Invictus progressing appraisal plan of Mukuyu gas field in Zimbabwe

Australia-listed Invictus Energy is progressing its appraisal plan of the Mukuyu gas-condensate field at its Cabora Bassa project in Zimbabwe, it said on March 13.

“We are progressing our appraisal plan of the Mukuyu gas-condensate field on multiple fronts with a well test for Mukuyu-2 and 3D seismic across the field to inform resource volumes and future targeted appraisal drilling and early development of the field,” managing director Scott Macmillan said.

Following the two gas discoveries from the Upper and Lower Angwa reservoirs in the recently completed Mukuyu-2 / ST1 drilling campaign, preliminary compositional analysis from the downhole reservoir fluid samples has confirmed a rich gas-condensate discovery in Mukuyu, the company said.

The Invictus board recently concluded a visit to Zimbabwe and met with government officials following the confirmation of a gas-condensate discovery at Mukuyu to advance the implementation of the Petroleum Production Sharing Agreement, the conclusion of which will deliver a number of corporate and project partnering options for the company.

Following an in-country visit, Invictus has received “strong interest” from domestic institutional investors with the intent of completing a strategic investment into the company. Invictus said it has engaged existing major shareholder Mangwana Capital to coordinate the strategic investment process.

“Mangwana Capital is pleased to provide further support to Invictus and off the back of the discovery at Mukuyu there is strong demand from local institutional investors to be a part of an exciting opportunity which will have a significant impact on the country,” Ben Mbanga, managing director of Mangwana Capital commented.

Invictus recently inked an updated memorandum of understanding (MoU) with Zimbabwean consortium Mbuyu Energy for the supply of gas to their proposed 500 MW gas-to-power project.