Invictus Energy (ASX: IVZ) hits another significant milestone, makes additional gas discovery in Zimbabwe

Highlights

• Invictus recovered 11 hydrocarbon samples to surface from Upper and Lower Angwa reservoirs using wireline formation testing tool.
• The pressurised sample chambers containing gas recovered will be sent to lab for checking the hydrocarbon composition of the samples.
• As per wireline log interpretation, preliminary net pay has been estimated to be 34.9m for the Mukuyu-2 well across the Upper Angwa and Lower Angwa formations.

Independent upstream oil & gas company Invictus Energy Limited (ASX: IVZ) has reported significant additional gas discovery in Lower Angwa formation in Mukuyu-2 exploration well. The company has been drilling Mukuyu-2 at its 80% owned and operated Cabora Bassa Project in Zimbabwe.

IVZ reported to have recovered 11 hydrocarbon samples to surface from Lower Angwa and additional gas zones from Upper Angwa by use of wireline formation testing tool.

The samples have been collected after the company gathered a limited suite of wireline logging data over the deepened hole section from 2,935m to around 3,350mMD.

Previously, Invictus had informed that it reached the Total Depth of 3,360m at the Mukuyu-2 sidetrack well. Subsequently, the well was conditioned and prepared for wireline logging.

Details of the discovery

The pressurised sample chambers containing gas recovered will be sent to laboratory for checking the hydrocarbon composition of the samples.

As per wireline log interpretation, preliminary net pay has been estimated to be 34.9m for the Mukuyu-2 well across the Upper Angwa and Lower Angwa formations.

Within the Upper and Lower Angwa gas legs, additional gross sands have been intersected below the present net reservoir cut-off.

There is a need to conduct further appraisal work along with technical evaluation of log, core, seismic and well test data to analyse the extent of the resource size.

According to the wireline logs, there lies residual hydrocarbons in Mukuyu-2 at the Pebbly Arkose and Dande formations, which demonstrate significant exploration potential.

 
Wireline formation sample tool and sample chambers at surface
Image source: company update

Path forward

The company will carry forward wireline logging operations using Exalo Rig 202. Simultaneously, the additional sidewall cores and a vertical seismic profile (VSP) will be acquired for calibration of logs and seismic data.

Upon completion of the sidetrack, the well will be suspended for future flow testing over this interval. Also, the company will be able to re-drill, evaluate and test the remaining portion of the Lower Angwa, below 3,400mMD, in 6-inch hole in future operations.

Furthermore, there will be integration of the Mukuyu-2 results into the geological and geophysical datasets for future exploration and appraisal activity across IVZ’s acreage portfolio.

IVZ shares traded at AU$ 0.160 at the time of writing on 15 December 2023.