Chronicle Editor
Senior Business Writer
Australia Stock Exchange (ASX) listed and Zimbabwe-focused oil and gas exploration junior, Invictus Energy has sent gas samples for analysis in the United States with results expected by end of the month.
Last year, the firm declared a gas discovery at its Mukuyu-2 exploration well in Mbire.
The discovery of gas is expected to drive Zimbabwe’s economic growth, export earnings, and Government revenue, and create new jobs and downstream industries among other positive spin-offs.
In a brief update, the firm said “Following the two gas discoveries from the Upper and Lower Angwa reservoirs in the recently completed Mukuyu-2/ST1 drilling campaign, the down-hole gas samples acquired have completed export procedures and are due to arrive in the United States for analysis at the end of this week.
“Initial analysis is anticipated to be completed within the next two weeks following which the Company will provide the results as soon as available.”
The firm is on record indicating that the country could be sitting on more than 5,5 billion barrels of oil.
A barrel of oil equivalent (boe) is a term used to summarise the amount of energy that is equivalent to the amount of energy found in a barrel of crude oil.
It’s said, the project is one of the largest oil and gas exploration prospects to be drilled globally last year and if successful, could be transformative for the company and Zimbabwe.
Recently, Wood Mackenzie, a global insight business for renewables, energy and natural resources classified the firm as the second largest discovery made in Sub-Saharan Africa in 2023 behind Shell’s Jonker-1 discovery in the Orange Basin in Namibia.
Online Reporter