Invictus Energy has confirmed the presence of light oil, gas-condensate, and helium at its Cabora Bassa project in Zimbabwe following mud gas analysis.
The company published the results of the analysis from the Mukuyu-1 well drilled last year, which indicated the existence of hydrocarbons in multiple reservoir pay zones.
“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," read the report.
The analyzed samples demonstrated a high-quality natural gas composition with minimal CO2 content of less than one percent, which "will require minimal processing."
It was also noted that the analysis confirmed the presence of helium gas in commercial concentrations "comparable with global helium-producing fields." The company added that the presence of helium provides an additional high-value byproduct.
The report likewise underlined that the confirmation oil and reserves in the first well provides it with confidence as it is set to start drilling the second well, Mukuyu-2, in the third quarter of the year.
"Success at Mukuyu-2 and confirmation of a significant discovery will further unlock the value of our material portfolio and basin master position in the Cabora Bassa Basin," Invictus Energy stated.
The Cabora Bassa exploration project, also known as Special Grant 4571, comprises 250,000 acres in northern Zimbabwe. It is a principal asset of Invictus Energy, which owns 80% of the project. According to the company, the Cabora Bassa Basin is one of the last undrilled large frontier rift basins in onshore Africa.