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- Invictus Energy (ASX:IVZ) confirms the presence of gas and liquid hydrocarbons in its Muyuku-2 well at its Cabora Bass project in Zimbabwe
- The company implemented a compositional fluid analyser, but it experienced differential sticking of the wireline cable
- These difficulties led to a decision to conduct the rest of its fluid sampling program on a drill pipe, however, this means the program will run longer than expected
- To ensure no more delays Invictus will employ a specialised TLC setup to ensure sampling tools can travel down the borehole
- IVZ shares are down 6.82 per cent, trading at 20.5 cents at 11:03 am AEDT
Invictus Energy (ASX:IVZ) has confirmed the presence of liquid hydrocarbons in its Muyuku-2 well at its Cabora Bassa project in Zimbabwe.
The company has implemented a compositional fluid analyser, uncovering gas and liquid hydrocarbons in the Upper Angwa section of the well, but it experienced some differential sticking of the wireline cable during the clean-up.
These difficulties have led to its decision to conduct the rest of its fluid sampling program on a drill pipe, however, this has meant the program will run longer than expected.
“We are encouraged by the evidence of moveable hydrocarbons observed during the initial clean-up with the wireline fluid sampling tools prior to making the decision to complete the program on drill pipe,” IVZ Managing Director Scott Macmillan said.
“The delay is considered only minor as the company takes a conservative approach to minimise the risk of the tools becoming stuck during the sampling operation and subsequent retrieval to surface to allow for the declaration of a discovery.
“We anticipate completing the fluid sampling program in the next several days depending on logging conditions and the number of fluid sampling stations.”
To ensure no more delays the company has employed a specialised tough logging conditions (TLC) setup to ensure sampling tools can travel down the borehole.
IVZ shares were down 6.82 per cent, trading at 20.5 cents at 11:03 am AEDT.
