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Invictus Energy Ltd, an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ), has reported plans to commence drilling the Mukuyu-2 appraisal well to confirm the discovery of light oil, gas condensate, and helium. This was stated in the company’s update on its activities at the Cabora Bassa Project in Zimbabwe.
The company announced the commencement of the mobilisation of Exalo Rig 202 to the Mukuyu-2 wellsite. Invictus Energy said the construction of the Mukuyu-2 wellpad has been completed and handed over after receiving necessary approvals from the Environmental Management Authority. In a statement seen by Pindula News, the company said:
<blockquote>
Invictus Energy Limited (“Invictus” or “the Company”) is pleased to announce the commencement of the Exalo Rig 202 mobilisation to Mukuyu-2 wellsite at its 80% owned and operated Cabora Bassa Project in Zimbabwe.
</blockquote>
Invictus Energy managing director Scott Macmillan said:
<blockquote>
The commencement of the rig mobilisation marks another milestone in the project as we prepare to commence drilling the Mukuyu-2 appraisal well as a follow-up from our highly successful basin opening Mukuyu-1/ST-1 well to confirm a discovery.
The Mukuyu-2 well will be located approximately 6.8km north-east from Mukuyu-1 and over 400m up-dip at the primary Upper Angwa target, which provides the potential to prove up a material discovery upon success.
Mukuyu-2 will be a near vertical well with a planned total depth of approximately 3,700m, which will also enable us to penetrate the untested Lower Angwa reservoirs in this location.
The preparation of the well services equipment to be followed by independent QAQC ahead of mobilisation to the Mukuyu-2 wellsite is well underway and we remain on track to spud in September.
</blockquote>
Invictus said it has finished constructing the Mukuyu-2 wellpad, which involved preparing the ground, ensuring stability, and providing a water supply. The Environmental Management Authority has inspected and approved the site.
Once the rig is moved to Mukuyu-2, Rig 202 will be set up and tested with a new system for storing drilling mud.
Mukuyu-2 is located about 6.8km northeast of Mukuyu-1 and aims to explore a specific rock formation called the Triassic Upper Angwa. It is shallower at Mukuyu-2, which will provide important information about the quality and distribution of the rock.
The well will be drilled vertically, allowing them to explore different layers of rock while keeping the operation simple. They will also investigate other rock formations like Dande, Forest, and Pebbly Arkose. The well is expected to reach a depth of approximately 3,700m, and drilling is planned to begin in September as scheduled.
Earlier this year, Invictus Energy announced that their Mukuyu-1 exploration well confirmed the presence of light oil, gas condensate, and helium. The well was drilled last year. The discovery has significant implications for both Invictus Energy and Zimbabwe itself. The resources can contribute to the country’s energy security and economic growth. The successful discoveries enhance Zimbabwe’s position as a potential player in the global energy market and may attract further investment in the country’s energy sector. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Invictus Energy To Drill Mukuyu-2 Appraisal Well To Confirm Oil, Gas And Helium Discovery

Gift Mugano, a professor of economics, has urged the Government to improve on governance and accountability of Zimbabwe’s natural resources following Invictus Limited Energy’s confirmation of the presence of “light oil, gas-condensate and helium” in its Cabora Bassa Basin (Muzarabani).
The Australia-listed firm announced its find on Monday, 08 May 2023. 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.
Speaking to <a href="https://www.newsday.co.zw/local-news/article/200011291/eureka-zim-discovers-oil">NewsDay</a> on Monday following Invictus’s announcement, Mugano challenged the Government to put in place systems that will not ensure that Zimbabweans benefit from the find unlike what allegedly happened with the Chiadzwa diamonds where “US$15 billion vanished”. Said Mugano:
<blockquote>
This is good news, but the worry rests on our approach to our accountability of natural resources.
To be honest with you, we should not be holding our breath over oil and gas as if that is the only thing which we have in this country.
We have over 60 minerals, which are being plundered every day.
There is chaos in the lithium and gold industry. There’s chaos in precious metals like diamonds.
Zimbabweans want answers about what is going on with their resources.
As for me, I will hold on to my celebrations personally.
What are we celebrating because this was the same story with diamonds?
It’s not more about the availability of gas and oil, but it’s more about what we are going to do in terms of governance and accountability of our minerals.
Good news, but we cannot go to a party because we are used to this whole good news and we have not got anything out of it.
We are challenging the government that, in as much as this is good news, their systems and policies must not disappoint us.
</blockquote>
In a shareholder update yesterday, MacMillan said:
<blockquote>
Results from the mudgas compositional analysis definitively prove the presence of hydrocarbons in multiple reservoir pay zones at Mukuyu-1 consistent with the wireline log interpretation, fluorescence and elevated mudgas readings.
… 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.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"Too Early To Celebrate Discovery Of Oil In Muzarabani"

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:
<blockquote>
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. 
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.
</blockquote>
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).
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Australian Firm Finds Oil, Gas And Helium In Zimbabwe

An Australia Stock Exchange (ASX)-listed miner, Invictus Energy, which is exploring oil in <a href="https://www.pindula.co.zw/Muzarabani">Muzarabani</a>, Zimbabwe, has confirmed the presence of gas and liquid hydrocarbons in north-east Zimbabwe..
<a href="https://www.invictusenergy.com/wp-content/uploads/2023/01/61132988.pdf">In a report</a> seen by Pindula News, Invictus said results from exploration have prompted the mining company to keep the drilling rig in Zimbabwe for at least another 12 months to drill more holes.
<h2>Major Highlights from the report:</h2>
<blockquote>
• Maiden exploration campaign confirms working hydrocarbon system.
• Mukuyu-1 ST1 identifies 13 potential hydrocarbon-bearing zones, including combined 225m gross potential hydrocarbon-bearing zones in primary Upper Angwa target
• Exalo Rig 202 contracted for further 12 months
• Preparations commencing for Mukuyu appraisal with Phase 2 drilling and evaluation
• 1.2-billion-barrel prospective resource identified in Basin Margin Area.
</blockquote>
Invictus said in the report:
<blockquote>
Mukuyu-1 ST1 was drilled to a total depth of 3,603 metres and encountered fluorescence and elevated gas shows in multiple zones in the Upper Angwa primary target.
Preliminary analysis of wireline logs indicated multiple gas zones and potentially liquid hydrocarbon bearing intervals.
Wireline log interpretation calculated porosity of up to 15% and gas saturation of up to 90% in selected potential pay zones, but are yet to be calibrated with fluid and core data and are subsequently subject to wide margins of error.
Laboratory analysis of sidewall cores acquired during logging and drill cuttings and mud gas samples acquired whilst drilling will provide further calibration of the wireline and the geological model once completed.
</blockquote>
Geo Associates managing director Mr Paul Chimbodza said in a statement:
<blockquote>
 To this end, we are extremely buoyed by the positive results from our first Mukuyu-1 well on the project and in Zimbabwe. 
</blockquote>
The first benefits from commercial production of the basin are likely to come from natural gas. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Invictus Confirms Presence Of Gas In Muzarabani, Zimbabwe

Invictus Energy says it has identified thirteen (13) potential oil and gas-bearing zones in Muzarabani, a result the company said is “virtually unprecedented for the first well in a frontier basin.”
The company’s Managing Director Scott Macmillan said they are still interpreting all data with results to be integrated into the seismic data and basin models to guide future well locations and exploration prospect selection. He said:
<blockquote>
The Mukuyu-1 and ST1 drill campaign has been a great success, identifying 13 potential hydrocarbon bearing zones across the Pebbly Arkose and Upper Angwa formations.
Significantly, a combined 225 metres of gross potential hydrocarbon-bearing zones have been identified in the primary target Upper Angwa, which still contains deeper untested potential.
This is an outstanding result and virtually unprecedented for the first well in a frontier basin, establishing a new petroleum province and substantially de-risking the Company’s wider acreage
in the Cabora Bassa Basin.
We are still interpreting all the data, with results to be integrated into the seismic data and basin models to guide future well locations and exploration prospect selection.
</blockquote>
In a statement, Invictus said following the completion of operations of the Mukuyu-1 ST1 well, a total of 13 potential
hydrocarbon bearing zones were interpreted in the Pebbly Arkose and Upper Angwa
formations.
It said 11 potential hydrocarbon-bearing zones totalling a combined 225 metres were identified in the Upper Angwa formation. Invictus said:
<blockquote>
All potential hydrocarbon-bearing zones have been isolated and plugged and the Mukuyu-1 and ST1 wells have been left in a safe condition.
</blockquote>
<a href="https://zero.pindula.co.zw/wp-content/uploads/2023/01/Invictus.pdf" rel="noopener" target="_blank">Click her to download the full document</a>

Invictus Finds 13 Potential Oil And Gas-Bearing Zones In Muzarabani

Invictus Energy Limited has announced that it is ceasing operations on Mukuyu-1 and ST1 in Muzarabani after conditions were deemed “unsuitable” and “not feasible”.
In a statement, the company said it encountered difficulties during drilling which included the breakage of a T Bar Clamp as workers attempted to retrieve the wireline formation testing tool, which was later damaged in the process.
It said it has extended its drill rig contract for a further year as it plans to drill either Mukuyu-2 or Baobab-1 this year.
Managing Director Scott Macmillan said that despite the numerous operational challenges encountered and not being able to obtain a fluid sample, the company had achieved a hugely significant result from the first well in the basin. He said:
<blockquote>
We have achieved a fantastic result from the Mukuyu-1 and sidetrack well which has multiple gas zones and potentially liquid hydrocarbon bearing intervals interpreted from wireline logs and drilling. 
We have a proven hydrocarbon system in the Cabora Bassa Basin as evidenced from significantly elevated gas shows and fluorescence during drilling and confirmed the presence of rich source rock, seal, reservoir, trap and timing.
Whilst we are frustrated with the numerous operational challenges encountered and not being able to obtain a fluid sample that would have enabled the formal declaration of a discovery, we have still achieved a hugely significant result from the first well in the basin which has substantially de-risked our dominant acreage position and established a new petroleum province. 
We have gathered a high-quality dataset across the Mukuyu-1 and sidetrack well which will now be integrated with the existing seismic data to calibrate and refine our interpretation and plan for the appraisal of Mukuyu as well as additional prospects in the basin.
We are particularly encouraged with the Upper Angwa Alternation Member horizon which proved up the hydrocarbon potential over a 900 metre gross interval with elevated gas shows and fluorescence to TD and still contains deeper untested potential and a further 300 metres of updip potential at the crest of the structure. 
The contract amendment executed with Exalo to keep Rig 202 for an additional 12 months underpins our confidence in the hydrocarbon prospectivity of the basin and will result in substantial time and cost savings to the Company compared to demobilising and remobilising the rig to and from East Africa for future drilling. 
Furthermore, the stacking of the rig at Mukuyu-1 will allow Exalo to perform maintenance and upgrades of the rig prior to recommencing drilling of either Mukuyu-2 or Baobab-1 in 2023 whilst the Company sources necessary long leads, conducts tendering for well services and integrates the substantial information gathered into the geological model to determine future drilling locations. 
We have gained a deeper understanding of the subsurface geology and valuable experience in drilling of the Cabora Bassa Basin which will allow us to optimise our plans, drilling fluids, equipment and services required for future campaigns. 
Overall, the drilling campaign and Mukuyu-1 and sidetrack well have been a tremendous success.
We thank our shareholders and supporters for backing the Company to fund and sole risk the drilling campaign, the results of which have put us in a strong future position given the petroleum potential of the basin has been proven.
We have an exciting portfolio of additional prospects and leads which has been substantially de-risked in addition to Mukuyu. 
</blockquote>

No Discovery Of Oil In Muzarabani As Invictus Ends Operations On Mukuyu-1

Australia Stock Exchange (ASX)-listed miner, Invictus Energy which exploring oil in Muzarabani, Zimbabwe has announced a trading halt.
A trading halt is a brief stoppage in trading for a particular security or securities at one exchange or across numerous exchanges.
In a statement seen by Pindula News, Invictus Energy Ltd (ASX: IVZ)’s Issued by Nicholas Mountain, the company’s Adviser, Listings Compliance said the halt will be effective until when the announcement is released to the market. Mountain said:
<blockquote>
The securities of Invictus Energy Ltd (‘IVZ’) will be placed in trading halt at the request of IVZ, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 29 December 2022 or when the announcement is released to the market.
</blockquote>
Invictus Energy said it will be providing an update in relation to results from the Mukuyu-1 sidetrack wireline logging programme, formation pressure and fluid sampling and the Company is expecting to announce an update to the market on or prior to the commencement of trading on 29 December 2022.
The Company said it is not aware of any reason why the trading halt should not be granted.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Invictus Energy Announce Trading Halt

Invictus Energy Limited has elected to deepen the Mukuyu-1 well to test its further potential after reaching targetted depth of at least 3.5 kilometers last week.
The Australia-headquartered firm is exploring oil and gas in Muzarabani in the Zambezi Valley.
In an update on Friday, Invictus managing director Scott Macmillan said the Exalo Rig 202 was preparing to drill further down to 3.8 kilometres, to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations. He said:
<blockquote>
Preliminary logging analysis from this early stage of the wireline programme in the current 8½ hole section has been encouraging, indicating multiple potential gas-bearing zones.
However, the presence of moveable hydrocarbons will be determined following the wireline formation testing programme, which will be run following the arrival of the wireline formation testing tool at the well site.
In the interim, we have elected to drill ahead to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations, which will also provide us with valuable geological and geophysical information for future wells in the basin.
We anticipate the remaining activities will require a further 5 -7 days to complete following which final well results will be provided.
</blockquote>
Soon after drilling Mukuyu 1, a second well, the Baobab, will be sunk down to 1.5 km, with both exercises set to give a better idea of the full extent of the reserves in the Muzarabani prospect following the collection of more than 800 km of seismic data in 2021. | <a href="https://newziana.co.zw/2022/11/18/invictus-to-deepen-well-to-further-test-potential/">New Ziana</a>

Invictus To Deepen Well To Further Test Potential

Australian-listed Invictus Energy Ltd, an independent oil and gas exploration company focused on high-impact energy resources in sub-Saharan Africa, has said early findings in its oil project in Muzarabani are highly encouraging.
In an update seen by Pindula News, Invictus said there is an increase in resistivity which is usually a pointer to the presence of crude oil and natural gas. 
These products are nonconductors of electricity therefore, their presence in reservoir rock increases resistivity – a measure of the resistance of a specific material to the electrical current conduction that flows through it. 
Invictus Managing Director Scott Macmillan said:
<blockquote>
Early indications in our Upper Angwa primary target are highly encouraging and have proven a conventional working hydrocarbon system in the Cabora Bassa Basin, which is an exciting development validating our subsurface model.
The presence of elevated mud gas readings, fluorescence in the cuttings, elevated LWD resistivity and increasing background gas with depth is a positive sign as we progress through the Upper Angwa Alternations Member.
We still have several hundred metres of drilling through our primary targets with additional potential, which will be followed by a comprehensive wireline logging programme to evaluate results, with the aim of confirming the presence of moveable hydrocarbons in multiple zones.
</blockquote>
Major findings
<blockquote>
1). Elevated mud gas peaks were observed with marked increases from C1 to C5 compounds (methane, ethane, propane, butanes and pentanes).
2). An initial 100 per cent fluorescence was also observed in a downhole cuttings sample of sandstone indicating the presence of condensate or light oil when placed under ultraviolet light.
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/11/Mukuyu-Drilling-Update.pdf">Download: Mukuyu Drilling Update</a>
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Muzarabani Oil Drilling Zimbabwe: Invictus Says Early Findings Are "Highly Encouraging"

Australian-listed Invictus Energy Ltd, an independent oil and gas exploration company focused on high-impact energy resources in sub-Saharan Africa, has issued an update on oil drilling in <a href="https://www.pindula.co.zw/Muzarabani">Muzarabani,</a> Zimbabwe stating that they have encountered some setbacks.
Invictus made the announcement in response to a request by Australia Stock Exchange (ASX) for an update on drilling. In an update seen by Pindula News, Invictus said drilling at Mukuyu-1 commenced on 23 September and is expected to take 50 – 60 days to complete and evaluate.
The company added that it has encountered some minor delays in preparation for, and whilst drilling the 12¼” hole section due to rig maintenance and failures of measuring while drilling (MWD) evaluation tools.
Invictus also said it first became aware of the minor delays during the week ending 14 October 2022 adding that these minor delays are often encountered during normal oilfield drilling operations.
The company also said the minor delays, such as those detailed above have been provisioned for in the overall estimated drilling timeline.
Invictus added that it will provide an update if there are any material changes to anticipated timelines following the completion of the casing and cementing of the 12¼” hole section in preparation for drilling the final 8½” hole section. Added the company:
<blockquote>
As stated in previous announcements, wireline logging is the primary means of evaluating the drilling results. Whilst the failures of measuring while drilling (MWD) tools has resulted in a limited realtime dataset being received, it has no impact on the timing or results of wireline evaluation program which is planned to be run once the respective hole sections have been completed.
The Company will provide an update to the market once the wireline evaluation is complete.
</blockquote>
Pindula News presents Invictus’ direct response to the queries raised by ASX relating to the drilling:
<blockquote>
<h2>1. Please advise when the drilling was completed.</h2>
a. The Mukuyu-1 drilling has not been completed. As above the current operations are drilling ahead in the 12 ¼” hole section
<h2>2. Please advise when the drill results are expected to be received by IVZ. Please provide detailed information in relation to the timing of these results.</h2>
a. Drilling results will be received once the wireline logging evaluation has been completed
b. The Company is unable to provide detailed timing of the results as it is subject to progress of drilling operations, which can be impacted by drilling conditions, rig and evaluation tool performance amongst other factors.
<h2>3. Please advise what arrangements (if any) IVZ has in place to maintain confidentiality of its drill results? Please provide detailed information.</h2>
a. The Company has a strict trading policy which applies to all staff and contractors involved in the drilling campaign and the confidentiality of results.
b. The application of this trading policy and confidentiality has been further reinforced through internal communication to all members of the workforce involved in well-related activity – contractors and consultants included.
In response to your questions in your letter please refer to our response below:
<h2>1. Is IVZ aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?</h2>
No, but please refer to the general update noted above on current progress of our Mukuyu-1 Well
<h2>2. If the answer to question 1 is “yes”:</h2>
a. Is IVZ relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in IVZ’s securities would suggest to ASX that such information may have ceased to be confidential and therefore IVZ may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is “yes”, you need to contact us immediately to discuss the situation.
b. Can an announcement be made immediately? Please note, if the answer to this question is “no”, you need to contact us immediately to discuss requesting a trading halt (see below).
c. If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?
Not applicable
<h2>3. If the answer to question 1 is “no”, is there any other explanation that IVZ may have for the recent trading in its securities?</h2>
Following the Company’s announcement on 26 September 2022 Invictus Spuds Maiden Oil &amp; Gas Well in Zimbabwe and on 5 October 2022 Mukuyu-1 Drilling Update the market may have anticipated further update and may be speculating on likelihood of success or failure on our initial target in the Mukuyu-1. Invictus confirms it has no results analysed or available for release in relation to the Company’s initial targets.
<h2>4. Please confirm that IVZ is complying with the Listing Rules and, in particular, Listing Rule 3.1.</h2>
Yes
<h2>5. Please confirm that IVZ’s responses to the questions above have been authorised and approved under its published continuous disclosure policy or otherwise by its board or an officer of IVZ with delegated authority from the board to respond to ASX on disclosure matters.</h2>
Yes
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Muzarabani Oil Drilling Update: Invictus Says They Encountered Some Setbacks

Invictus Energy Ltd, an independent oil and gas exploration company, has issued an update on the Mukuyu-1 well that is currently being drilled in Zimbabwe’s Cabora Bassa Basin. In an update seen by Pindula News, Invictus said it has drilled the 17 ½ surface hole section down to a depth of approximately 593m. Reads the update in part:
<blockquote>
<h2>HIGHLIGHTS</h2>
• Surface hole section drilling completed to a depth of 593m
• Exalo Rig 202 to drill ahead through the first prospective targets, once casing is set
• Mukuyu-1 targeting 20 trillion cubic feet + 845 million barrels# of conventional gas-condensate (gross mean unrisked)
Invictus Energy Limited (“Invictus” or “the Company”) is pleased to provide an update on the Mukuyu-1 well that is currently being drilled in its 80% owned SG 4571 licence in Zimbabwe’s Cabora Bassa Basin.
<h2>Progress</h2>
Since the last update, the diverter system has been rigged up and the Exalo Rig 202 has drilled the 17 ½” surface hole section down to a depth of approximately 593m Measured Depth (“MD”).
The drill string is currently being pulled out of a hole in readiness to commence running casing. 
</blockquote>
The casing is a series of steel pipes that run into a drilled oil well to stabilize the well, keep contaminants and water out of the oil stream, and prevent oil from leaching into the groundwater. The casing is installed in layers, in sections of decreasing diameter that is joined together to form casing strings.
Download: <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/10/Invictus-Energy-Update-on-Mukuyu-1.pdf">Invictus Energy Update on Mukuyu-1</a>
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Invictus Provides Update On The Mukuyu-1 Well Being Drilled In Zimbabwe

Invictus Energy, an Australia-based player has said five newly identified prospects in Muzarabani in northern Zimbabwe may hold 1.2 billion barrels of oil (19.078 billion litres). One (1) barrel is approximately 159 litres. 
In a recent report seen by Pindula News, Invictus said it had received an updated Independent Technical Report from ERCE estimating substantial additional resource potential at Cabora Bassa, in the Basin Margin Area of the recently assigned Exclusive Prospecting Order 1849. Reads the report in part:
<h2>Highlights</h2>
<blockquote>
• Independent Prospective Resource of 1.2 billion barrels from five drill-ready prospects 
• Baobab to target 243 million barrels in East Africa Rift “String of Pearls” play 
• Total Cabora Bassa Prospective Resource &gt;5.5 billion barrels of oil equivalent (boe) 
• New data incorporated from CB21 Seismic Survey results 
• Resource potential determined by leading petroleum consultancy ERCE
</blockquote>
Invictus Energy Limited said it had received a report suggesting the presence of an Independent Prospective Resource of 1.17 billion barrels of oil from five drill-ready prospects in the Basin Margin Area.
Invictus has received an updated Independent Technical Report from ERCE estimating the gross mean recoverable conventional potential of the Basin Margin Area at a combined 1.17 billion barrels of conventional oil (about 18,603,000,000 litres).
The prospective resource estimate includes the Baobab, Acacia, Marula, Mukamba and Mimosa prospects but excludes additional leads along the basin margin and central fairway area.
This adds to the <a href="https://news.pindula.co.zw/2022/10/06/invictus-provides-update-on-the-mukuyu-1-well-being-drilled-in-zimbabwe/">prospective resource upgrade at Mukuyu</a>, announced in an ASX release on 5 July 2022, taking the estimated total prospective resource base for the Cabora Bassa project portfolio to a combined 5.5 billion boe. 
Invictus, however, cautioned that further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. 
Invictus’ net share of the Basin Margin area prospective resource would equate to 937 million barrels of oil and 4.4 billion boe for the total project area.
Invictus equates the resource potential in the Basin Margin to the prolific East African Rift System that resulted in material discoveries in the “String of Pearls” plays in Kenya and Uganda.
Download <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/10/Invictus-Energy-report-Muzarabani-Oil.pdf">Invictus Energy report On Muzarabani Oil – 06 October 2022</a>
<h2>Pindula News</h2>

Cabora Bassa Basin Margin Area Holds 1.2 billion Barrel Prospective Oil Resource - Invictus

Exploration drilling is underway on a much-anticipated onshore oil and gas play in Zimbabwe in southern Africa.
The operator Invictus Energy said Sunday that drilling started in Block SG 4571 on 24 September at the first of two potentially play-opening exploration wells.
Two prospects underway starting with the giant Mukuyu prospect.
Invictus said it planned to drill Mukuyu-1 to a projected depth of 3 500 metres, with the drilling and evaluation work expected to take between 50 and 60 days to complete.
Managing Director Scott Macmillan said the commencement of drilling was an “exciting and long-anticipated” moment for Invictus Energy and its shareholders. He said:
<blockquote>
Invictus, together with our partners, have methodically de-risked and matured the Mukuyu prospect and our Cabora Bassa acreage over the last several years, and the commencement of our drilling campaign is a significant milestone.
Mukuyu-1 is a world-class, basin-opening well which, if successful, could be transformative for the company and Zimbabwe.
</blockquote>
According to the company, Mukuyu is one of the largest oil and gas exploration prospects to be drilled globally this year, targeting a combined prospective resource potential of 20 trillion cubic feet and 845 million barrels of conventional gas condensate.
After completing Mukuyu-1, Invictus then plans to drill the Baobab-1 well which will take around 30 to 40 days to complete.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

"Long-anticipated" Oil Exploration Drilling Starts In Zimbabwe

Australian Securities Exchange (ASX)-listed oil and gas firm Invictus Energy has started assembling oil and gas drilling equipment at its Mukuyu-1 prospect in Muzarabani, Mashonaland Central.
The company intends to commence exploration drilling later this month.
Invictus managing director Mr Scott Macmillan told <a href="https://www.sundaymail.co.zw/zim-on-cusp-of-oil-gas-breakthrough">The Sunday Mail Business</a> the company had started assembling key drilling equipment at the targeted site in preparation for test well drilling to investigate the potential presence of petroleum deposits.
Exalo rig 202, which was recently mobilised from Tanzania’s Songo Songo area, is in the process of being assembled.
Drilling will only resume after some maintenance work. Macmillan said:
<blockquote>
The mobilisation of the rig is nearly complete and the last loads of the (Exalo) 202 rig will be at Mukuyu-1 well site early next week (this week).
The majority of casing, cement and mud products have also arrived at the site and the well services gear from Baker Hughes such as wireline (electric logging), cementing and mud-logging units and measuring while drilling packages will begin to arrive over the next fortnight either at the well site or at our supply base in Harare to undergo servicing and preparation before being deployed to well site.
</blockquote>
He said wireline-logging operations use sophisticated tools which are lowered into the well on an electric cable to take different measurements of samples from the borehole and reservoirs.
The cable is armoured and contains electric conductors. The tools will also measure the density of the rock.
Commercial discovery of oil and gas would result in energy self-sufficiency, massive job creation, export growth, infrastructure development and new downstream industries.
The project has already been granted national project status, while the Environmental Impact Assessment (EIA) licence, which was due to expire this year, has been extended by the Environmental Management Authority (EMA) until next year.
It is estimated that there could be 20 trillion cubic feet of gas and 845 million barrels of vaporized oil–gas ratio at Mukuyu-1.
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Invictus Energy Starts Assembling Oil Drilling Equipment In Muzarabani

Invictus Energy, an Australian company has signed an agreement with EXALO for a drilling assignment set for June.
Romania-headquartered Exalo Drilling SA, has been given a huge task, which could determine the future of Invictus Energy that is hoping for a game-changing gas or oil find at the Muzarabani-based Cabora Bassa oilfields.
Results of the drilling assignment will also have a huge bearing on Zimbabwe’s future. Exalo has agreed to drill Invictus’ first of two US$20 million test wells at the oilfields.
In a statement last week, Invictus expressed its confidence that there were high chances that massive oil deposits in Zimbabwe’s Zambezi Valley region.
Invictus said a binding drilling rig contract with Exalo has been inked. Said the company in a shareholder update:
<blockquote>
Invictus is pleased to confirm it has executed a binding drilling rig contract with Exalo Drilling South Africa to drill the Muzarabani-1 exploration well and an option for an additional exploration well for the basin opening drilling campaign, scheduled to commence in June 2022. 
</blockquote>
It has been a long journey for Invictus, which came to the Zimbabwean scene in 2015, when talk of oil or gas reserves in Zimbabwe resurfaced.
Mobil, the global oil giant, had explored, and abandoned the Zambezi Valley in the 1990s, but after collecting vital data, now worth about US$3 million, it attracted Scott Macmillan, the Invictus chief executive officer, to try his luck.
Macmillan, a Mobil veteran, last week said he had finalised processing the Cabora Bassa 2D Seismic Survey, with data interpretation underway.
But early signals have revealed “multiple trapping geometries and a target rich hydrocarbon environment”.
Invictus has identified several potential well locations for the Muzarabani-1 well and “is maturing additional prospects identified from the CB21 survey for a second well to be drilled in the upcoming campaign. 
More: NewsDay Zimbabwe

Muzarabani Oil: Invictus Sign Agreement With EXALO For Drilling Campaign

Australian Securities Exchange-listed Invictus Energy Ltd (Invictus) this week announced the completion of a crucial 2021 seismic survey as part of exploration at its Cahora Bassa oil and gas megaproject 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.
<blockquote>
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.
</blockquote>
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.
<blockquote>
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.
</blockquote>
The miner said the remaining geophone retrieval was completed on November 2 and final data harvesting will be completed “in the coming days.” 
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.
More: <a href="https://www.theindependent.co.zw/2021/11/05/invictus-completes-seismic-cahora-bassa-basin-survey/">The Independent</a>

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