Potential for Oil Columns in Mukuyu-1, page-5

In this article we will look at five essentially pure play listed companies with assets onshore within basins that play host to Permian aged sediments in southern Africa. Of the five companies two are pure play explorers (ReconAfrica and Invictus Energy (ASX: IVZ)), two are moving towards production (Kinetiko Energy Limited (ASX: KKO) and Tlou Energy Limited (ASX: TOU)) and one will start producing from the first onshore LNG facility south of the Angola LNG plant in 2021 (Renergen Limited (ASX: RLT)).

https://www.spglobal.com/commodityinsights/en/ci/research-analysis/the-permian-wave.html

The Geology

At least 18 basins within Sub-Saharan Africa play host to Permian to Triassic aged sediments generally referred to as Karoo aged sediments. To date 12 discoveries have been made which are understood to be sourced from Karoo aged sediments within these basins (they are indicated on the map below).

Figure 1: Southern Africa's Karoo Basins

Here it's worth noting that of the 12 discoveries only three are oil discoveries, all located in Madagascar and sourced from Triassic aged source rocks. Perhaps more polarizing is that eight of the 12 are unconventional (all coal bed methane (CBM) with the exception of the Madagascan tar sand discovery), one is a combination of unconventional CBM and conventional gas and two are conventional. To be fair one of the two is reservoired in fractured shale so closer to an unconventional discovery than one might think, and the other is reservoired in the Triassic. Ultimately only two fields have a conventional gas component and two have a conventional oil component (both in Madagascar and Triassic sourced) (IHS Markit Basins content