- Presence of light oil, gas-condensate and helium confirmed from Mukuyu-1 mud gas compositional analysis
   - Results confirm multiple oil and gas pay zones in sandstone reservoirs consistent with wireline log interpretation
   - Upper Angwa reservoirs contain liquids rich gas with condensate-gas-ratio (CGR) estimated between 30 to 135 bbls/MMscf
   - High quality gas with minimal CO2 content of less than 1%
   - Helium content is consistent with global commercial helium producers
   - Results confirm multiple oil and gas pay zones in sandstone reservoirs consistent with wireline log interpretation and fluorescence observed in sidewall cores and cuttings
   - Multiple source / reservoir / seal pairs through the Upper Angwa

Invictus Energy Limited (Invictus) is pleased to provide an update on operations at its 80% owned Cabora Bassa Project in Zimbabwe.

Comments from Managing Director Scott Macmillan:

“Results from the mudgas compositional analysis definitively proves the presence of hydrocarbons in multiple reservoir pay zones at Mukuyu-1 consistent with the wireline log interpretation, fluorescence, and elevated mudgas readings.

“Analysis shows the presence of light oil and rich natural gas-condensate, with condensate gas ratios estimated at between 30 to 135 barrels per million cubic feet.

“The analysed samples demonstrate a consistent, high-quality natural gas composition, exhibiting low inert content, containing less than 1% CO2.

“Furthermore, the presence of helium gas in commercial concentrations in multiple reservoir units is comparable with global helium producing fields and provides an additional high value byproduct.

“We are extremely pleased with the results from the mudgas analysis which confirm our geological modelling of the Cabora Bassa Basin and the presence of both light oil and gascondensate provides us with confidence as we prepare for the drilling of Mukuyu-2 in Q3 this year.

“Success at Mukuyu-2 and confirmation of a significant discovery will further unlock the value of our material portfolio and basin master position in the Cabora Bassa Basin."

Result Summary

Compositional analysis has been completed for 5 priority mudgas samples acquired during the drilling of the Mukuyu-1 / ST-1 well in selected Upper Angwa reservoir units.

The results indicate the presence of light (volatile) high API oil or oil associated gas condensate in the shallower Upper Angwa reservoirs, which progressively become drier i.e. lower condensate gas ratio (CGR) with increasing depth in the Upper Angwa formation.

The presence of liquid hydrocarbons (light oil and condensate) is consistent with the observed fluorescence and elevated mudgas readings with heavier hydrocarbon components observed
during the drilling of Mukuyu-1/ST-1.

The samples analysed also show consistent high quality natural gas with low inert content and
contain less than 1% CO2, which will require minimal processing.

Several samples also contain commercial concentrations of helium gas which will provide an additional high value by-product.

The results validate the Company’s basin and geological models of the Cabora Bassa and the presence of multiple hydrocarbon bearing reservoirs in the Mukuyu-1 / ST-1 well.

Additional mudgas isotube samples have also been analysed with results to be confirmed and provided in due course.

About Invictus Energy Ltd

Invictus Energy Ltd (ASX: IVZ) is an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ). The Company is headquartered in Perth, Australia and has offices in Harare, Zimbabwe. Invictus is opening one of the last untested large frontier rift basins in onshore Africa – the Cabora Bassa Basin – in northern Zimbabwe through a high impact exploration programme.
Invictus Energy is committed to operating in a safe, ethical and responsible manner, respecting the environment, our staff, contractors and the communities in which we work.