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- Invictus Energy (IVZ) nearly triples the Mukuyu prospect’s prospective resource within the Cabora Bassa project in Zimbabwe
- The resource has been upgraded to 20 trillion cubic feet (Tcf) plus 845 million barrels of conventional gas condensate
- This is a 2.7-fold increase with the 2019 assessment estimating Mukuyu to hold 8.2 Tcf and 247 million barrels of conventional gas condensate
- Drilling at Mukuyu has seen delays after the drill rig was held up in customs in both Tanzania and Mozambique, drilling is now expected to commence in August
- IVZ shares are up 20 per cent and are trading at 21 cents at 10:45 am AEST
Invictus Energy (IVZ) has updated the prospective resource at the Mukuyu prospect within the Cabora Bassa project in Zimbabwe.
The resource has been upgraded to 20 trillion cubic feet (Tcf) plus 845 million barrels of conventional gas condensate.
This is a 2.7-fold increase on a barrel of oil equivalent basis to the 2019 assessment, which estimated Mukuyu to hold 8.2 Tcf and 247 million barrels of conventional gas condensate.
The new data has been incorporated from CB21 seismic survey results
Based on Invictus’ 80 per cent share in the Cabora Bassa project, the company’s net share of the prospective resource would equal 16 Tcf and 676 million barrels of conventional gas condensate.
Drilling at Mukuyu saw some delays after the drill rig was held up in customs in both Tanzania and Mozambique, with drilling now expected to commence in August.
“The Mukuyu prospect has grown significantly in its scale and now represents one of the largest conventional exploration targets globally,” Managing Director Scott Macmillan said.
“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.”
IVZ shares were up 20 per cent and trading at 21 cents at 10:45 am AEST.
