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Corporate Spotlight

Invictus Energy reveals 'elephant' resource (9.25TcF) in their latest updated resource estimates. Managing Director Scott Macmillan discusses what it means for a project of this scale in the Cabora Bassa region and their recent meeting with the Zimbabwean Minister of Mines Winston Chintando
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INTERVIEW WITH SCOTT MACMILLAN

INTERVIEW WITH SCOTT MACMILLAN

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ESTIMATE UPDATE

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PROSPECTIVE RESOURCE ESTIMATE UPDATE – 9.25 TCF

ASX Announcement 1 July 2019 


Highlights 

  • Total Prospective Resource of 9.25 Tcf + 294 million barrels# of conventional gas / condensate (gross mean unrisked) across SG 4571 in Mzarabani and Msasa prospects 
  • Mzarabani Prospect estimated to contain 8.2 Tcf + 250 million barrels# of conventional gas / condensate (gross mean unrisked) across 5 horizons 
  • Additional Msasa Prospect identified in SG 4571 estimated to contain 1.05 Tcf + 44 million barrels# of conventional gas / condensate (gross mean unrisked) across 3 horizons 
  • Resource potential determined by leading petroleum consultancy Getech Group plc for SG 4571 permit from 12-month study of Cabora Bassa Project


Invictus Energy Limited ("Invictus" or "the Company"), is pleased to announce the findings of an Independent Report completed by Getech Group plc (Getech) estimating substantial resource potential at its Cabora Bassa Project, located in the Company’s 80% owned and operated SG 4571 Permit in Zimbabwe. A summary of the report’s findings for the mapped prospects within the SG 4571 Permit area from Getech as at 26 June 2019 is tabulated below:


Table 1: SG4571 Licence Area Prospective Resource Estimate Summary - Getech Group plc. (*Note: Total figures are the arithmetic sum of the individual horizons for each respective prospect) 


#Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. Prospective Resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.


Invictus Managing Director Scott Macmillan commented: 

“The Mzarabani 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 Mzarabani prospect of 1.3 billion boe (barrels of oil equivalent) consisting of 6.5 Tcf and 200 million barrels of condensate net to Invictus. The estimate for the primary Upper Angwa target within the Mzarabani Prospect has increased to 4.4 Tcf + 187 million barrels of conventional gas-condensate on a gross mean unrisked basis. In addition, the newly identified Msasa Prospect, a new substantial structural prospect within SG 4571 which is also a stacked anticline feature, is estimated to contain 1.05 Tcf and 44 million barrels of conventional gas-condensate on a total gross mean unrisked basis. Figure 1 (below) & Figure 2 (page 3) shows the locations of the Company’s prospects and leads currently mapped within SG 4571.” 


Figure 1: Mzarabani Prospect Cross Section Schematic – Preliminary interpretation only and subject to change 


#See Cautionary Statement on Page 1 and Notes on Page 4 relating to Prospective Resources 

“This updated estimate is the culmination of the excellent work from the Invictus and Getech technical teams over the last 12 months to deliver this result. The substantial work undertaken to integrate the geological and basin modelling studies with the reprocessed and interpreted gravity, magnetic and seismic datasets has enabled us to characterise the subsurface in more detail and identify and quantify the additional prospectivity. This has not only materially enhanced the value of our acreage, but also de-risked it. Invictus has benefited from Getech’s expertise and knowledge as well as the application of their proprietary geoscience data, analytical workflows and “Globe” knowledge-base to significantly enhance our understanding of the petroleum system in the Cabora Bassa Basin.”


Click here to view the full announcement

PRESENTATION

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