ZIMBABWE: Presence of light Oil, Gas-Condensate & Helium Confirmed from Mukuyu-1

• Presence of light oil, gas-condensate and helium confirmed from Mukuyu-1 mud gas
  compositional analysis
• Results confirm multiple oil and gas pay zones in sandstone reservoirs consistent with
  wireline log interpretation
• Upper Angwa reservoirs contain liquids rich gas with condensate-gas-ratio (CGR)
  estimated between 30 to 135 bbls/MMscf
• High quality gas with minimal CO2 content of less than 1%
• Helium content is consistent with global commercial helium producers
• Results confirm multiple oil and gas pay zones in sandstone reservoirs consistent with
  wireline log interpretation and fluorescence observed in sidewall cores and cuttings
• Multiple source / reservoir / seal pairs through the Upper Angwa
  
  Comments from Managing Director Scott Macmillan:
  “Results from the mudgas 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 mudgas readings.
  “Analysis shows 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 analysed samples demonstrate a consistent, high-quality natural gas composition,
  exhibiting low inert content, containing less than 1% CO2.
  “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 byproduct.
  “We are extremely pleased with the results from the mudgas analysis which confirm our
  geological modelling of the Cabora Bassa Basin and the presence of both light oil and gascondensate 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.”

Result Summary
Compositional analysis has been completed for 5 priority mudgas samples acquired during the
drilling of the Mukuyu-1 / ST-1 well in selected Upper Angwa reservoir units.
The results indicate the presence of light (volatile) high API oil or oil associated gas condensate
in the shallower Upper Angwa reservoirs, which progressively become drier i.e. lower
condensate gas ratio (CGR) with increasing depth in the Upper Angwa formation.
The presence of liquid hydrocarbons (light oil and condensate) is consistent with the observed
fluorescence and elevated mudgas readings with heavier hydrocarbon components observed
during the drilling of Mukuyu-1/ST-1.
The samples analysed also show consistent high quality natural gas with low inert content and
contain less than 1% CO2, which will require minimal processing.
Several samples also contain commercial concentrations of helium gas which will provide an
additional high value by-product.
The results validate the Company’s basin and geological models of the Cabora Bassa and the
presence of multiple hydrocarbon bearing reservoirs in the Mukuyu-1 / ST-1 well.
Additional mudgas isotube samples have also been analysed with results to be confirmed and
provided in due course.