Australia Stock Exchange (ASX)-listed miner, Invictus Energy, yesterday announced that Muzarabani oil and gas prospects have grown significantly.
Invictus Energy managing director, Mr Scott Macmillan, said that the latest findings by Getech Group Plc strongly support the possible existence of huge volumes of oil in the Cahora Bassa Basin in Muzarabani. Macmillan said:
The Muzarabani Prospect has grown significantly in its scale and represents one of the largest conventional exploration targets globally.
The independent report by Getech has estimated the net mean recoverable conventional potential of the massive stacked Muzarabani prospect of 1,3 billion BOE (barrels of oil equivalent) consisting of 6.5 Tcf and 200 million barrels of condensate net to Invictus.
A single oil barrel is equivalent to about 159 litres. The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel or 158.9 litres of crude oil.
Mr Macmillan said that the updated estimate was the completion of the work from the Invictus and Getech technical teams over the last 12 months to deliver this result.
Invictus is reported to have already engaged UK based ENVOI, a leading acquisition and divestiture adviser for the international upstream oil and gas industry, to drill an oil and/or gas well and to obtain commercially viable production levels for special grant 4571.
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