Newly defined data released this week by Invictus Energy, has provided management with increased confidence regarding a sizeable increase in the prospective resource estimate of the Muzarabani oil prospect that currently stands at 3,9 Tcf (trillion cubic feet) and 181 million barrels of condensate.
The seismic data, which is now final, was described by managing director Scott Macmillan as exciting and encouraging.
“We are excited to have received the final data from our contractors and to see the significant improvement in the quality of the seismic data and subsurface imaging.
“The better imaging over the giant Muzarabani structure and particularly along the basin margin fault is very encouraging.”
Macmillan, recently said the results have enabled Invictus to specifically identify multiple trap geometry configurations that can be mapped along the basin margin fault.
These “String of Pearls” play types possesses similar characteristics to prolific interior rift basin petroleum systems in Uganda, Kenya, and South Sudan.
This has provided management with increased confidence regarding a sizeable increase in the prospective resource estimate.
The seismic data will now undergo interpretation, which will enable Invictus Energy to identify and mature additional prospects and leads within its SG 4571 permit.
“Once the interpretation of the full dataset is completed, we expect to add materially to the prospective resource estimate base of Muzarabani Prospect from further prospect and lead identification within our acreage,” said Macmillan.
This process could be a market moving development, given that it would provide some de-risking around financial parameters.
Through the IVZ’s continued geological and geophysical studies and the results it has received, significant industry interest has emerged in recent months ahead of the planned marketing programme to attract a farm-out partner.
According to Nextoilrush.com, big oil players such as Tullow, Total, ExxonMobil and Sasol might be interested in pinching a slice of the pie when farm out for the Muzarabani project begins.
In the oil and gas industry, a farm-out agreement is an agreement entered into by the owner of one or more mineral leases, called the “farmor” and another company who wishes to obtain a percentage of ownership of that lease or leases in exchange for providing services such as the drilling of one or more oil and/or gas wells.
The Cabora Bassa Project encompasses the Muzarabani Prospect, a multi-TCF conventional gas condensate target which is potentially the largest, undrilled seismically defined structure onshore Africa.