By Business Reporter
AUSTRALIAN exploration company, Invictus Energy has confirmed oil potential in the Muzarabani area, a development that could save the country millions of dollars currently being channelled towards oil importation.
In the first four months of 2018, the Reserve Bank of Zimbabwe (RBZ) allocated U$474 million towards fuel importation which was above the US$383.1 million disbursed by the apex bank during the comparative period last year.
Headquartered in Perth, Australia, with offices in Harare, Zimbabwe, Invictus Energy is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa, with an asset portfolio consisting of a highly prospective portion of the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.
In a statement, Invictus Energy Managing Director Scott Macmillan said the on-going basin modelling and geochemical study confirms oil potential of Cabora Bassa Basin.
“Invictus Energy is pleased to announce that the on-going basin modelling study (the “Basin Model”) and geochemical studies confirm the oil potential of the Cabora Bassa Basin. In addition, preliminary gravity data reprocessing also confirms the shallow basement trend associated with the massive Muzarabani anticline and identifies further leads.”
The basin model demonstrates reduction of risk relating to timing of hydrocarbon charge versus trap formation. Preliminary gravity data reprocessing confirms shallow basement trend associated with Muzarabani anticline and identifies further leads.
“The results of our on-going technical work are extremely encouraging and is enhancing our understanding of the potential of our acreage in the Cabora Bassa Basin. The basin modelling and source rock characterisation is one of the key pieces of work that significantly de-risks the charge timing and availability to the Muzarabani Prospect and the wider basin as well,” he said.
Macmillan indicated adoption of modern processing techniques in the current survey, that now supersede earlier research previously explored by Mobil Oil in the early 1990s.
Hydrocarbon charge across the Cabora Bassa Basin generated from multiple fluvial, lacustrine influenced and lacustrine source rock sequences.
“In addition, new processing techniques applied to the raw datasets that were not available 25 years ago are beginning to show additional structural detail in the basin that was not previously possible as indicated by the preliminary gravity processing results,” said Macmillan.
“Primary target in Upper Angwa contains these source rocks within the wet gas and oil generation window present day.”
“Source kitchen contained within the fetch area is modelled to have sufficient charge to fill the Mzarabani structure.” ENDS//