The ASX All Ords share has taken a remarkable leap, surging 58% in just one week. In the midst of a market selloff, this energy explorer's shares have managed to buck the trend, and it's worth exploring the reasons behind this incredible growth.
The ASX All Ords Share Price Surge
The ASX All Ords share has started the week on a strong note, with its share price up by a substantial 11%, reaching 24.5 cents. This is a noteworthy achievement, particularly in the current market climate where many are witnessing a decline in their investments. However, what's even more astonishing is the fact that this share has gained a staggering 58% in the span of a mere seven days.
The Catalyst Behind the Surge
The driving force behind this remarkable ascent can be attributed to a recent drilling update from Invictus Energy Ltd (ASX IVZ), the company behind the ASX All Ords share. The update pertains to their Mukuyu-2 well, situated at the Cabora Bassa Project in Zimbabwe, which they own and operate by 80%.
Key Findings from the Drilling Update
According to the released information, the drilling at Mukuyu-2 encountered strong gas shows and fluorescence in multiple additional Lower Angwa reservoirs, extending all the way to the total depth of the well. This indicates the presence of valuable resources that are highly sought after in the energy industry.
Furthermore, the update pointed out the observation of high levels of trip gas during drilling, along with an increasing amount of connection gas. This led to the necessity of raising the mud weight to maintain the required pressure overbalance in the borehole. These observations hint at the potential for significant hydrocarbon discoveries in the area.
Insights from Scott Macmillan
Scott Macmillan, the managing director of the ASX All Ords share, expressed optimism regarding the recent developments. He noted, "We have had further encouraging signs from the Mukuyu-2 well since drilling recommenced with multiple additional zones encountering strong gas shows and fluorescence in the Lower Angwa formation."
Macmillan also shared that the company has high hopes of declaring a discovery soon. He added, "Mukuyu-2 has proved up over a 1,000m gross interval of hydrocarbon charge through the Upper and Lower Angwa formations across multiple reservoir zones. The planned comprehensive wireline logging program including formation pressure and fluid sampling, sidewall cores, and checkshot surveys will be run with the aim of confirming the presence of moveable hydrocarbons in multiple zones in the Upper and Lower Angwa formations to declare a discovery. We anticipate completing the wireline logging program in the next 6 – 8 days depending on logging conditions and number of fluid sampling stations."
The Path Forward
With the exciting prospects of a potential discovery, Invictus Energy Ltd and the ASX All Ords share are embarking on a comprehensive wireline logging program. This program will include various critical steps aimed at confirming the presence of valuable hydrocarbons in multiple zones in the Upper and Lower Angwa formations. The timeline for completing this program is estimated to be within the next 6 – 8 days, subject to the specific conditions encountered during the process.
The ASX All Ords share's incredible 58% surge in just a week is a testament to the positive developments at the Mukuyu-2 well. These findings have generated substantial excitement within the energy sector and investment community, and all eyes are now on the forthcoming wireline logging program. The potential for a significant hydrocarbon discovery could have a profound impact not only on the ASX All Ords share but also on the energy exploration industry as a whole.