Invictus’ exploration at Musuma targets 1 tcf gas next year

OIL and gas exploration firm Invictus Energy has said the focus in 2025 would be exploration on the Musuma prospect, estimated to hold one trillion cubic feet (tcf) of gas, alongside further appraisal drilling in the Mukuyu gas field.

These efforts aim to test the basin’s eastern gas prospectivity.
Given its promising seismic amplitude support, the Musuma prospect is poised to be a major testing ground in 2025.

Invictus Energy’s continued efforts in the Cabora Bassa Project highlight its strategy to unlock significant value through early gas monetisation and to advance exploration targets in the basin’s rich gas and condensate zones.

Invictus Energy is an independent upstream oil and gas company focused on energy resources in sub-Saharan Africa. In its annual report for the period ended June 30, 2024, the firm said its exploration portfolio of prospects and leads has been further strengthened by the results of the CB23 seismic infill survey. The survey uncovered an exciting new play, with eight drill-ready prospects identified that can be tested with simple, shallow vertical exploration wells.

“This new play has bolstered our portfolio, enhancing the prospectivity of our acreage and providing us with additional opportunities for future exploration and resource expansion.

“An exploration well at Musuma targeting one tcf of gas is planned for 2025 to test the Dande play, which has been significantly de-risked by the Mukuyu gas discovery and well data,” reads part of the report by chairman and managing director, Messrs John Bentley and Scott Macmillon.

The firm added that it is advancing discussions to introduce a strategic partner to join the forward work programme and accelerate the path to production at Cabora Bassa.

“These negotiations are progressing well, and we believe that a partnership will bring further technical expertise and financial resources to enhance our project development.”

Invictus said it is looking ahead and remains confident in its ability to deliver on its vision and opportunities that lay ahead.

“We are entering the next chapter of growth, and we are committed to realising the full potential of the Cabora Bassa Basin for the benefit of our shareholders, Zimbabwe and the region,” read the report.

The mining entity noted that the renewal of its SG 4571 exploration reinforces the confidence that both the Government and broader stakeholders have in the potential of its exploration and development efforts.

“This renewal enables us to continue our work in the highly prospective and as yet, undrilled, wider Cabora Bassa Basin, where further discoveries could significantly add to our resource base.”

Further to that, it said in the year under review, a pivotal moment was the strategic investment made by the Mutapa Investment Fund, Zimbabwe’s Sovereign Wealth Fund.

It said the investment demonstrates the growing national recognition of the potential of its projects.

“It also strengthens our partnership with Zimbabwe, aligning our success with the country’s broader economic and energy development objectives.”

Victoria Falls Stock Exchange

It added that in tandem with efforts to grow local investment and enhance liquidity for shareholders, it completed a secondary listing on the Victoria Falls Stock Exchange (VFex).

The listing creates an avenue for Zimbabwean investors to participate in the firm’s growth story and underscores its commitment to broadening the local investor base and belief in creating value for locals.

Invictus, which is listed on the Australian Stock Exchange and has been searching for gas and oil in the Cabora Bassa Basin, north of Zimbabwe, in December last year announced gas discovery at its Mukuyu-2 exploration well in Mbire districts.

The discovery affirmed the country’s potential as one of the world’s largest future producers of gas.

This followed the announcements by the Ministry of Mines and Mining Development together with Invictus shareholder Geo-Associates of the discovery of substantial moveable hydrocarbons in the Upper and Lower Angwa geological zone of the Mukuyu-2 exploration well.

The discovery of gas presents limitless economic opportunities for the country including; energy security, improved export earnings, job creation, alternative source of Government revenue, faster economic growth and development of downstream industries, among other potential benefits.-ebsinessweekl