Invictus Energy Limited provided an update on the activities of its 80% owned and operated Cabora Bassa Project in Zimbabwe. Seismic inversion results show potential for multiple stacked hydrocarbon bearing zones in new Post Dande target (Horizon 200). Further quantitative analysis (QA) studies continue to provide support for the presence of potential hydrocarbons in the Mukuyu structure.

The results from a seismic inversion/QA study indicate that the section immediately below the Horizon 200 target is likely to comprise multiple stacked hydrocarbon bearing zones, ranging in thickness from 40 to 80m. Accordingly this has necessitated an update to the drilling program to include a diverter system for the shallow sections of the Mukuyu-1 well. The ASX release on 7 April 2022 highlighted the extensive amplitude anomaly at the Horizon 200 level and the very positive correlation of amplitude extent and structural closure ­ this fit to structure is regarded as a very strong attribute for any prospect and a potential Direct Hydrocarbon Indicator (DHI).

The Horizon 200 target is newly identified from the 2021 Cabora Bassa 2D Seismic Survey (CB21 Survey) and will be first target tested in the Mukuyu-1. While there are no wells present in the basin to enable calibration of the results, the strength of the anomaly and the values calculated are in the range that potentially indicate the presence of light hydrocarbons (most likely gas). The common depth shut-off of the anomaly as seen on multiple lines is further indication of a trapped accumulation. 500 Horizon Target (Upper Angwa) demonstrates extensive flat spot across southern flank of structure.

Additional studies from the seismic interpretation have revealed some very positive elements in the section immediately below the Horizon 500 level. These anomalies do extend across to the northern side of the Mukuyu structure, however as the overlying horizons are more faulted there, the seismic raypaths are more complex and therefore less conducive to clearly reveal the AVO (Amplitude Versus Offset) Nears to Fars anomaly on the northern side of the structure. In places the anomaly often reveals a flat spot which can be seen as further validation for the potential presence of hydrocarbons.

Such flat spots are usually the seismic reflection from the base of a hydrocarbon column. Pre-Stack Depth Migration (PSDM) show anomalous, low interval velocity zones, correlative with target intervals within structural closure in Upper Angwa primary target (Horizon 500 & 600) potentially indicative of gas fill. Further positive indicators for the potential presence of hydrocarbons can be shown by interval velocity data.

Interval velocities are usually slower in the presence of gaseous hydrocarbons where the interval is of sufficient thickness to provide a response. Pre-Stack Depth Migration (PSDM) was undertaken on selected lines for depth control across the project area. As part of the PSDM processing, a detailed interval velocity model is derived.

On strike line CB21-02, there is a clear lens of lower interval velocity at the 500 - 600 level. This lens appears limited in extent to the breadth of the Mukuyu structure. Similar lenses of lower interval velocity are seen on dip line CB21-06.

This anomalous, relatively slower interval velocity appears to be uniquely associated with the extent of the Mukuyu structure at the lower horizons where gaseous hydrocarbons are more likely. This uniqueness is considered to be a very positive encouragement for the presence of a significant gas interval in the lower primary targets of the Mukuyu structure. The Mukuyu-1 well will test multiple stacked targets within the greater Mukuyu structure which is independently estimated to contain 8.2 Tcf + 247 million barrels of conventional gas-condensate (gross mean unrisked).