Invictus Energy (ASX: IVZ) shares jump 31% on landmark gas find at Cabora Bassa Project

 Highlights

• IVZ shares gained over 31% on the ASX in early trade on 07 December 2023.
• The company has made a major gas discovery at Mukuyu-2 well at its Cabora Bassa Project.
• Wireline logging run for an intermediate TD of 2,987m MD in Upper Angwa reservoirs has detected many reservoirs bearing hydrocarbon.
• As per the wireline log interpretation, the preliminary net pay estimate stands at AUD 13.9 million for the Upper Angwa.

Shares of Invictus Energy Limited (ASX: IVZ) advanced 31%, to trade at AU$0.210 on Australian Securities Exchange (ASX) in early trade on 07 December 2023. The company stock price has gained over 75% in the past six months.   

In the latest announcement, the independent upstream oil and gas company revealed about a major gas discovery at Mukuyu-2 well at its Cabora Bassa Project in Zimbabwe, confirming the massive potential of the Mukuyu field.

Most recent developments at Mukuyu

Invictus conducted a wireline logging run for an intermediate Total Depth of 2,987m measured depth (MD), to collect hydrocarbon samples from Upper Angwa reservoirs. For the Basal Pebbly Arkose and Upper Angwa formations, some data was obtained detecting many reservoirs bearing hydrocarbon in the Upper Angwa.

With the help of a wireline formation testing tool, four hydrocarbon samples have been collected from two different zones in the Upper Angwa. Also, two formation water samples have been gathered from the Basal Pebbly Arkose formation.

Pressurised sample chambers containing gas recovered to surface from Mukuyu-2 sidetrack in preparation for shipping for laboratory analysis

As per the wireline log interpretation, there is a preliminary net pay estimate of 13.9 million for the Upper Angwa. In the Upper Angwa gas leg, additional gross sands have been intersected under the net reservoir cutoff.

Furthermore, the priority points in the Pebbly Arkose and Upper Angwa have returned 13 huge volume sidewall core samples. These samples will be utilised to check the wireline log data collected during post-well analysis.

The company has decided to further deepen the sidetrack well towards the Total Depth, in the Lower Angwa, at ~3,400mMD.

What’s next?

Invictus will now focus on wrapping up the drilling and evaluation campaign and get more wireline data for the Lower Angwa formation.

Post completion of the drilling, IVZ will log the sidetrack well including wireline formation testing and fluid sampling and final results will be delivered.