Continental Focus, International Reach

Invictus Reveals Resource Report

Wednesday, July 3, 2019

Invictus Energy released the findings of an Independent Report carried out by Getech Group for its Cabora Bassa Project. The report by Getech estimated substantial resource potential at the project in Zimbabwe.

A summary of the report’s findings for the mapped prospects within the SG 4571 Permit area from Getech can be sound on a statement on the Invictus website.

Invictus Managing Director Scott Macmillan commented, “The Mzarabani Prospect has grown significantly in its scale and represents one of the largest conventional exploration targets globally. The Independent Report by Getech has estimated the net mean recoverable conventional potential of the massive stacked Mzarabani prospect of 1.3 billion boe (barrels of oil equivalent) consisting of 6.5 Tcf and 200 million barrels of condensate net to Invictus. The estimate for the primary Upper Angwa target within the Mzarabani Prospect has increased to 4.4 Tcf + 187 million barrels of conventional gas-condensate on a gross mean unrisked basis.

“In addition, the newly identified Msasa Prospect, a new substantial structural prospect within SG 4571 which is also a stacked anticline feature, is estimated to contain 1.05 Tcf and 44 million barrels of conventional gas-condensate on a total gross mean unrisked basis. Figure 1 and Figure 2 shows the locations of the Company’s prospects and leads currently mapped within SG 4571,” he added.

“This updated estimate is the culmination of the excellent work from the Invictus and Getech technical teams over the last 12 months to deliver this result. The substantial work undertaken to integrate the geological and basin modelling studies with the reprocessed and interpreted gravity, magnetic and seismic datasets has enabled us to characterize the subsurface in more detail and identify and quantify the additional prospectivity. This has not only materially enhanced the value of our acreage, but also de-risked it. Invictus has benefited from Getech’s expertise and knowledge as well as the application of their proprietary geoscience data, analytical workflows and “Globe” knowledge-base to significantly enhance our understanding of the petroleum system in the Cabora Bassa Basin,” Macmillan said.

Invictus has engaged UK-based ENVOI to run the farmout process for SG 4571. The company has received significant industry interest ahead of the data room opening and is currently executing confidentiality agreements with several parties.

It has also engaged the Scientific and Industrial Research and Development Centre (SIRDC) to conduct an Environmental Impact Assessment (EIA) of SG 4571. The commencement of the EIA aims to ensure all necessary pre-drilling permits and activities are completed well ahead of schedule. SIRDC has experience in carrying out EIAs of developmental projects in fields such as agriculture, mining, energy generation and construction projects.