AUSTRALIAN Stock Exchange-listed resources firm Invictus Energy is on the cusp of developing Zimbabwe’s first-ever commercially viable gas project after declaring a gas find in Muzarabani.
Despite being home to dozens of base minerals, Zimbabwe remains one of the least developed countries with nearly half of its population living in poverty.
This has been described by critics as the paradox of plenty.
Invictus announced on that four samples from the Upper Angwa section of its Mukuyu-2 exploration well have confirmed the presence of gas.
Invictus Energy managing director Scott Macmillan, a Zimbabwean national, said yesterday: “We are delighted to declare a gas discovery from the Mukuyu-2 sidetrack well in the Upper Angwa formation.”
“The discovery represents one of the most significant developments in the onshore Southern Africa oil and gas industry for decades.
“I’m extremely proud to be involved with the Invictus team and our partners in opening up one of the last untested rift basins. The perseverance and hard work by of our dedicated team has paid off.
“The company has delivered an exceptional result from the first two wells drilled in Mukuyu, which provides us with significant running room in our large portfolio of prospects and leads for further discoveries in our acreage in the Cabora Bassa basin.
Zimbabwe’s Mines minister Zhemu Soda confirmed that Geo Associates and its partners Invictus Energy and One Gas Resources have declared a major gas discovery in the Muzarabani area.
“This is a major discovery and represents one of the most significant developments in the onshore Oil and Gas Sector in the Southern Africa Region. The discovery is the first Triassic aged hydrocarbon in Sub-Saharan Africa,” Zhemu said.
According to the company, the samples came from depths of up to 2.7km in the exploration well, which is being drilled to a depth of 3.4km. It says it is now awaiting independent assessment in the United States.
This will help the company know more about the resource.
Exploration will, meanwhile, continue on site to locate more drilling targets in the basin.
The gas find comes after a decade of exploration by Invictus Energy.
Before this, Mobil explored the area, but abandoned it after indications showed there was more likely to be gas than oil. Invictus then used Mobil’s data to kick off its own exploration campaign.
Invictus announced that it planned to spend in excess of US$100 million in its exploration for oil and gas in Zimbabwe’s Cabora Bassa Basin.