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  • Invictus Energy (IVZ) confirms a “working hydrocarbon system” within its Mukuyu-1 well in Zimbabwe amid equipment trouble
  • Drilling has reached a measured depth of 3086 metres slower than expected due to “challenging conditions” in the Pebbly Arkose, where several loss zones were encountered
  • Nevertheless, conditions improved in the Upper Angwa formation, where elevated mud gas peaks were observed up to 65 times above background levels
  • Moving forward, the company plans to undertake a wireline logging program to evaluate all zones of interest once drilling reaches a total depth of 3500 metres
  • Invictus shares are soaring 161.9 per cent higher to 27.5 cents at 1:55 pm AEDT.

Invictus Energy (IVZ) has confirmed a “working hydrocarbon system” within its Mukuyu-1 well amid equipment trouble.

Drilling of the well, which lies within the company’s 80-per-cent-owned licence in the Cabora Bassa Basin of Zimbabwe, has reached a measured depth of 3086 metres.

The journey to this depth, however, has been slower than anticipated due to “challenging conditions” in the Pebbly Arkose, where Invictus said several loss zones were encountered that required remedial action to stabilise drilling fluid loss.

Despite this, elevated gas shows and resistivity were displayed in the Pebbly Arkose and the Forest formation.

Drilling conditions improved in the Upper Angwa formation primary target, where elevated mud gas peaks were observed up to 65 times above background levels.

An initial 100-per-cent fluorescence was also observed in a downhole cutting sample of sandstone from 3070 metres, which the company said indicated the presence of condensate or light oil.

However, in the Upper Angwa formation, the stator in the downhole drilling motor failed and is now being changed out before drilling can continue.

Notwithstanding the drilling difficulties, the company’s Managing Director, Scott Macmillan, said the early indications in the Upper Angwa were “highly encouraging” and proved a conventional working hydrocarbon system existed in the Cabora Bassa Basin.

He said it was an exciting development that validated the company’s subsurface model.

“We still have several hundred metres of drilling through our primary targets with additional potential, which will be followed by a comprehensive wireline logging programme to evaluate results, with the aim of confirming the presence of moveable hydrocarbons in multiple zones,” Mr Macmillan said.

This wireline logging program will take place once Invictus’ drilling reaches a total depth of 3500 metres, and it will allow the company to identify any potential hydrocarbon pay.

Invictus shares were soaring 161.9 per cent higher to 27.5 cents at 1:55 pm AEDT.

IVZ by the numbers
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