HARARE — Invictus Energy, an Australian-listed company exploring for oil and gas in Zimbabwe said Monday it has found deposits of oil and gas as well as helium in the Cabora Bassa Basin in the north of the country.
Invictus Energy said in a statement that 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.”
The analyses also revealed the existence of helium gas “in commercial concentrations,” according to the business.
Semiconductors and liquid crystal display (LCD) panels are made with helium. Later this year, Invictus Energy intends to drill another exploratory well in the same location.
The Zimbabwean government made no quick response to the discovery.
Zimbabwe might be years before commercial production of any of the resources begins. After discovering supplies off its coast in 2010, neighbouring Mozambique just began exporting liquefied natural gas last year.
Australian company Invictus Energy discovers oil, gas in Zimbabwe
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