From May 2023The company was exploring for oil and gas in the country. As The Australian Financial Review’s Street Talk column reported, PAC Partners led a $10 million raising for Invictus in April to pay for long-lead items at the Mukuyu Wells site.
Results from an analysis of samples from drilling conducted last year confirmed “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”, an Invictus Energy statement said.
The results also showed the presence of helium gas “in commercial concentrations,” the company said.
Shares in Invictus rose 8.7 per cent.
Helium is used in the production of semi-conductors and liquid crystal display (LCD) panels.
Invictus Energy is planning to drill another exploration well in the same area later this year.
It could be years before Zimbabwe starts commercial production of any of the deposits. Neighbouring Mozambique only started exporting liquefied natural gas last year after discovering reserves off its coast in 2010.
IVZ Share Price, page-16456
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