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An Australian company has published a report stating that the Muzarabani oil project has a great potential to produce 3.9 trillion cubic meters of gas and 181 million barrels of conventional gas.
The report was completed by Netherland, Sewell and Associates Inc. (NSAI). Although Invictus has not penetrated, he said that the Muzarabani project had a net average recoverable potential of 680 million barrels equivalent of boe. Part of the Invictus statement states:
The Independent Report of the NSAI has led to a net average recoverable conventional capacity of 680 million barrels of oil equivalent consisting of 3.1 Tcf and 145 million barrels of condensates from Invictus. The size of the primary goal of Upper Angus only at Mzarabani Prospect puts us in terrestrial field-scale potential.
However, Invictus has published a warning statement that the amount of oil that may be recovered from a future development project is related to unrecovered accumulations. Part of the report states:
Estimated quantities of oil that may be recovered through the implementation of a future development project are uncumbent accumulations. These estimates have both
a relative risk of discovery and a risk of development. Further investigation, assessment and evaluation is needed to determine the existence of a significant quantity of potentially mobile hydrocarbons. The prospective resource estimates in this release were estimated using possible methods according to SPE-PRMS standards.
Invictus said it will continue its geological and geophysical studies, including additional river basin simulation and a further resource assessment that will lead to a planned marketing program to attract a partner.
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