• Mukuyu Updated Independent Prospective Resource of 20 trillion cubic feet + 845 million barrels (4.3 billion boe) of conventional gas-condensate
• Mukuyu prospective resource estimate covers eight stacked targets
• New data incorporated from CB21 Seismic Survey results
• Resource potential determined by leading petroleum consultancy ERCE

Invictus Energy has provided an update on the activities of its 80% owned and operated Cabora Bassa project in Zimbabwe.

Mukuyu-1 prospective resource upgraded to 20 Tcf + 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.

This marks a 2.7 fold increase on a barrel of oil equivalent basis to the 2019 independent assessment by Getech Group, which estimated Mukuyu (then named Mzarabani) to hold 8.2 Tcf and 247 million barrels (~1.6 billion boe) of conventional gas condensate, on a gross mean unrisked basis.

The ERCE prospective resource upgrade incorporates new data from the Cabora Bassa 2D Seismic Survey ('CB21 Survey'). The CB21 Survey firmed up the potential for multiple stacked hydrocarbon bearing zones in the Mukuyu Prospect, as announced in an ASX release on 12 May 2022.

Mukuyu-1 wellpad completed & drilling schedule update

The Mukuyu-1 wellpad 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.

Managing Director Scott Macmillan commented:
"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 12-18 months to deliver this result in the lead up to our drilling program.

"The estimate for the newly identified 200 horizon 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."