By Taurai Mangudhla
Australian Securities Exchange-listed Invictus Energy Ltd (Invictus) this week announced completion of a crucial 2021 seismic survey as part of exploration at its Cahora Bassa oil and gas mega project in Zimbabwe.
Invictus managing director Scott Mcmillan said completion of the seismic survey which started in September marks a significant milestone for the company in its exploration programme in the Cahora Bassa basin. He said the quality of the high resolution seismic data acquired is excellent and provides great insights into the petroleum potential of the basin.
“The seismic data processing and interpretation is ongoing; once completed will enable us to identify and mature additional prospects and leads. The better imaging over the giant Muzarabani structure is very encouraging and once the interpretation of the full dataset is completed, we expect to refine the location for the basin opening Muzarabani-1 well which is scheduled to be drilled in 1H 2022,” Mcmillan said.
In a statement, Invictus said the survey at 839,5 km significantly exceeds the company’s minimum work programme obligations of 300 km of 2D seismic data for the current licence period which runs to June 2024.
“The Cahora Bassa 2021 seismic survey (“CB21 Survey”) has been completed with a total of 839,5 km of high resolution 2D seismic data acquired. A total of 402,2 km of data was acquired in (Special Grant) SG 4571 and following approvals a further 437,1 km of contiguous data was acquired in an existing application area,” the company said.
The miner said remaining geophone retrieval was completed on November 2 and final data harvesting will be completed “in the coming days.” Demobilisation of the seismic equipment had commenced.
“The demobilisation of equipment and personnel has commenced and is expected to be completed in the next week,” added the company.
Invictus said health safety and environment performance throughout the programme has been exceptional, and the project has now exceeded 142 000 hours without a lost time injury or recordable incident
The CB21 seismic survey, the company said, generated nearly 200 direct jobs during the campaign for the local Muzarabani and Mbire communities as well as the procurement of goods and services from local suppliers in keeping with the company’s strong local content policy.
The independent upstream gas and oil focused company has breathed life into the sleepy rural settlement of Mzarabani after commencement of works at its multibillion dollar extraction site near the area.
“The company also implemented a student and lecturer attachment programme from the local universities to develop and transfer skills in the oil and gas industry,” said Invictus.
The company’s asset portfolio consists of a prospective licence, Special Grant 4571, in the Cahora Bassa Basin in Zimbabwe. The company believes the Cahora Bassa Basin in Zimbabwe is one of the largest under-explored interior rift basins on the African continent.
The company said SG 4571 contains the Mzarabani conventional gas-condensate prospect, the largest undrilled prospect onshore Africa with an independently estimated 8,2 Tcf + 247 million barrels gross mean unrisked basis of conventional gas-condensate in a stacked target.
Listed in 2018, Invictus has a market cap of US$93,6million.