AUSTRALIAN energy company Invictus Energy has announced the discovery of light oil, gas condensate, and helium at its Cabora Bassa project in Zimbabwe, following a mud gas analysis from the Mukuyu-1 well drilled last year. The discovery has sent the company’s shares up by 8.7 percent.
‘Analysis shows the presence of light oil and rich natural gas condensate, with condensate gas ratios estimated at betw
een 30 and 135 barrels per million cubic feet,’ Invictus Energy said in a statement. “The analysis also confirmed the presence of helium gas in commercial concentrations comparable with global helium producing fields.”
Helium is a crucial component in the manufacture of semiconductors, LCD panels, and fibre opt
ic wire.
Invictus Energy Managing Director Scott MacMillan expressed his excitement for the project and the company’s future plans. ‘Success at Mukuyu-2 and confirmation of a significant discovery will further unlock the value of our material portfolio,’ he said.
The company plans to drill a second well, Mukuyu-2, in the third quarter of this year. Zimbabwe has been exploring for oil and gas as part of efforts to end power shortages that have led to outages lasting up to 18 hours a day. The discovery of hydrocarbons and helium could potentially transform the country’s economy.
