- Invictus Energy (ASX:IVZ) provides an update on the Mukuyu-2 well at its Cabora Bassa project in Zimbabwe
- Multiple zones in the Lower Angwa formation show strong gas and fluorescence, indicating the presence of hydrocarbons
- Wireline logging program initiated to confirm moveable hydrocarbons in multiple zones
- The drilling campaign is within budget and on track for completion
- IVZ is up more than 15 per cent, trading at 25.5 cents at 1:52 pm AEDT
Invictus Energy (ASX:IVZ) shares are on the rise today due to another drilling update on its Mukuyu-2 well at the Cabora Bassa project in Zimbabwe.
The company reported strong gas shows and fluorescence encountered in the Lower Angwa formation, reaching the total depth.
IVZ Managing Director Scott Macmillan noted that Mukuyu-2 has revealed more than 1000 metres of gross hydrocarbon charge across the Upper and Lower Angwa formations.
This discovery spans multiple reservoir zones, demonstrating substantial potential for hydrocarbon resources.
Invictus Energy has now initiated a comprehensive wireline logging program, which includes formation pressure and fluid sampling, sidewall cores, and checkshot surveys. These activities are aimed at confirming the presence of movable hydrocarbons in the Upper and Lower Angwa formations.
The company anticipates completing the wireline logging program within the next six to eight days, depending on conditions and the number of fluid sampling stations.
During recent drilling operations, strong gas shows, up to 65 times above background gas levels, were observed, and fluorescence in cuttings indicated the presence of liquid hydrocarbons. These findings are highly encouraging and suggest the potential for a significant discovery.
Following the wireline logging program and based on the results and drilling conditions, Invictus Energy may consider deepening the well to explore additional seismic reflectors in the Lower Angwa formation.
The well’s progress is on budget and on track, with completion expected within the initially guided 50 to 60 days.
IVZ is up more than 15 per cent, trading at 25.5 cents at 1:52 pm AEDT.