By - Manisha
Highlights
- Invictus Energy (ASX:IVZ) has successfully concluded the Mukuyu-1 and ST1 drill campaign
- IVZ shares gained over 6% in the early hours of 23 January post the update
- Total 13 potential hydrocarbon bearing zones have been identified at Mukuyu-1 ST1
- In the primary Upper Angwa target alone, gross potential hydrocarbon bearing zones have been identified for a combined 225 metres
- Invictus has begun planning for Mukuyu appraisal and Phase 2 drilling and evaluation
Independent upstream oil & gas exploration company, Invictus Energy Limited (ASX:IVZ) has shared an upbeat update on the ongoing operations at its 80%-owned SG 4571 licence in Cabora Bassa Basin, Zimbabwe. IVZ has concluded its Mukuyu-1 and ST1 drill campaign successfully, delineating 13 potential hydrocarbon bearing zones in the Pebbly Arkose and Upper Angwa formations.
At the primary target Upper Angwa formation, the Company has identified 11 potential hydrocarbon bearing zones covering 225 metres.
All the potential hydrocarbon bearing zones have been isolated and plugged and the Mukuyu-1 and ST1 wells have been left in a safe condition.
Post today’s announcement, IVZ shares quoted at AU$0.160, inching up by 6.666%, in the early hours of 23 January 2023.
A look at key details
In the Upper Angwa, Wireline log interpretation calculated porosity of up to 15% and gas saturation of up to 90% in selected potential pay zones. However, these results need to be calibrated with fluid and core data and subsequently subject to wide margins of error.
From ~2,100m Measured Depth (mMD) in the Pebbly Arkose, weak to strong hydrocarbon fluorescence was observed which was found to be consistent to TD at 3,923mMD, with up to 100% fluorescence noted in few cuttings and side wall cores.
There was a 1,400m vertical section of sand, siltstone, carbonaceous claystone and coal in the Upper Angwa primary target. This section has confirmed the presence of competent seals and may indicate potential hydrocarbon reservoirs.
Updip potential towards crest of Mukuyu structure shown by interval velocity slowdowns in Pebbly Arkose and Upper Angwa
As per the interpreted gas sands, there is a good calibration with the velocity (Vint) slowdowns noted at the 500 and 600 surfaces (interpreted to represent the Pebbly Arkose and Upper Angwa, respectively). It will enable calibration for mapping this anomaly around the Mukuyu structure and application to the Pebbly Arkose and Upper Angwa play in the remaining prospect portfolio.
Furthermore, additional reservoir intervals in the Pebbly Arkose sections with porosity up to 20% have minor fluorescence and elevated gas shows above background. Log interpretation indicates residual gas saturation within these sands, which reflect that hydrocarbon migration took place in this zone. This brings forth additional targets in updip locations towards the crest of the structure.
Multiple reservoir sand and seal pairs have been intersected in the Post Dande, Forest, Pebbly Arkose and Upper Angwa formations and several intervals of rich source found in the Upper Angwa as prognosed.
The successful completion of operations at Mukuyu-1 provides further untested updip potential, which IVZ will target in future drilling campaigns.
Data source: Company update, © 2023 Krish Capital Pty. Ltd.
Invictus plans to undertake Phase 2 drilling program at Mukuyu
Invictus has warm stacked Rig 202 at the Mukuyu-1 well site for maintenance and upgrades before drilling starts for the second phase.
Currently, the ASX-listed firm is assessing the future plans as well as the targets for Phase 2 drilling campaign at the first well location. This will include Mukuyu-2 and Baobab-1, along with other exploration prospects across the Cabora Bassa acreage.
Management commentary
According to the Company, it is an outstanding result and virtually unprecedented for the first well in a frontier basin. It has led way to a new petroleum province and substantially de-risked IVZ’s acreage in the Basin.
Data source: Company update, © 2023 Krish Capital Pty. Ltd.