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Invictus Energy (ASX:IVZ) provides Mukuyu-1 drilling update; primary targets eyed - Kalkine Media

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 Invictus Energy (ASX:IVZ) provides Mukuyu-1 drilling update; primary targets eyed
Image source: Company website

Highlights:

  • The Mukuyu-1 well, located in the Mukuyu prospect of Invictus Energy Ltd’s SG 4571 licence in Zimbabwe’s Cabora Bassa Basin, is being drilled currently.
  • The company has obtained some initial results pertaining to ‘secondary’ targets while it is on track to drill the ‘primary’ targets in the Upper Angwa and Pebbly Arkose formations.
  • The 12 ¼” intermediate hole section has been drilled down to a total of 2021 meters.
  • In the abovementioned intermediate section, a zone of interest as the ‘secondary’ objective in the 200 Horizon target has been interpreted to contain potential hydrocarbons with tight reservoir properties via wireline logging.

Invictus Energy Ltd (ASX:IVZ) has an update on the Mukuyu-1 well, which is currently being drilled in its 80% owned SG 4571 licence in Cabora Bassa Basin, Zimbabwe. The Mukuyu conventional gas-condensate prospect, in which the Mukuyu-1 well is being drilled, sits within the said basin.

Image source: © 2022 Kalkine Media®; data source: Company update, 26 October 2022

Invictus Energy Ltd is a Perth-headquartered, independent upstream oil and gas company. It is opening one of the last untested large frontier rift basins in onshore Africa, the Cabora Bassa Basin, in northern Zimbabwe through a high-impact exploration program.

Managing Director Scott Macmillan believes that the initial results from wireline logging and potential for hydrocarbons are highly promising as the company preps up to drill their primary targets in the Upper Angwa and Pebbly Arkose formations.

Further, he stated that they will integrate the data gathered from the drilling, logs, and seismic analysis in order to estimate an optimal future location to test the 200 Horizon target in an up-dip position and away from the fault plane, where conventional reservoir quality is expected.

Image source: © 2022 Kalkine Media®; data source: Company update, 26 October 2022

12 ¼” hole section of the well completed

Since the last update, the 12 ¼” hole section (intermediate section) has been completed in terms of drilling down to a total depth of 2021 metres Measured Depth (MD) in order to set the 9 ⅝” casing near the base of a substantial regional seal above the primary targets. For better clarity on sections, target formations, and associated depths, please refer to the following image:

Mukuyu-1 well design (Source: Company update, 26 October 2022).

Zone of interest interpreted in the 200 Horizon target

After wrapping up the first suite of wireline logging, a zone of interest as the secondary objective in the 200 Horizon target was interpreted to contain potential hydrocarbons. The interpretation was made on the basis of considerably elevated resistivity across a 10-15m interval from nearly 785m MD and separation between shallow, medium, and deep resistivity readings.

Wireline tool not run in the zone, know why

Upon more analysis, this zone was understood to have complex mineralogy with tight reservoir properties. Following which a call was taken to not to continue operating the formation pressure/sampling wireline tool without having appropriate sampling probe and packers at hand:

Source: Company update, 26 October 2022

The company will now perform further analysis and use the data collected to figure out alternate locations to test this target further in a crestal location and away from the fault plane, where it might find better reservoir quality.

The 9 ⅝” casing string has been set in preparation for cementing.

After setting 9 ⅝” casing: the way ahead

Upon setting the 9 ⅝” casing, the rig will drill further in the 8 ½” hole section (the final section) to the base of the 400 (Forest) target reservoir, through the 500 (Pebbly Arkose) to the primary targets in the 600 and 650 horizons (Upper Angwa Alternations Member), then reaching nearly 3,500 metres MD prior to running a wireline logging evaluation suite.

This image shows a gamma ray log track to date:

Mukuyu-1 Preliminary well projection with Gamma Ray log track and location of 200 Horizon intersection near fault (Source: Company update, 26 October 2022).

What lies ahead for Pebbly Arkose and Upper Angwa targets?

The Pebbly Arkose and Upper Angwa targets have been planned to be tested in a crestal location within the greater Mukuyu closure.

IVZ stock last traded at AU$0.14 as on 26 October 2022, 12:52pm (AEDT).

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