Invictus Reports Mukuyu Prospective Resource Upgrade to 20 Tcf and 845 million barrels

HIGHLIGHTS
• Mukuyu Updated Independent Prospective Resource of 20 trillion cubic feet + 845 million barrels# (4.3 billion boe) of conventional gas-condensate
• Mukuyu prospective resource estimate covers eight stacked targets
• New data incorporated from CB21 Seismic Survey results
• Resource potential determined by leading petroleum consultancy ERCE

Invictus Energy Limited, is pleased to provide an update on the activities of its 80% owned and operated Cabora Bassa project in Zimbabwe.

Mukuyu-1 prospective resource upgraded to 20 Tcf + 845 million barrels of conventional gas condensate (gross mean unrisked basis) Invictus has received an updated Independent Report from ERCE estimating substantial resource potential at its Cabora Bassa Project.

ERCE estimates the gross mean recoverable conventional potential of the Mukuyu prospect at a combined 20 Tcf and 845 million barrels of conventional gas condensate, or about 4.3 billion barrels of oil equivalent (boe) on a gross mean unrisked basis#.

#Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons. Prospective Resources assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.

Based on the Company’s 80% share in the Cabora Bassa project, Invictus’ net share of this prospective resource would equate to 16 Tcf and 676 million barrels of conventional gas condensate, or about 3.44 billion boe#.

This marks a 2.7 fold increase on a barrel of oil equivalent basis to the 2019 independent assessment by Getech Group plc, which estimated Mukuyu (then named Mzarabani) to hold 8.2 Tcf and 247 million barrels (~1.6 billion boe) of conventional gas condensate, on a gross mean unrisked basis.

The ERCE prospective resource upgrade incorporates new data from the Cabora Bassa 2D Seismic Survey (“CB21 Survey”). The CB21 Survey firmed up the potential for multiple stacked hydrocarbon bearing zones in the Mukuyu Prospect, as announced in an ASX release on 12 May 2022.

Mukuyu-1 wellpad completed & drilling schedule update
The Mukuyu-1 wellpad has been completed and handed over from the civils contractors. The full rig arrival has been held up due to customs clearance delays in both Tanzania and Mozambique enroute to Zimbabwe, with drilling now expected to commence in August. Exalo will commence rig up and then perform some additional maintenance work prior to the commencement of drilling the Mukuyu-1 well. Mukuyu-1 will be drilled as a deviated well to test multiple stacked targets within the greater Mukuyu structure from the 200 to 650 horizons.

Managing Director Scott Macmillan commented
“The Mukuyu prospect has grown significantly in its scale and now represents one of the largest conventional exploration targets globally.
“This updated estimate is the culmination of the excellent work from the Invictus technical team over the last 12-18 months to deliver this result in the lead up to our drilling program.

“The estimate for the newly identified 200 horizon in the Dande formation within Mukuyu is 1.9 Tcf + 77 mmbbl which provides us with a material first up target in the Mukuyu-1 well.”

“The substantial work undertaken to plan, acquire, process and interpret the CB21 Seismic Survey and integrate it into our geological and basin modelling studies has enabled us to identify and quantify the additional prospectivity. This has not only materially enhanced the value of our acreage, but also de-risked it.

”The Mukuyu-1 well will test seven major targets from the 200 to 650 horizons, including the primary Upper Angwa targets, and provides the Company with multiple opportunities to make a material hydrocarbon discovery.”