- Invictus Energy (ASX:IVZ) announces a gas discovery in the Mukuyu-2 well at its Cabora Bassa project in Zimbabwe
- It marks the first Triassic-aged hydrocarbon discovery in Sub-Saharan Africa
- Invticus recovered four hydrocarbon samples to surface from two zones in the Upper Angwa formation
- The company will continue drilling through the Lower Angwa formation to a planned total depth of 3400 metres and following that, complete further evaluation and sampling
- IVZ shares are up 28.1 per cent, trading at 20.5 cents at 3:19 pm AEDT
Invictus Energy (ASX:IVZ) has been trading higher today after announcing a gas discovery in the Mukuyu-2 well at its Cabora Bassa project in Zimbabwe.
Invictus owns 80 per cent of the project.
“We are delighted to declare a gas discovery from the Mukuyu-2 sidetrack well in the Upper Angwa formation,” IVZ Managing Director Scott Macmillan said.
“The discovery represents one of the most significant developments in the onshore Southern Africa oil and gas industry for decades.”
It also marks the first Triassic-aged hydrocarbon discovery in Sub-Saharan Africa.
Invticus announced four hydrocarbon samples were recovered to surface from two zones in the Upper Angwa formation.
The company will continue drilling through the Lower Angwa formation to a planned total depth of 3400 metres and following that, complete further evaluation and sampling.
“The company has delivered an exceptional result from the first two wells drilled in Mukuyu, which provides us with significant running room in our large portfolio of prospects and leads for further discoveries in our acreage in the Cabora Bassa basin,” Mr Macmillan added.
INZ shares were up 28.1 per cent, trading at 20.5 cents at 3:19 pm AEDT.