Australian Firm Finds Oil, Gas And Helium In Zimbabwe

1 year agoMon, 08 May 2023 15:37:13 GMT
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Australian Firm Finds Oil, Gas And Helium In Zimbabwe

Australia-listed Invictus Energy Limited on Monday, 08 May confirmed the presence of light oil, gas condensate and helium at its Cabora Bassa project in Muzarabani, Zimbabwe.

Invictus Managing Director Scott Macmillan said that mud gas analysis from the Mukuyu-1 well drilled last year had proved the presence of hydrocarbons in multiple reservoir pay zones. He said:

Results from the mudgas compositional analysis definitively proves the presence of hydrocarbons in multiple reservoir pay zones at Mukuyu-1 consistent with the wireline log interpretation, fluorescence, and elevated mudgas readings.

Analysis shows the presence of light oil and rich natural gas-condensate, with condensate gas ratios estimated at between 30 to 135 barrels per million cubic feet.

The analysed samples demonstrate a consistent, high-quality natural gas composition, exhibiting low inert content, containing less than 1% CO2.

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Furthermore, the presence of helium gas in commercial concentrations in multiple reservoir units is comparable with global helium-producing fields and provides an additional high-value by-product.

We are extremely pleased with the results from the mudgas analysis which confirm our geological modelling of the Cabora Bassa Basin and the presence of both light oil and gas condensate provides us with confidence as we prepare for the drilling of Mukuyu-2 in Q3 this year.

Success at Mukuyu-2 and confirmation of a significant discovery will further unlock the value of our material portfolio and basin master position in the Cabora Bassa Basin.

Helium is a colorless, odorless, tasteless, non-toxic, and inert monatomic gas used as a cooling medium for nuclear reactors and in cryogenics (the study of low-temperature phenomena).

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