Invictus Energy (ASX: $IVZ) announces rich gas-condensate discovery in Zimbabwe

Invictus Energy Limited (ASX: $IVZ) has confirmed a significant rich gas-condensate discovery at Mukuyu in the Cabora Bassa project in Zimbabwe. The preliminary compositional analysis of downhole fluid samples indicates high-quality natural gas with minimal impurities, including less than 2% CO2 and nil H2S. The condensate gas ratio (CGR) is estimated between 14-22 barrels per million standard cubic foot of gas at Mukuyu-2, with a 50-60 API gravity condensate. The presence of helium and hydrogen in the gas stream has also been confirmed. The results are consistent with Invictus' geological modelling, showing increasing liquid hydrocarbon content south towards the Basin Margin and increasing dry gas contribution from deeper kitchen and higher maturity source rock to the north of Mukuyu structure.

Managing Director's Comments on Mukuyu Gas Discoveries

We are extremely pleased with the early results from the downhole reservoir fluid sample analysis which confirms a large and rich gas-condensate discovery at Mukuyu. The analysed samples demonstrate a consistent, high-quality natural gas composition, exhibiting low inert content, containing less than 2% CO2 and nil H2S which will require minimal processing. The results from Mukuyu-2 are consistent with our geological modelling of the Cabora Bassa Basin and the presence of both light oil and gas-condensate provides us with confidence as we prepare for the next phase of our appraisal program and work towards the monetisation of the Mukuyu gas discoveries and further exploration of our exciting portfolio of multiple drill ready prospects which has been substantially enhanced by the positive results from Mukuyu.

Summary of Invictus Energy's Gas-Condensate Discovery

Invictus Energy Limited has announced the confirmation of a rich gas-condensate discovery at Mukuyu in the Cabora Bassa project in Zimbabwe. The preliminary analysis of downhole fluid samples indicates high-quality natural gas with minimal impurities, requiring minimal processing for sale to downstream customers. The condensate gas ratio (CGR) is estimated between 14-22 barrels per million standard cubic foot of gas at Mukuyu-2, with a 50-60 API gravity condensate. The presence of helium and hydrogen in the gas stream has also been confirmed. The results are consistent with Invictus' geological modelling, showing increasing liquid hydrocarbon content south towards the Basin Margin and increasing dry gas contribution from deeper kitchen and higher maturity source rock to the north of Mukuyu structure. Further analysis and integration into the geological model across the Mukuyu field and the wider portfolio of prospects and leads in the licence area are ongoing. The company is optimistic about the monetisation of the Mukuyu gas discoveries and the exploration of its portfolio of multiple drill ready prospects.