Invictus Energy today provides an update on the activities of its 80% owned and operated Cabora Bassa Project in Zimbabwe.

Comments from Managing Director Scott Macmillan: 
“The commencement of line clearing activities for the CB23 seismic campaign marks the start of operations for our Phase 2 exploration program in the Cabora Bassa Basin.

“This additional data will help us firm up several already identified leads on trend with Mukuyu and in the Basin Margin Play into drill ready prospects.

“It is a key part of our strategy to build on the success of the recent Phase 1 campaign, which saw the Mukuyu-1/ST1 wells confirm the presence of light oil, gas and helium in the basin.

“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 Africa region.

“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. 

Seismic campaign commences

Work has commenced on the 2D seismic acquisition program, which forms part of the Company’s Phase 2 exploration campaign in the Cabora Bassa Basin.

Following the award of the seismic acquisition contract to Polaris Natural Resource Development Ltd. (“Polaris”), as announced in the ASX release on 17 May 2023, work has officially commenced with the start of line clearing operations.

Polaris has mobilised staff to site, along with the vibroseis units and recording equipment that will be used to carry out the 2D seismic campaign.

The seismic campaign will incorporate the Company’s experience from the successful CB21 Seismic Survey acquisition, which was also carried out by Polaris and helped inform drilling of the play opening Mukuyu-1/ST1 wells.

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 come from the local communities where the seismic infill operations are focused.

The CB23 survey will cover a minimum of 400-line kilometres in the eastern portion of EPO 1848 & 1849 to mature multiple leads (Mopane, Musuma, Machabel and Mahogany) along the proven play to the east of, and on trend with, Mukuyu. The survey will also cover additional leads along the highly prospective Basin Margin play (Mimosa and Mukwa), as per Figure 1.

The aim of the seismic campaign is to mature a number of these identified leads to drillable prospects.

As shown in Figure 1 above, the Company already has seven drill-ready prospects across the Cabora Bassa Basin Project, estimated to contain a combined 5.5 billion barrels of prospective resources in oil equivalent (boe) on a gross mean unrisked basis.

Drill ready prospects in the Central Fairway Play (Mukuyu and Msasa) have been independently estimated to hold 4.3 billion boe in prospective resources, on a gross mean unrisked basis.

The Basin Margin Play contains five drill-ready prospects (Baobab, Acacia, Marula, Mukamba and Mimosa), which have been independently estimated to hold nearly 1.2 billion barrels in prospective resources, of conventional oil on a gross mean unrisked basis.

Leads being targeted in the 2D survey all display seismic amplitude anomalies such as “flat spots” (often indicative of hydrocarbon contacts) and velocity interval slowdowns, which correlate with the hydrocarbon bearing intervals intersected in the Mukuyu-1/ST1 well.

The Phase 2 seismic survey will be conducted with a minimal environmental footprint and utilise existing roads and tracks wherever possible.

The CB23 seismic campaign is anticipated to be completed in July and will be followed by processing and interpretation to take place over H2 CY2023.