Invictus Energy (ASX: IVZ) reaffirms moveable hydrocarbons at Mukuyu-2

Highlights

• Natural gas recovered from the Pebbly Arkose formation.
• Further wireline log interpretation identified numerous hydrocarbon bearing intervals in Lower and Upper Angwa reservoirs.
• Simple vertical sidetrack will be employed to finalise wireline and fluid sampling campaign in Upper and Lower Angwa targets.
• Completion of the sidetrack operations would allow the well to be suspended for future flow testing.

Invictus Energy Limited (ASX: IVZ) has shared latest developments from the Mukuyu-2 well at its Cabora Bassa Project, Zimbabwe.

The team has recovered hydrocarbon gas from the Pebbly Arkose downhole sample. The wireline logging data from resistivity, density-neutron and gamma ray has discovered several hydrocarbon intervals in the Lower and Upper Angwa reservoir sands. This reaffirms that the moveable hydrocarbons were seen during early-stage sample clean-up which indicated gas and liquid hydrocarbons flowing via the onboard compositional fluid analyser (CFA).

These observations confirm the presence of hydrocarbons and most importantly indicates a potential discovery in the Mukuyu field, suggests the company update.

Evaluation of Upper and Lower Angwa

To complete the subsequent Upper and Lower Angwa evaluation, the company has ascertained in conjunction with its service providers that plugging back the present 8 ^1/2 inch wellbore section and undertaking a simple vertical sidetrack from the 9 ⅝ inch shoe at ~1,966mMD would deliver the strongest opportunity to acquire valid fluid samples from the well.

The company remains well funded to complete the sidetrack operation at Mukuyu-2.

Plans ahead

The Exalo Rig 202 is getting ready to plug back the 8^1/2 wellbore section and then start drilling the 8^1/2-hole section again with more optimised parameters to ~3,400mMD above where the overpressure zone in the Lower Angwa starts.

The vertical sidetrack would be more helpful for conventional wireline logging operations, including fluid sampling in part of the Lower Angwa and the whole Upper Angwa reservoirs. This provides better parameters for a cost-effective and more efficient side-track operation, when compared to the Mukuyu-1 sidetrack well.

The sidetrack completion would also assist the well to be suspended for future flow testing via running the 7-inch liner over the interval, Also, it would assist in retaining the ability to evaluate, drill and examine the rest of the parts of the Lower Angwa in 6-inch hole in future operation.

The company expects to conclude the remaining activities to undertake sidetrack and wireline logging in nearly 21-28 days, subject to the logging and drilling conditions.

IVZ shares traded at AU0.147 apiece at the time of writing on 20 November 2023.