Australian company Invictus Energy has confirmed the presence of light oil, rich natural gas-condensate, and helium at its 80%-owned Cabora Bassa project in Zimbabwe.

The company confirmed the presence of multiple oil and gas pay zones in sandstone reservoirs, while announcing mud gas compositional analysis of samples from Mukuyu-1 well at the project. The drilling of the well began in September last year.

Invictus estimates condensate-gas-ratio (CGR) between 30 and 135 barrels of condensate per million standard cubic feet of natural gas (bbls/MMscf) in Upper Angwa reservoirs.

The gas is found to be of high quality with minimal inert content, containing less than 1% carbon dioxide (CO2).

Based on the mud gas analysis, the company also confirmed the presence of helium content in concentrations of about 0.1%, consistent with global commercial helium producers.

Invictus Energy managing director Scott Macmillan said: “Results from the mud gas 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 mud gas readings.

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“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 by-product.

“We are extremely pleased with the results from the mud gas analysis which confirm our geological modelling of the Cabora Bassa Basin and the presence of both light oil and gas condensate 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.”

The results were based on the analysis of five priority mud gas samples acquired during the drilling of the Mukuyu-1 well in certain intervals of the Upper Angwa reservoir.

According to laboratory analysis, the Upper Angwa formation is claimed to contain wet gas, gas-condensate, and potentially volatile (light) oil with associated gas.

Last week, the company announced a share purchase plan offer of up to A$10m ($6.67m). It plans to use the proceeds from the share purchase plan to fund exploration and appraisal activities at the Cabora Bassa project.