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Invictus Energy Ltd. has discovered a significant gas reserve in northern Zimbabwe. The gas was found at the Mukuyu-2 well in the Cabora Bassa project, marking a monumental advance in the region’s energy prospects.
The discovery comes nearly three decades after Exxon Mobil Corp. ceased attempts to locate crude oil in the same region. Invictus Energy’s successful findings from four samples of the Mukuyu-2 well could ignite a new era for Zimbabwe’s energy sector. The achievement is a first of its kind, marking the first Triassic-aged hydrocarbon discovery in Sub-Saharan Africa. The gas find is expected to have positive implications for other prospects and leads within Invictus’ extensive acreage position in the Cabora Bassa basin.
While the discovery holds promise for Zimbabwe, Invictus Energy has stated that further drilling is needed to accurately determine the extent of the gas reserves. The company is continuing its drilling through the Lower Angwa formation and plans to reach a total depth of 3400 metres for further evaluation. The journey to production will require a substantial investment and several years before gas production can start.
This discovery could transform Zimbabwe’s energy sector and economy. The successful discovery of moveable hydrocarbons in Zimbabwe could have a far-reaching positive impact on the economy. However, the road to production is long, requiring careful planning and investment. The share price of Invictus Energy has already surged by 37% in early morning trade after the company announced the gas discovery.
Read Also:
https://trendsnafrica.com/zimbabwe-and-rwanda-energy-deal-in-the-pipeline/
https://trendsnafrica.com/australian-invictus-energy-to-drill-for-gas-in-zimbabwe/
Invictus Energy Ltd is an independent upstream oil and gas company listed on the Australian Securities Exchange. The Company is headquartered in Perth, Australia, and has offices in Harare, Zimbabwe. Invictus is opening one of the last untested large frontier rift basins in onshore Africa – the Cabora Bassa Basin – in northern Zimbabwe through a high-impact exploration program.
