Invictus Energy confirms oil, gas and helium find in Zimbabwe

Invictus Energy

08/05/2023 08:04

HARARE, May 8 (Reuters) - Australia-listed Invictus
Energy  IVZ.AX  on Monday confirmed the presence of light oil,
gas condensate and helium at its Cabora Bassa project in
Zimbabwe, sending its shares up 8.7%.
    The company said that mud gas analysis from the Mukuyu-1
well drilled last year had proved the presence of hydrocarbons
in multiple reservoir pay zones.
    “Analysis shows the presence of light oil and rich natural
gas condensate, with condensate gas ratios estimated at between
30 and 135 barrels per million cubic feet," it said.
    The analysis also confirmed the presence of helium gas in
commercial concentrations comparable with global helium
producing fields, the company added. 
    Helium is a key component in the manufacture of
semiconductors, liquid crystal display (LCD) panels and fibre
optic wire.
    Invictus said it plans to drill a second well, Mukuyu-2,
during the third quarter of this year.
    “Success at Mukuyu-2 and confirmation of a significant
discovery will further unlock the value of our material
portfolio," said Invictus Energy Managing Director Scott
MacMillan.
     

 (Reporting by Nyasha Chingono
Editing by Nelson Banya and David Goodman
)
 ((Nelson.Banya@thomsonreuters.com;))