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Invictus pleased with progress

08 Mar, 2019 - 00:03 0 Views
Invictus pleased with progress

eBusiness Weekly

Kudzanai Sharara
Independent oil and gas exploration company, Invictus Energy Limited, says it is pleased with the significant improvement in the quality of the seismic data and subsurface imaging of its Mzarabani oil prospect.

According to an update released this week, the Company has received fast-track data for two key lines covering the Mzarabani structure, which has resulted in a significant improvement in the quality of the imaging of the subsurface and over the Mzarabani prospect.

Responding to Business Weekly, Invictus managing director Scott Macmillan, said the reprocessed seismic data will allow the junior miner to identify current Mzarabani target more easily.

‘‘We are waiting on the remaining seismic lines to be delivered, which will allow us to identify and quantify any additional targets. We will then select the best target to drill so that we have the highest chance of making a discovery,’’ he said.

Macmillan reiterated that the project is still at exploration stage and there is need to prove the presence or absence of hydrocarbons through drilling.

These estimates have both an associated risk of discovery and a risk of development.

‘‘Mzarabani main target is currently over 2,000m beneath the surface so we do all of this geophysical and geological interpretation to identify the best target before we drill,’’ said Macmillan.

In the announcement made on the Australian Securities Exchange, where Invictus is listed, Macmillan said the latest data from its contractors will allow a more accurate and confident assessment of the Muzarabani Oil prospect.

‘‘Additionally, the better imaging, particularly along the basin margin fault will enable the delineation of the anticipated traps that comprise the basin margin play which have been particularly successful in other interior rift basins in Africa.’’

Macmillan said the results have been possible due to significant increases in computing power and processing techniques that were not available when the data was acquired over 25 years ago.

The full dataset will however be received next month, in April, and once it is received and interpreted ‘‘we expect to add materially to the prospective resource estimate base of the Mzarabani Prospect at 3.9 tcF + 181 million barrels of gas-condensate from further prospect and lead identification within our acreage’’, said Macmillan.

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