• Independent Prospective Resource of 1.2 billion barrels from five drill ready prospects
• Baobab to target 243 million barrels in East Africa Rift “String of Pearls” play
• Total Cabora Bassa Prospective Resource >5.5 billion barrels of oil equivalent (boe)
• New data incorporated from CB21 Seismic Survey results
• Resource potential determined by leading petroleum consultancy ERCE

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

Independent Prospective Resource of 1.17 billion barrels of oil (gross mean unrisked basis) from five drill ready prospects in Basin Margin Area

Invictus has received an updated Independent Technical Report from ERCE estimating substantial additional resource potential at Cabora Bassa, in the Basin Margin Area of the recently assigned Exclusive Prospecting Order 1849.

ERCE estimates the gross mean recoverable conventional potential of the Basin Margin Area at a combined 1.17 billion barrels of conventional oil on a gross mean unrisked basis*.

The prospective resource estimate includes the Baobab, Acacia, Marula, Mukamba and Mimosa prospects but excludes additional leads along the basin margin and central fairway area.

This adds to the prospective resource upgrade at Mukuyu, announced in July 2022, taking the estimated total prospective resource base for the Cabora Bassa project portfolio to a combined 5.5 billion boe (gross mean unrisked*)1.

Based on the Company’s 80% share in the Cabora Bassa project, Invictus’ net share of the Basin Margin area prospective resource would equate to 937 million barrels of oil* (pre 10% SWFZ back in right) and 4.4 billion boe for the total project area.

This substantial resource potential in the Basin Margin play places it at comparable scale to the prolific East African Rift System that resulted in material discoveries in the “String of Pearls” plays in Kenya and Uganda. 

*Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. Prospective Resources assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.

(1) Note Prospective Resource Estimate for Msasa prospect was determined by Getech. The Company confirms that there have not been any material changes to the resource estimate for the Msasa prospect since the release of the updated Prospective Resource Estimate on 1 July 2019

The ERCE prospective resource estimate incorporates new data from the Cabora Bassa 2D Seismic Survey (“CB21 Survey”) which has provided the Company with a material portfolio of high potential prospects and leads.

The CB21 Survey firmed up the potential for multiple stacked hydrocarbon bearing zones in the newly identified Basin Margin play, as announced in September 2022.

The Basin Margin play will initially be tested by the Baobab-1 well which displays similar characteristics to the play opening discoveries in the Lokichar Basin in Kenya and Albertine Graben in Uganda.

ERCE has estimated Prospective Resources using both a conventional oil case and a gascondensate case as there is hydrocarbon phase uncertainty associated with the source rock depositional type and thermal history.

Baobab-1 wellpad construction in progress & drilling schedule update

The Baobab-1 wellpad construction is underway and scheduled for completion to allow for the rig move and subsequent drilling to commence immediately following the completion of the
Mukuyu-1 well, which spudded on 23 September and is prognosed to take approximately 50 to 60 days to drill and evaluate.

Baobab-1 will be drilled as a vertical well to test multiple stacked Cretaceous and younger targets, within four-way and three-way dip closures, against the southern basin bounding rift
fault.

Baobab displays similar structural characteristics to the basin opening Ngamia discovery drilled in the Lokichar Basin in Kenya.

Ngamia-1 successfully tested a stacked three-way dip closure which found pay at multiple horizons and resulted in subsequent discoveries in the “String of Pearls” along the basin margin.

Managing Director Scott Macmillan commented:
“The material prospective resource estimate for the five drill ready Basin Margin prospects confirms the high potential and quality of our acreage and prospect and lead inventory.

“Prior to the acquisition of the CB21 Seismic Survey we recognised the potential for the Basin Margin to evolve into a substantial play due to the structural similarities we observed with the East Africa Rift “String of Pearls” play.

“Invictus has built and matured a high quality and material portfolio of prospects and leads from a conceptual play initially identified on sparse vintage data to multiple drill ready prospects with
1.2 billion barrels of potential.

“Our basin master position encompassing the entire conventional oil and gas play fairway, multiple play types to target and over 5.5 billion boe potential provides us with substantial running room.

“Subject to making an opening discovery with either Mukuyu-1 or Baobab-1, it could potentially provide us with future discoveries on a large scale within the basin.”

KeyFacts Energy: Invictus Energy Zimbabwe country profile