- Total depth of 3,618mMd reached
- Working conventional hydrocarbon system confirmed in Cabora Bassa Basin
- Preparing to run wireline logging tools to evaluate multiple zones of interest
Over the last week, Invictus has released a throve of updates concerning the Mukuyu-1 well that is currently being drilled in its 80% owned SG 4571 licence in Zimbabwe’s Cabora Bassa Basin, with early results showing strong potential for substantive petroleum deposits.
The Australian Stock Exchange-listed company commenced exploration drilling at its Mukuyu-1 prospect, the first of its drilling programmes in September and has so far produced encouraging results much to the appease of investors who are seemingly betting big on Invictus’s success.
The Mukuyu (Muzarabani) prospect is the largest undrilled prospect onshore Africa independently estimated to contain 20 trillion cubic feet and 845 million barrels of conventional gas condensate (on a gross mean unrisked basis).
In its latest update, Invictus divulged several key details. First, the explorer said they had further encouraging signs from the Mukuyu-1 well once drilling recommenced with multiple zones encountering elevated gas shows and fluorescence in our Upper Angwa primary target.
Secondly, according to the ASX announcement dated 14 November, “the evidence of hydrocarbon charge throughout the Upper Angwa reservoir internals provides further validation of our subsurface model and the presence of a conventional working hydrocarbon system in the Cabora Bassa Basin”.
The share price of the Australian minnow has rocketed, from A$0.11 on November 9 to around A$0.34 today, a 245% plus increase. Earlier in the month, the share price slumped as a consequence of technical delays with the drilling process. The energy explorer was quick to iterate that such “developments" are expected and accounted for in the 50 to 60-day timeframe stipulated for completion.
The Mukuyu well reached a total depth of 3,618 metres. Finding hydrocarbon charge in the Upper Angwa reservoir validates the company’s subsurface model. It also demonstrates a working hydrocarbon system, said Invictus managing director Scott Macmillan.
The next step is comprehensive wireline logging. The evaluation suite is planned to be acquired across the entire 8 ½” hole section to provide detailed geological information in order to confirm the presence of moveable hydrocarbons. Wireline logging and evaluation are anticipated to take 3 to 6 days to complete depending on logging conditions. Further, the company may elect to deepen the Mukuyu-1 well to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations following the completion of wireline logging.