INVICTUS Energy Ltd has announced the identification of eight high-potential gas and condensate prospects in the eastern portion of its Cabora Bassa Basin project in Muzarabani, with the Musuma prospect emerging as a key target for exploration drilling in 2025.
The discovery has been hailed as a significant positive step for Zimbabwe's energy landscape.
In a statement, Invictus Energy Ltd reported substantial progress at its Cabora Bassa Basin project following the completion of the CB23 seismic survey.
The survey unveiled material prospectivity in the eastern basin, identifying an estimated 2.9 trillion cubic feet (Tcf) of gas and 184 million barrels (MMbbl) of condensate across eight prospects on a gross mean unrisked basis.
Managing Director of Invictus Energy, Scott Macmillan, expressed optimism about the findings.
“We are extremely pleased with the results from the CB23 seismic survey, which has identified material prospectivity in the eastern portion of our acreage," he said.
" Exploration success at these prospects would prove up a further material play within Invictus’ acreage. This would also assist with unlocking additional significant value in the portfolio and ultimately aligns with the company’s early gas monetisation strategy.”
Macmillan said that the Musuma prospect, which could hold over 1 Tcf of gas, is set for exploration drilling in 2025.
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This initiative, along with other prospects, such as Mopane and Mururo, is part of a comprehensive strategy to explore deeper formations like Pebbly Arkose and Angwa, where hydrocarbons have been detected, enhancing the project's viability.
The Mukuyu-2 well has already provided evidence of hydrocarbon migration, with sidewall cores from the Dande Formation showing residual hydrocarbon staining.
The presence of hydrocarbons in the Angwa Formation has also reduced the risk associated with the potential of mature source rocks in the basin, further boosting confidence in Invictus Energy’s exploration plans.
The vertically-stacked prospects allow individual exploration wells to test multiple targets, enhancing the efficiency of Invictus’ exploration campaign.
The company holds an 80% stake in the Cabora Bassa project, which translates to a net share of 2.3 Tcf of gas and 147 MMbbl of condensate.
Macmillan reaffirmed Invictus Energy's commitment to advancing the project.
"We have identified some high-confidence drill targets for the company’s next exploration campaign. I look forward to providing further updates as we progress the Mukuyu gas field testing and appraisal, farmout, and the wider Cabora Bassa exploration program.”
Economists have praised the development, viewing it as a boon for Zimbabwe's energy future.
Energy analyst Tendai Ndlovu remarked: "Invictus Energy’s discoveries in the Cabora Bassa Basin could be transformative for Zimbabwe, not just in terms of energy independence but also in attracting foreign investment and boosting the local economy. This is exactly the kind of progress we need to see.”
Economic commentator Farai Mavhunga also weighed in, saying: “This project has the potential to turn Zimbabwe into a key player in the regional energy market. The prospect of discovering such significant gas reserves is a major positive for the country, providing a pathway to energy security and economic development.”
Meanwhile, the discovery of oil and gas in Muzarabani is seen as a pivotal moment for Zimbabwe, with the potential to unlock one of the last untested large frontier rift basins in onshore Africa.
