Additional Samples Reaffirm Light Oil, Gas-Condensate & Helium in Mukuyu-1

Source: 8/31/2023, Location: Africa

• Completed mudgas analysis program reaffirms presence of light oil, wet gas and condensate and helium in Mukuyu-1
• Sidewall core analysis also indicates light oil and gas condensate presence, consistent with mudgas results
• Organic shales in Upper Angwa show quality source rock with TOC up to 10%, indicating potential for generation of light oil and wet gas
• Upcoming drilling at Mukuyu-2 well to cover all prospective intervals, with spud due next month

Invictus Energy Limited (“Invictus” or “the Company”) is pleased to provide an update on results from Mukuyu-1 at its 80% owned and operated Cabora Bassa Project in Zimbabwe.

Comments from Managing Director Scott Macmillan:
“Further results from mudgas samples reaffirm the presence of light oil, gas-condensate and helium at Mukuyu-1, over a 1,000m interval in the Pebbly Arkose and Upper Angwa formations.

“Source rock analysis also demonstrates the presence of organic shales, with total organic content (TOC) up to 10%, in the same interval as our primary reservoirs in the Upper Angwa, which is mature for hydrocarbon generation and expulsion.

“These results validate the presence of multiple hydrocarbon bearing reservoirs in the Mukuyu-1 / ST-1 well, as well as the Company’s basin and geological models of the Cabora Bassa project.

“Mukuyu-1 has clearly demonstrated a working petroleum system in this frontier basin and Invictus’ exclusive position in the Cabora Bassa basin bodes well for future exploration success.

“The Pebbly Arkose and Dande Formation reservoirs remain exploration targets for future drilling activity and will also be tested in the upcoming Mukuyu-2 well, which is on track to spud in September.”

Result summary
Analysis of an additional 22 mudgas samples acquired from the Mukuyu-1 / ST-1 well has been completed, with the latest results reaffirming the presence of light oil, gas-condensate and helium, as announced earlier this year.

The geochemical samples were taken from the Pebbly Arkose and Upper Angwa formations and show a generalised trend of increasing dryness with depth.

The latest results reinforced the presence of consistent, high quality natural gas with low inert content and samples contain less than 1% CO2, which will require minimal processing.

Whole extract analysis of fluids from a sidewall core obtained from Mukuyu-1 in a reservoir interval in the Upper Angwa has also shown the presence of light oil or gas condensate.

This is consistent with the analysis results from the nearest mudgas sample acquired from the same reservoir interval which displayed elevated gas shows observed while drilling Mukuyu-1 and up to 135 times above background gas baseline and fluorescence.

Organic shales have also been found in rock samples from the Upper Angwa, with total organic content (TOC) up to 10%, and is well within the maturity window for the generation and expulsion of volatile oil, condensate and wet gas.

This finding is consistent with mudgas composition and isotope results, and further basin modelling is underway to better understand the potential of this organic matter to generate hydrocarbons.

Further technical information can be found in Appendix 1 of this announcement.

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