APA-Harare (Zimbabwe) Australian firm Invictus Energy says it has discovered oil, gas and helium deposits with commercial viability at its drilling site in northwest Zimbabwe.
In an update to shareholders late Monday, Invictus managing director Scott Macmillan said mud gas analysis carried out at Invictus’ Mukuyu-1 rig site in Zimbabwe’s Muzarabani had proved the presence of hydrocarbons in multiple reservoirs that can generate income.
“Analysis shows the presence of light oil and rich natural gas-condensate, with condensate gas ratios estimated at between 30 to 135 barrels per million cubic feet,” Macmillan said.
Several samples also contain commercial concentrations of helium gas which will provide an additional high value by-product, he said.
“Furthermore, the presence of helium gas in commercial concentrations in multiple reservoir units is comparable with global helium producing fields and provides an additional high value by-product.”
Macmillan said the results would pave the way for Invictus to proceed with the drilling of its Mukuyu-2 rig site in the third quarter of the year.
The finds come months after the company warned in January that it could cease exploration activities in Zimbabwe’s Cabora Bassa basin due to “operational challenges”.
The finds come 30 years after American oil and gas major ExxonMobil (then Mobil Oil Corporation) abandoned hydrocarbon exploration in Zimbabwe in the 1990s, saying it could not find quantities of commercial viability.
JN/APA