Invictus (ASX: IVZ) shares welcome progress update for planned September Mukuyu-2 drilling

August 31, 2023 09:32 PM PDT | By Sonal Goyal

Invictus (ASX: IVZ) shares welcome progress update for planned September Mukuyu-2 drilling — Image source: Company update

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Highlights

Invictus has completed the mobilisation and rig-up at the Mukuyu-2 wellsite.

Mobilisation of personnel and equipment to the wellsite is progressing.

Before the planned spud in September, the new mud tank is being installed and commissioned at the wellsite.

Shares of Invictus Energy Limited (ASX: IVZ) jumped by 5.88% to trade at AU$0.18 apiece as the company shared an update on its 80%-owned Cabora Bassa project in Zimbabwe.

The company is on track to spud Mukuyu-2 during September as the ASX-listed oil & gas explorer has completed the mobilisation and rig up of Exalo Rig 202 at the wellsite.

Wellsite activity has moved to 24-hour operations as remaining personnel and equipment are gearing up to arrive at the site. Installation and commissioning is being undertaken for the new mud tank system. The rig acceptance testing and commissioning process is also progressing.

Inspection and final preparations of the third-party equipment at the contractors' and company’s supply bases are expected to be finalised in the coming days.

Data source: Company update

Targets at Mukuyu-2

The primary target interval is the Triassic Upper Angwa formation, sitting approximately 400m shallower Mukuyu-2 than Mukuyu-1.

The campaign is expected to deliver data concerning the reservoir quality and distribution of the Upper Angwa sands.

To penetrate multiple stratigraphic intervals, the company has planned drilling near vertical from the surface and the inclination will be up to 12 degrees.

The campaign would penetrate additional targets such as Forest, Dande and Pebbly Arkose formations.

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