Invictus dangles 100 jobs for Phase 2 exploration campaign

AUSTRALIAN investor, Invictus Energy Limited, has unveiled plans to recruit close to 100 workers for its seismic campaign in the Cabora Bassa Basin, mainly from local communities where the seismic infill operations are focused as it pursues its oil exploration drive.

The investor awarded Polaris Natural Resource Development Limited (Polaris) a contract to provide 2D seismic acquisition services for its Phase 2 oil and gas exploration campaign in the Cabora Bassa Basin as it continues to unlock the potential of the area.

Recently, the firm confirmed the presence of light oil, gas-condensate, and helium gas in commercial concentrations from its Mukuyu-1 mud gas compositional analysis.

In an update, managing director, Mr Scott Macmillan, said the firm is engaging locals as part of its shared prosperity approach.

“About 100 local employees will be involved in the seismic campaign, the vast majority from the local communities where the seismic infill operations are focused,” he said.

“This aligns with the company’s shared prosperity approach to ensure all stakeholders, including the local community, benefit from finding, developing, and producing natural resources.”

Mr Macmillan said the entity has entered another period of a busy phase of exploration, which he described as “exciting”.

The Phase 2 exploration campaign officially commenced this month with the start of operations for the 2D seismic survey being carried out by Polaris.

“The 400-line kilometre 2D seismic survey is aimed at maturing already identified leads into drill-ready prospects to add to the company’s existing gross mean prospective resources in the Cabora Bassa Basin of 5,5 billion barrels of oil equivalent.

“We also remain on track to spud the Mukuyu-2 appraisal well in the third quarter of 2023, a follow up to the play opening Mukuyu-1/ST1 well, which confirmed a working hydrocarbon system in the Cabora Bassa basin.”

He noted that they were buoyed by excellent results received from analysis of five priority mud gas samples from Mukuyu-1.

The results confirmed the Upper Angwa reservoirs contain light oil and liquids-rich gas, with a condensate-gas-ratio estimated between 30 to 135 barrels of condensate per million cubic feet of gas.

The analysed samples demonstrate a consistent, high-quality natural gas composition, exhibiting low inert content, containing less than one percent carbon dioxide, which will require minimal processing.

“Our analysis also uncovered the presence of helium at commercial concentrations of 0,1 percent, which will provide an additional high-value by-product from the gas streams.

“This could present a significant additional revenue stream for the company, given the current long-term contract bulk helium price is roughly US$450 per thousand cubic feet, which is 50-100 times greater than typical long-term natural gas prices,” said Mr Macmillan.

“Demand for helium is being driven by the unique chemical properties that make it irreplaceable in many high-end technological applications, including semiconductor and fiber-optic fabrication, aerospace, Magnetic Resonance Imaging, and cryogenics.”

Commenting on financial resources, Mr Macmillan said the company was well funded for the exploration phase as it received strong support from both existing retail investors through the share purchase placement and from new and existing investors via the recent private placements.

“Our recent capital raising initiatives have successfully raised a combined $35,4 million, placing the company in a strong position for the Phase 2 campaign,” he said.

In 2020, the Government classified the Muzarabani project as one of the priority development projects, which can provide a significant economic benefit to the economy in pursuit of an upper middle-income economy by 2030.-chronicle.co.zw