Invictus Energy announces gas discovery at its Zimbabwe well; Govt welcomes ‘significant development’

By Agencies

• Invictus Energy (ASX:IVZ) announces a gas discovery in the Mukuyu-2 well at its Cabora Bassa project in Zimbabwe
• It marks the first Triassic-aged hydrocarbon discovery in Sub-Saharan Africa
• Invticus recovered four hydrocarbon samples to surface from two zones in the Upper Angwa formation
• The company will continue drilling through the Lower Angwa formation to a planned total depth of 3400 metres and following that, complete further evaluation and sampling

Invictus Energy (ASX:IVZ) has announced a gas discovery in the Mukuyu-2 well at its Cabora Bassa project in Zimbabwe in a development the Harare government described as “one of the most significant developments in the onshore oil and gas sector in southern Africa”..

Invictus owns 80 per cent of the project.

“We are delighted to declare a gas discovery from the Mukuyu-2 sidetrack well in the Upper Angwa formation,” IVZ Managing Director Scott Macmillan said.

“The discovery represents one of the most significant developments in the onshore Southern Africa oil and gas industry for decades.”

It also marks the first Triassic-aged hydrocarbon discovery in Sub-Saharan Africa.

Invictus announced four hydrocarbon samples were recovered to surface from two zones in the Upper Angwa formation.

The company will continue drilling through the Lower Angwa formation to a planned total depth of 3400 metres and following that, complete further evaluation and sampling.

“The company has delivered an exceptional result from the first two wells drilled in Mukuyu, which provides us with significant running room in our large portfolio of prospects and leads for further discoveries in our acreage in the Cabora Bassa basin,” Macmillan added.

Commenting on the development, Zimbabwe’s energy minister Soda Zhemu said the discovery would “make a positive impact on the economic and social development of Zimbabwe”.

“Gas will support the diversification of Zimbabwe’s energy mix, enhance its energy security and create jobs and opportunities for local communities,” Zhemu said in a statement.

He however reiterated that the discovery did not include oil.

“… this is a gas discovery; we have not yet confirmed the discovery of oil as further exploration, tests and evaluations are still ongoing.”