Invictus Energy (ASX:IVZ) shares welcome light oil, gas-condensate and helium presence in Mukuyu-1

Highlights

• Invictus Energy has shared results from the mudgas compositional analysis done for samples collected during the Mukuyu-1 / ST-1 well drilling campaign.
• The results show the presence of hydrocarbons in numerous reservoir pay zones at Mukuyu-1 in line with the wireline log interpretation, fluorescence, and elevated mudgas data.
• The analysis marks the presence of light oil and rich natural gas-condensate, with condensate gas ratios measured at 30-135 barrels/million cubic feet.
• The analysed samples show a consistent, high-quality natural gas composition, containing low inert content, with <1% CO_2.

Invictus Energy Limited (ASX:IVZ) today announced results from the mudgas compositional analysis conducted for five priority mudgas samples collected during the Mukuyu-1 / ST-1 well drilling campaign in selected Upper Angwa reservoir units at its 80%-owned Cabora Bassa Project in Zimbabwe.

The compositional analysis suggests the presence of light (volatile) high API oil or oil associated gas condensate in the shallower Upper Angwa reservoirs, which progressively become drier i.e. lower condensate gas ratio (CGR) with increasing depth in the Upper Angwa formation.

The presence of liquid hydrocarbons (light oil and condensate) is in line with the observed fluorescence and elevated mudgas readings with heavier hydrocarbon components noted during the drilling of Mukuyu-1/ST-1.

The samples analysed also show consistent high-quality natural gas with low inert content and contain less than 1% CO₂, which will require minimal processing. Several samples also contain commercial concentrations of helium gas which will provide an additional high value by-product.

The results support IVZ’s basin and geological models of the Cabora Bassa and the presence of several hydrocarbon bearing reservoirs in the Mukuyu-1 / ST-1 well.

Additional mudgas isotube samples have also been analysed with results to be verified and provided in due course.

IVZ shares jump over 8%

IVZ shares were trading 8% higher at AU$0.12 on the Australian Securities Exchange (ASX) midday on 08 May 2023, with a market capitalisation of AU$110.52 million.