By Reason Razao
INVICTUS Energy says it has commenced its maiden Cabora Bassa oil and gas exploration in the country with the first well expected to produce about 4,3 billion barrels of oil.
The project is the first oil mining expedition in Zimbabwe.
Invictus is an independent upstream oil and gas company headquartered and listed on the Australian Securities Exchange with offices in Harare.
The energy utility company in a statement said the drilling at the Mukuyu-1 exploration well commenced last Friday.
Following success in drilling of the first oil rig, the energy group said they had set their eyes on the Baobab-1 well, which will test an independent play along the basin margin in the Exclusive Prospecting Orders (EPO) and take approximately 30 to 40 days to complete.
An EPO confers exclusive rights to prospect for specified minerals in any identified location within Zimbabwe.
According to the statement, Mukuyu is one of the largest oil and gas exploration prospects to be drilled globally in 2022, targeting a combined prospective resource potential of 20 trillion cubic feet and 845 million barrels of conventional gas condensate, or about 4.3 billion barrels of oil equivalent on a gross mean unrisked basis.
“Mukuyu-1 will be drilled to a projected depth of 3,500 metres. Drilling and evaluation of the well is prognosed to take approximately 50 to 60 days to complete.
“Mukuyu-1 will be drilled to a projected depth of 3,500 metres. Drilling and evaluation of the well is prognosed to take approximately 50 to 60 days to complete,” read the statement.
According to Invictus Baobab-1 well will target stacked Cretaceous and younger sandstones, within four-way and three-way dip closures, against the southern basin bounding rift fault.
The energy utility Managing Director Scott Macmillan said following years of preparations, the commencement of their drilling campaign was a significant milestone.
“This is an exciting and long-anticipated moment for Invictus and our shareholders.
“Invictus, together with our partners, have methodically de-risked and matured the Mukuyu prospect and our Cabora Bassa acreage over the last several years and the commencement of our drilling campaign is a significant milestone.
“Mukuyu-1 is a world-class, basin opening well which, if successful, could be transformative for the Company and Zimbabwe,” MacMillan said.