Invictus Energy (ASX: IVZ) advances Mukuyu-2 well drilling, completes intermediate hole section

Highlights

• Invictus Energy has completed a 12 ¼ inch intermediate hole section at the Mukuyu-2 well.
• The company conducted a wireline logging evaluation suite in this intermediate hole section.
• Several pairs of well-developed seals and reservoir sands have been detected in the Pebbly Arkose and Dande formations.
• IVZ is expecting to complete the operations at the well as per the set target of 50 to 60 days.
  
  

Independent upstream oil & gas company, Invictus Energy Limited (ASX:IVZ) today shared details about the latest development in the ongoing drilling program at the Mukuyu-2 well at its 80% owned and operated Cabora Bassa Project in Zimbabwe.

The company has completed a 12 ¼ inch intermediate hole section. In order to explore secondary targets and collect more details to define the stratigraphy and prospectivity of the wider Cabora Bassa basin, the company conducted a wireline logging evaluation suite in this intermediate hole section.

Data source: company update

Significant encounters at the well site

Invictus Energy’s team encountered the top Pebbly Arkose relatable to the pre-drill prognosis. It is shallower as compared to the encountered structure of Mukuyu-1.

So far, several pairs of well-developed seals and reservoir sands have been detected in the Pebbly Arkose and Dande formations. They have been found to have effective porosities of 15 to 20% on an average, considering preliminary wireline log interpretation. IVZ has acquired rotary sidewall cores to calibrate these log-based porosity values.

As per the company, the background gas in this hole section is greater than those detected in Mukuyu-1. Also, heavier hydrocarbons have been identified in mudgas. This validates the presence of an active petroleum system in the basin.

The indication of improved reservoir quality in secondary targets is positive for wider basin prospectivity, suggests the company.

Data source: company update

Invictus Energy is expecting to complete the operations at the well as per the set target of 50 to 60 days.

Future course of action

IVZ is gearing up to drill  the 8 ½ inch hole section via the Basal Pebbly Arkose to the primary targets in the Upper Angwa and to the Lower Angwa to ~3,750m MD, post setting and cementing the 9 ⅝ inch casing and completion of preparatory work. Later, the company will hold a wireline logging evaluation suite.

Shares jump

IVZ share price was noted at AU$0.162 at midday on 10 October 2023, up nearly 5% from the last close. The company has a market cap of over AU$192 million.