Invictus Energy (ASX: IVZ) reports progress ahead of Mukuyu-2 drill testing in September, shares jump

Highlights

• IVZ has begun mobilising the Exalo rig 202 to the Mukuyu-2 wellsite.
• The Mukuyu-2 wellpad construction has been finished after the completion of civil works.
• IVZ is on track to spud Mukuyu-2 in September.

Shares of Australian oil & gas exploration company Invictus Energy Limited (ASX: IVZ) jumped nearly 11% to trade at AU$0.155 midday on 11 August 2023.

The share price jump followed a company update regarding its progress to drill test the Mukuyu-2 well at the Cabora Bassa project, Zimbabwe.

The Mukuyu-2 wellpad construction has been concluded after the finalisation of civil works that included compaction and pad levelling, water supply and reservoirs.

Following this, the company commenced mobilisation of the Exalo Rig 202 to the Mukuyu-2 wellsite.

Data source: Company update

Details of the Mukuyu-2 well

The Mukuyu-2 wellsite has been evaluated by the Environmental Management Authority and gained approval in line with the Environmental Management Plan.

The well is nearly 6.8km from Mukuyu-1, targeting a well-known horst block within the Mukuyu structural closure. The Triassic Upper Angwa Formation is the primary target interval. It is ~400m shallower at Mukuyu-2, compared to Mukuyu-1. The location is anticipated to give details about the reservoir and distribution quality of the Upper Angwa sands.

The company informed that the well trajectory would be near vertical from the surface location. This is expected to provide optimal penetration of multiple stratigraphic intervals within the same structural horst block. The planned well trajectory would also reduce operational complexity for formation evaluation and drilling activities.  

The planned depth of well drilling is nearly 3,700 metres to penetrate the untested lower Angwa sequence.

IVZ has highlighted that well will penetrate several additional targets that comprise Forest, Dande and Pebbly Arkose formations. They lie within the Mukuyu anticline.

Mobilisation of rig to the Mukuyu-2

Once mobilised, the rig is planned to be rigged up and undergo new mud tank system commissioning and rig acceptance.

IVZ said that it is on track to spud Mukuyu-2 in September.