HARARE – Invictus Energy Limited, an Australia-based independent oil and gas exploration company, has announced the renewal of its Exclusive Prospecting Orders (EPOs) 1848 and 1849 in Zimbabwe’s Cabora Bassa Basin for a further three years.
The licences, held through the company’s 80% owned subsidiary Geo Associates (Pvt) Ltd, were renewed by the Mining Affairs Board of Zimbabwe. The renewal will be formally published in the Government Gazette.
According to Invictus, the extended licences will enable the company to advance its exploration programme, including the planned drilling of the Musuma-1 well.
The well is targeting prospective resources of 1.2 trillion cubic feet (Tcf) of gas and 73 million barrels of condensate on a gross mean unrisked basis.
The company stated that EPOs 1848 and 1849 contain multiple high-potential plays. These include eight gas prospects estimated at 2.9 Tcf of gas and 184 million barrels of condensate, as well as five oil prospects with an estimated 1.2 billion barrels of prospective resources.
Invictus cautioned that the estimates relate to undiscovered accumulations, with both the risk of discovery and development remaining. Further exploration, appraisal and evaluation will be required to confirm commercial viability.
“These estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. The estimates have both a risk of discovery and a risk of development.
“Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
“Prospective Resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards,” the company stated.
Invictus Energy is listed on the Australian Securities Exchange (ASX: IVZ), the Victoria Falls Stock Exchange (VFEX: INV), and the OTCQB in the United States (IVCTF).
The company is pursuing exploration in Zimbabwe’s Cabora Bassa Basin, home to the Mukuyu gas field discovery, which it describes as one of the last untested frontier rift basins in onshore Africa.
