AUSTRALIA Stock Exchange-listed resources firm Invictus Energy yesterday said there could be a bigger resource at its Zimbabwean oil and gas claims than previously projected.
Seismic survey results by leading petroleum consultancy,
ERCE, bolstered potential prospective resource estimates at Invictus’ Cabora
Bassa claims near Mahuwe to over 5,5 billion barrels of oil equivalent (boe).
The data added excitement to developments at the oilfields.
Hours earlier, Invictus had said Mukuyu 1 test well
drilling had progressed to 600 metres.
It said engineers were proceeding to place casing on the
well.
Invictus said ERCE estimated a prospective resource of 1,2
billion boe for the five “drill-ready” prospects.
These are Baobab, Acacia, Marula, Mukamba and Mimosa
prospects.
It added to a major resource upgrade for Mukuyu 1, which
came through in July.
“The material prospective resource estimate for the five
drill-ready basin margin prospects confirms the high potential and quality of
our acreage and prospect and lead inventory,” Invictus managing director Scott
Macmillan said.
“Invictus has built and matured a high-quality and material
portfolio of prospects and leads from a conceptual play initially identified on
sparse vintage data to multiple drill-ready prospects with 1,2 billion barrels
of potential,” he said.
Invictus said based on 80% of the project, its net share of
the basin margin area resource was equivalent to 937 million boe and 4,4
billion boe for the whole project area.
Macmillan added: “This substantial resource potential in
the basin margin play places it at comparable scale to the prolific East
African Rift System that resulted in material discoveries in the “String of
Pearls” plays in Kenya and Uganda.
“The material prospective resource estimate for the five
drill-ready basin margin prospects confirms the high potential and quality of
our acreage and prospect and lead inventory.
“Prior to the acquisition of the CB21 seismic survey, we
recognised the potential for the basin margin to evolve into a substantial play
due to the structural similarities we observed with the East Africa Rift
‘string of pearls’ play.
“Our basin master position encompassing the entire
conventional oil and gas play fairway, multiple play types to target and over
5,5 billion boe potential provides us with substantial running room. Subject to
making an opening discovery with either Mukuyu-1 or Baobab-1, it could
potentially provide us with future discoveries on a large scale within the
basin.” Newsday
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