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:
• 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 >5.5 billion barrels of oil equivalent (boe) • New data incorporated from CB21 Seismic Survey results • Resource potential determined by leading petroleum consultancy ERCE
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 prospective resource upgrade at Mukuyu, 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.