IVZ recognised as 2nd largest discovery in Sub Saharan Africa
Our energy Investment Invictus Energy (ASX: IVZ) just announced that its Mukuyu discovery ranks as second across Sub Saharan Africa for 2023.
Late last year IVZ drilled the Mukuyu-2 & Mukuyu-2 sidetrack wells at its oil & gas project in Zimbabwe.
After the sidetrack well in December, IVZ declared discoveries across two different reservoirs (Upper and Lower Angwa).
Now, IVZ’s Mukuyu discovery has been classified as “the second largest discovery in Sub-Saharan Africa” by global energy research firm Wood Mackenzie.
The review also noted ~7 discoveries in the region from 17 wells with two of those discoveries coming from IVZ.
IVZ’s discovery was placed at an estimated 230 million boe (1.3 TCF) which ranks it amongst discofveries made by oil and gas supermajors like Shell and TotalEnergies.
IVZ is now working toward announcing a maiden contingent resource for its project which mark the first step in moving its project from exploration into a defined discovery.
🎓 See our educational article on why a contingent resource matters here: How to Read Oil & Gas Resources
What’s next for IVZ
The next phase of work for IVZ will be focused on flow testing its discovery.
Below are the key upcoming catalysts IVZ listed in its December quarterly report:
(Source)
