- Invictus Energy (ASX:IVZ) provides an update on the progress of its 80% owned and operated Cabora Bassa project in Zimbabwe
- Invictus is reporting a gas condensate discovery based on fluid samples
- The company says it can get up to 22 barrels of condensate from 1M cubic feet of gas
- IVZ last traded at 9.9c, at 10am AEDT
Much-watched microcap darling Invictus Energy (ASX:IVZ) has provided an update on the progress of its 80% owned and operated Cabora Bassa project in Zimbabwe, South Africa – flagging confirmation of gas condensate.
The company said on Monday it could produce up to 22 barrels from 1M cubic feet of gas.
Share market reaction was subdued with shares up 1.02% to 9.9cps in lunchtime trades on Friday.
If the HotCopper forums are anything to go off, shareholder patience with Invictus has been suffering in recent history.
The company says it has up to 20T cubic feet of gas underneath its Zimbabwe acreage and consistently remains one of the most-watched stocks on Australia’s #1 share trading forum.
However, volatility is becoming more subdued.
Analysis of fast-tracked downhole reservoir fluid samples confirmed the gas-condensate find in Mukuyu, reportedly reflecting minimal impurities.
“We are extremely pleased with the early results from the downhole reservoir fluid sample analysis which confirms a large and rich gas-condensate discovery at Mukuyu,” Invictus Managing Director Mr Scott Macmillan said.
“The results from Mukuyu-2 are consistent with our geological modeling of the Cabora Bassa Basin, and the presence of both light oil and gas-condensate provides us with confidence as we prepare for the next phase of our appraisal program.”
Ongoing analysis involves further downhole reservoir fluid and mudgas samples.
IVZ last traded at 9.9c, at 10am AEDT.