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Highlights
- Invictus Energy has recorded ‘highly encouraging signs’ through its Upper Angwa primary target and the top Lower Angwa, at the Mukuyu-2 well.
- IVZ has encountered strong gas shows, fluorescence, and elevated resistivity from LWD tools over different zones down to the current TD of the well.
- Total gas observed from reservoirs in Mukuyu-2 so far is around 4x as compared to observed total gas peaks in Mukuyu-1.
In the latest announcement, Invictus Energy Limited (ASX:IVZ) revealed that it has recorded ‘highly encouraging signs’ through its Upper Angwa primary target and the top Lower Angwa, at the Mukuyu-2 well at its Cabora Bassa Project in Zimbabwe.
The company has reported increased strong gas shows, fluorescence, as well as elevated resistivity from Logging While Drilling (LWD) tools over numerous zones down to the current total depth of the well. There remains a huge undrilled portion and potential upside.
Post the announcement, Invictus’ stock was up over 19% to AU$0.185 from the last closing price. The company has a market cap of AU$192.22 million.
Data source: company update
Future course of action
IVZ will begin drilling through the Lower Angwa using Exalo 202 Rig to nearly 3,750 mMD prior starting a wireline logging evaluation suite.
The company has mobilised a liner to wrap up the Mukuyu-2 well for a future well test after operations conclude. As of now, the well is advancing as per budget and as per the set target of 50 to 60 days.
Comments from Managing Director Scott Macmillan:
