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Friday, September 2, 2022
Invictus Energy provided an update to its prospects and leads portfolio in Zimbabwe’s Cabora Bassa basin. Additional large leads have been identified along trend with the Mukuyu prospect in the Central Fairway, as well as in the newly identified Basin Margin play, that will be tested with the upcoming Baobab-1 well.
Highlights
Following the approval of the Assignment Agreement for the exploration rights to Exclusive Prospecting Orders (EPOs) 1848 and 1849 with the Sovereign Wealth Fund of Zimbabwe (SWFZ), as detailed in the ASX release on 17 August 2022, the company provides the following update to its prospects and leads portfolio at the Cabora Bassa project.
This newly expanded basin master position, combined with the high-quality seismic data acquired in the CB21 Survey, has provided the Company with a material portfolio of high potential prospects and leads.
Multiple drill ready prospects in the newly identified Basin Margin play have been mapped along the southern basin bounding fault, which display similarities the East Africa Rift “String of Pearls” that resulted in material discoveries in the Lokichar Basin in Kenya and Albertine Graben in Uganda.
Additional large leads on trend with the Mukuyu prospect have also been identified along the basement high in the Central Fairway play, which provide follow-on prospectivity that can be matured at low cost.
The maiden drilling campaign scheduled to commence in early September will test both major play types through the Mukuyu-1 and Baobab-1 exploration wells, with the potential to unlock a large resource base in the Cabora Bassa Basin.
The Mukuyu-1 well will target stacked Triassic and younger sandstones within a 200 sq km four-way dip closure on the basement high trend.
The 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. Baobab displays similar structural characteristics to the basin opening Ngamia discovery drilled in the Lokichar Basin in Kenya.
Ngamia-1 successfully tested a stacked three-way dip closure which found pay at multiple horizons and resulted in subsequent discoveries in the “String of Pearls” along the basin margin.
An Independent Prospective Resource estimate for the Basin Margin prospects is currently being prepared, with Invictus to provide shareholders with an update upon its completion. An accompanying presentation has also been released with this announcement, which provides further detail. The Company will also host an investor briefing on Monday 5 September and registration details can be found at the end of this release.
Invictus Managing Director Scott Macmillan commented: “We are extremely pleased with the material upgrade to our prospect and lead inventory in our expanded exploration footprint in the Cabora Bassa Basin. Prior to the acquisition of the CB21 Seismic Survey we recognized the potential for the Basin Margin to evolve into a substantial play due to the structural similarities we observed with the East Africa Rift System.
“The exceptional results delivered through the planning and execution of the CB21 Survey has enabled us to mature this conceptual play initially identified on sparse vintage data to multiple drill ready prospects which provides us substantial follow-up potential.
“Additional large leads on trend with the Mukuyu prospect, which can be matured at low cost, provide further running room in the Central Fairway play. Subject to making an opening discovery with either Mukuyu-1 or Baobab-1, it could potentially provide us with future discoveries on a large scale within the basin.”
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