Invictus Energy's Rich Gas-Condensate Discovery and Oil Potential Confirmation

Invictus Energy Limited (ASX: $IVZ) has confirmed a substantial rich gas-condensate discovery at Mukuyu and the presence of light oil in the Upper Angwa and potentially Dande formations. The compositional analysis of additional downhole fluid samples revealed high-quality natural gas with minimal impurities, requiring minimal processing for sale to customers. The condensate gas ratio (CGR) is estimated between 10-25 barrels per million standard cubic foot of gas at Mukuyu-2, with a 50-60° API gravity condensate.

Managing Director's Comments on the Mukuyu-2 Sample Analysis

We are extremely pleased with the results from the additional downhole reservoir fluid sample analysis which confirms a substantial rich gas-condensate discovery at Mukuyu and set up the company for continued success in Mukuyu and the Upper and Lower Angwa geological trend. The samples demonstrate a consistent, high-quality natural gas composition, with low inert content, less than 2% CO2 and nil H2S, which will require minimal processing for sale. In addition to gas-condensate proven in the Upper and Lower Angwa formations, we have further evidence of the presence of light oil in the Upper Angwa and potentially Dande formation from multiple hydrocarbon source rocks and charge events.

Confirmation of Rich Gas-Condensate Discovery and Light Oil Potential

Invictus Energy's confirmation of a rich gas-condensate discovery at Mukuyu and the presence of light oil in the Upper Angwa and potentially Dande formations marks a significant milestone for the company's Cabora Bassa project in Zimbabwe. The high-quality natural gas composition with minimal impurities and the estimated condensate gas ratio (CGR) provide a strong foundation for low-cost early monetization development with minimal processing of the gas at surface from the Mukuyu field. The results also indicate the potential for light oil from more oil-prone source rock in Mukuyu and the likelihood of liquids remigration and accumulation in other parts of the structure. These findings further support the company's geological modeling and provide significant insight into the Cabora Bassa basin geological history, setting the stage for the selection of future exploration well locations.