By Business Reporter – Monday 3 August 2020
HARARE (Mining Index) – AUSTRALIAN headquartered oil and gas exploration firm, Invictus Energy says drilling cost estimate for oil in Muzarabani has been completed while rig identification commenced, according to an update report of its quarterly activities for the period ending June 2020.
In 2018, Invictus Energy confirmed unprecedented oil and gas deposits domiciled in its Mzarabani prospect.
Invictus received an independent drilling cost estimate for a range of well designs, both vertical and directional, with the total depth (TD) ranging from 2,000m down to 4,000m.
“The drilling cost estimates range from US$5.2 million (2,000m vertical well – low side estimate) to US$16.4 million (4,000m directional well – high side estimate) are consistent with the Company’s internal estimates,”
“The best estimate for a 3,200m directionally drilled well to test the 8.2 Tcf + 249 million bbl Mzarabani Prospect is US$11.7m (excluding mobilisation) which confirms the ability to test a world class, material target at relatively low cost,” said Invictus.
Last year, Invictus Managing Director, Scot Macmillan said his firm was sitting on 1.3 billion barrels of oil equivalent (boe) on its Mzarabani prospect located in the Caborra Bassa Basin. The impressive deposits comprise of 6.5 trillion standard cubic feet (Tcf) and a net of 200 million barrels of condensate. The findings were confirmed by a Getech report on Invictus’ 80% owned and operated project.
Invictus Energy Ltd 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 250,000 acres within the Cabora Bassa Basin in Zimbabwe. ENDS// www.miningindex.co.zw
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