Invictus Energy’s

On the 14th of June 2023

Invictus Energy announced that phase 2 exploration had commenced with 2D seismic at the Cabora Bassa Project. The aim of the survey is to mature already identified leads into drill ready prospects to add the 5.5 billion barrel of oil equivalent (BOE) prospective resource.

BOE is used as a way of comparing natural gas volumes to crude oil when measuring reserves or production.

As the investors, financiers and technocrats crunch the numbers, what does the mining of oil and gas in

Cabora Bassa Basin mean for the locals in Muzarabani?

Invictus Energy Managing Director, Scott Macmillan noted that this would unlock potential energy reserves for the country going forward.

“This is just the first step to unlocking the potential of the Cabora Bassa Basin, with the seismic campaign to identify future exploration wells with the potential to not only add to Zimbabwe’s future energy security, but the entire Southern African region”, he revealed

In May this year, The Company confirmed the presence of light oil, gascondensate and helium in the Mukuyu-1 mud gas compositional analysis. Notably, the helium content is consistent with universal commercial helium producers.

“The presence of helium gas in commercial concentrations in multiple reservoir units is comparable with global helium producing fields and provides an additional high value by- product,” Macmillan noted.

Helium is a colourless and odourless gas that is totally unreactive. The gas is used as a cooling medium in satellite instruments and superconducting magnets in MRI scanners. It is used to provide an inert protective atmosphere for producing fibre optics and semiconductors as well as filling car airbags after impact among a number of uses because of its low density and unreactive state. Hence, there is potential for export but more so for localised beneficiation.

From the onset, Invictus has been on point in its recruitment policy through contracted Canadian firm ‘Polaris Natural Resource Development’, which in 2021 recruited approximately 100 locals for the initial seismic campaign.

“As with the CB21 campaign, Polaris carried out a local recruitment drive, which will see 100 local employees involved in the seismic campaign, the vast majority of whom come from the local communities where the seismic infill operations are focused,” Macmillan said.

So far Invictus has identified a portfolio of exploration prospects in the Basin Margin Play estimated to hold a combined 1.17 billion barrels of conventional oil on a gross mean unrisked basis.

This should translate to visible development of infrastructure such as housing, hospitals, schools and social amenities. Structures would need interlinking roads and communications infrastructure. The availability of potable water, sewer reticulation and electrification would also bolster Muzarabani and the surrounding communities.

“Work completed under the CSR program includes the upgrading of roads, drilling of water boreholes, installation of solar panels and pumps and above ground storage tanks to provide year-round and continuous water for clinics, schools and communities in the Mbire and Muzarabani districts,” Invictus explains.

The oil and gas prospector also had the Environmental Impact Assessment and Environmental Management Plan renewed by the Environment Management Agency (EMA), which clears the pathway for the high impact Mukuyu- 2 well planned to spud later this year.

“We also remain on schedule to spud the Mukuyu-2 appraisal well in the third quarter- CY23 with the aim of confirming a commercial discovery and putting the Company on a pathway to development,” the managing director hinted.

The Company also indicates that the Cabora Bassa Project has multiple monetisation options and routes to market which will enable the swift development of any discovery. Invictus has already secured two Gas Sale Memoranda of Understanding (MOUs) with established customers in Zimbabwe to supply up to a total of 1.2 trillion cubic feet (TcF) of natural gas over a 20 year period to an ammonium nitrate fertilizer manufacturer and gas to power developer.

Invictus Energy is an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ)