Invictus upbeat over Cabora Bassa investor interest 

Source: Invictus upbeat over Cabora Bassa investor interest -Newsday Zimbabwe

Invictus Energy managing director Scott Macmillan

AUSTRALIA Stock Exchange (ASX)-listed energy explorer Invictus Energy says it has received “interest from industry partners” to take part in the Cabora Bassa project due to positive results obtained from Mukuyu-1 and side-track (ST1) wells.

The Mukuyu-1 and ST1 wells, according to managing director Scott Macmillan, have several gas zones and perhaps liquid hydrocarbon-bearing periods that have been deduced from drilling and wireline logs.

The company ceased operations on the wells last month, citing “unsuitable” and “not feasible” conditions.

Drilling challenges included the failure of a T-bar clamp while attempting to recover the wireline formation testing gear, which was subsequently damaged in the process.

“On the back of positive results from Mukuyu-1/ST1, the company has received interest from industry partners to participate in the Cabora Bassa project,” Macmillan said in a recent shareholder update.

“The company is considering farming down an interest across the project area or on an individual licence basis to manage forward exploration and appraisal work and future development programmes.”

The Invictus chief said analysis of the sidewall cores obtained from Mukuyu-1 was in progress, with both reservoir (on suitable unfractured plugs) and source rock samples at various stages of evaluation.

He said initial processing at the lab had shown strong fluorescence in side wall cores obtained from approximately 2 407 metres measured depth in the upper Pebbly Arkose reservoir sections.

Macmillan also revealed that preparations for the Mukuyu-2 appraisal well have commenced and drilling is targeted to commence in the third quarter of this year.

The firm, which is hoping to make Zimbabwe’s first oil find, said it would use the learnings from the successful Mukuyu-1/ST1 well to optimise the well design for the drilling conditions encountered and the ability to evaluate multiple hydrocarbon bearing intervals.

“Post well analysis of Mukuyu-1 indicates potential for significant gas columns in the Pebbly Arkose and Upper Angwa formations, based on significantly elevated pressures in interpreted gas bearing sands above normal hydrostatic gradient,” he said.

“Preliminary processing of the side wall cores obtained in the Mukuyu-1 well have also provided further encouragement for the company.”

The company is also planning an infill 2D seismic survey in exclusive prospecting orders (EPO) 1848/49 to mature multiple leads into drillable prospects along trend from Mukuyu, and the highly prospective basin margin play.

“I look forward to spending time on the ground in Zimbabwe early next month with the entire board as momentum builds towards the drilling of Mukuyu-2. Success at Mukuyu-2 and confirmation of a significant discovery will further unlock the value of our material portfolio and basin master position in the Cabora Bassa Basin,” Macmillan said.

The firm said Exalo Rig 202 remained warm stacked at the Mukuyu-1 wellsite, with planned upgrades and maintenance to commence in April following the end of the wet season and prior to mobilisation to the Mukuyu-2 wellsite.

The company plans to acquire additional seismic in the eastern portion of EPO 1848 and 1849 to mature multiple leads.

The acquisition of modern 2D seismic will hopefully likely allow it to mature a number of  these leads, previously identified on reprocessed vintage seismic data, to drillable prospects, providing additional running room and adding materially to the portfolio.

“Seismic survey design and planning is well advanced and acquisition is anticipated to commence in Q2 2023, incorporating the company’s experience from the successful CB21 seismic survey acquisition,” Invictus said.