Invictus’ net share of this prospective resource would equate to 16 Tcf and 676 million barrels of conventional gas condensate, or about 3,44 billion boe.
The exploration firm said 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.
Invictus managing director Mr Scott Macmillan was quoted as saying, “The Mukuyu prospect has grown significantly in its scale and now represents 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 to 18 months to deliver this result in the lead up to our drilling programme.
“The estimate for the newly identified 200 horizons in the Dande formation within Mukuyu is 1,9 Tcf + 77 mmbbl which provides us with a material first up target in the Mukuyu-1 well.”
He said the substantial work undertaken to plan, acquire, process and interpret the CB21 Seismic Survey and integrate it into geological and basin modelling studies has enabled them to identify and quantify the additional prospectivity.
“This has not only materially enhanced the value of our acreage, but also de-risked it.
“The Mukuyu-1 well will test seven major targets from the 200 to 650 horizons, including the primary Upper Angwa targets, and provides the company with multiple opportunities to make a material hydrocarbon discovery,” said Mr Macmillan.
Also read: Invictus prepares for drilling tests
