- Invictus Energy (IVZ) reaches a total depth of 3618 metres at the Mukuyu-1 well within its 80-per-cent-owned licence in Zimbabwe’s Cabora Bassa Basin
- Since drilling recommenced after equipment issues last month, IVZ has encountered more zones with elevated mud gas and fluorescence throughout the Upper Angwa reservoir
- The company says the evidence of hydrocarbon charge throughout the reservoir intervals further validates the presence of a working hydrocarbon system in the Cabora Bassa Basin
- Invictus will now undertake a wireline logging program to confirm the presence of moveable hydrocarbons and may choose to deepen the Mukuyu-1 well
- IVZ shares are up 45.83 per cent on the back of today’s news to trade at 35 cents at midday AEDT
Invictus Energy (IVZ) has reached a total depth of 3618 metres at the Mukuyu-1 well within its 80-per-cent-owned licence in Zimbabwe’s Cabora Bassa Basin.
Since its last update just last week, Invictus has encountered additional zones with elevated mud gas and fluorescence throughout the intersected Upper Angwa reservoir intervals.
The company has confirmed a working conventional hydrocarbon system within the Cabora Bassa Basin as well as elevated gas shows and resistivity within the Pebbly Arkose and the Forest formation.
The news comes after the company had to temporarily pause drilling due to equipment troubles.
“We have had further encouraging signs from the Mukuyu-1 well since drilling recommenced, with multiple zones encountering elevated gas shows and fluorescence in our Upper Angwa primary target,” Managing Director Scott Macmillan said.
“The evidence of hydrocarbon charge throughout the Upper Angwa reservoir intervals provides further validation of our subsurface model and the presence of a conventional working hydrocarbon system in the Cabora Bassa Basin,” Mr Macmillan said.
Invictus will now acquire wireline data across the entire eight-and-a-half-inch hole section to evaluate the zones of interest.
This wireline logging program is expected to take three to six days to complete and will aim to confirm the presence of moveable hydrocarbons in multiple zones.
Depending on the program, Invictus Energy may choose to deepen the Mukuyu-1 well to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations.
IVZ shares were up 45.83 per cent on the back of today’s news to trade at 35 cents at midday AEDT.