An Australia Stock Exchange (ASX)-listed miner, Invictus Energy, which is exploring oil in Muzarabani, Zimbabwe, has confirmed the presence of gas and liquid hydrocarbons in north-east Zimbabwe..
In a report 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.
Major Highlights from the report:
• 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.
Invictus said in the report:
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.
Geo Associates managing director Mr Paul Chimbodza said in a statement:
To this end, we are extremely buoyed by the positive results from our first Mukuyu-1 well on the project and in Zimbabwe.
The first benefits from commercial production of the basin are likely to come from natural gas.