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Tuesday, June 6, 2023

Oil and gas deposits discovered in Muzarabani

By Owen Mandovha

Exciting news is coming from the Muzarabani basin, where the Australian company, Invictus Energy, which is undertaking oil and gas exploration, has found gas and oil deposits.

According to a document by the Australian company, the image of the sample of sandstone retrieved at a depth of about 3 000 metres if placed under ultra-violet light shows an initial 100 per cent fluorescence, which is an indication of the presence of gas condensate or light oil.

Part of the statement reads,” Early indications in our Upper Angwa primary target are highly encouraging and have proven a conventional working hydrocarbon system in the Cabora Bassa Basin, which is an exciting development validating our subsurface model.”

Invictus Energy managing director, Mr Scott McMillan corroborated this in a video released alongside the statement.

“The presence of elevated gas readings fluorescence in the cuttings elevated LWD resistivity and increasing background gas with depths is a positive sign as we progress through the Upper Angwa Alternations Member,” he said.

The company said despite the discovery of oil and gas deposits, drilling will continue until the intended target is achieved.

“The discovery of these deposits took place at a depth of 3 070 metres and drilling will continue until the 3 500 on this primary target,” noted Mr Paul Chimbodza, Invictus Energy executive director.

According to the statement, a planned wireline logging suite is expected to be acquired to provide detailed geological information to determine the existence of movable oil and gas deposits.

Accordingly, the announcement by Invictus Energy has cheered the stock markets with its share rallying in response to the news almost tripling from 10 cents per share to 27 cents a share. 

This is an exciting development in Zimbabwe’s history of oil and gas exploration which saw Invictus Energy kick-starting its journey immediately at the inception of the Second Republic and expectations are that all processes will lead to a commercially viable discovery as Zimbabwe’s march towards energy self-sufficiency becomes a reality.

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