Zimpapers Logo

Natasha Chamba, Business Reporter
AUSTRALIAN Stock Exchange listed company, Invictus Energy says it has completed its aeromagnetic data reprocessing which identified several leads to the Muzarabani prospect and the findings will be incorporated to the seismic analysis.

Last September the oil company confirmed the potential of oil in Muzarabani in Mashonaland Central province with an amount ranging between $10 million and $20 million expected to be spent on each well to be drilled.

In a quarterly report for the period ended December 2018 released last week, Invictus said it acquired additional source rock samples from outcrops located at the western edge of the Cabora Bassa Basin.

“During the quarter the Company also completed the aeromagnetic data reprocessing which identified numerous leads and play types in addition to the Muzarabani structure and will be incorporated to the seismic interpretation,” Invictus said.

“The company also acquired additional source rock samples from outcrops located at the western edge of the Cabora Bassa Basin.

“These samples will be analysed and incorporated into an updated basin model.”

The company said during the quarter, it commenced reprocessing the 2D seismic data which was transcribed from the field tapes located at the Zimbabwe Geological Survey in Harare.

It said the early results from the exercise were extremely encouraging and provided a significant improvement in the data quality and seismic imaging of the subsurface.

“The reprocessing exercise which encompasses the entire Cabora Bassa Basin is expected to be completed around the end of the March and interim results will be released during the quarter,” it said.

The seismic dataset will be reinterpreted in preparation for the quantification of additional prospectivity and an update to the independent prospective resource for the entire SG 4571 area.

The resource estimate was prepared by Netherland, Sewell & Associates, Inc. (NSAI), a worldwide leader of petroleum property analysis to industry and financial organisations and government agencies.

NSAI concluded that Muzarabani prospect contains 3,9 Tcf (trillion cubic standard feet) of natural gas and 181 mmbbl (million barrels) of condensate; totalling 850 mmboe (million barrels of oil equivalent) prospective resource in the primary target.

The independent estimate confirms the Mzarabani prospect as the largest undrilled seismically defined structure in onshore Africa.

— @queentauruszw