Independent upstream oil and gas firm Invictus Energy has announced an upgrade to reserve estimates at the Mukuyu-1 prospect in the company’s Cabora Bassa project in Zimbabwe.
Following an updated independent report from petroleum consultancy firm, ERCE, as well as new data from the Cabora Bassa 2D Seismic Survey, the reserve estimates are now measured at 20 trillion cubic feet (tcf) and 845 million barrels of conventional gas condensate.
Located in the Cabora Bassa Basin in the northern region of Zimbabwe, the Mukuyu conventional gas-condensate prospect is the largest undrilled prospect onshore Africa, and with estimated gross mean recoverable conventional potential having increased 2.7-fold from 8.2 tcf and 247 million barrels to 20 tcf and 845 million barrels, on a gross mean un-risked basis, the potential of the basin is significant.
“The Mukuyu prospect has grown significantly in its scale and now represents one of the largest conventional exploration targets globally,” stated Scott Macmillan, Managing Director of Invictus Energy, adding that, “This updates 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.”
For Invictus, who owns an 80% share in the Cabora Bassa project, the new data means an increase in the company’s net share to 16 tcf and 676 million barrels. With the well pad having been completed and handed over from civil contractors, the rig up is expected to commence with additional maintenance work done prior to the commencements of drilling – pending the arrival of the full rig which is currently delayed. According to Invictus, drilling is expected to start in August this year.
“The substantial work undertaken to play, acquire, process and interpret the CB21 Seismic Survey and integrate it into our geological and basin modelling studies has enabled us to identify and quantify the additional prospectivity. This has not only materially enhanced the value of our acreage, but also de-risked it. The Mukuyu-1 well will test seven major targets from the 200 to 650 horizons, including the primary Upper Angwa targets, and provides the company with multiple opportunities to make a material hydrocarbon discovery,” Macmillan concluded.