IVZ Drilling update

Invictus Energy (ASX: IVZ) just put out an update from its Mukuyu-2 well which is currently being drilled in Zimbabwe’s Cabora Bassa Basin.

Last year IVZ drilled Mukuyu-1 and proved a working hydrocarbon system in the basin, with multiple hydrocarbon bearing reservoirs.

Now IVZ is drilling Mukuyu-2 across 6 stacked targets, targeting a prospective resource of 20 tcf gas plus 120 million barrels of oil.

This year’s goal is to try and declare an official hydrocarbon discovery (by successfully pulling up a fluid sample to surface).

IVZ’s plan is to drill to a Total Depth (TD) of ~3,750m and then test the well, given that drilling was expected to take ~50-60 days (starting on the 21st of September) we don't expect to see any definitive results from the well for at least another month and a bit.

Update on the drill program:

IVZ’s well has already been drilled down to a depth of ~496m.

Now IVZ is drilling through the firsts two of its six stacked targets - the secondary reservoir targets (Dande and Intra Dande).

This next stage of drilling will run down to ~2,040m of depth before IVZ runs more casing and starts drilling to TD.

What’s next for IVZ?

• Drilling section 1 ✅- completed down to a depth of ~593m with a blowout preventer installed.
• Drilling section 2 🔃- IVZ is currently drilling to a depth of ~2,040m before running its first wireline logging program (precursor for drill results).
• Drilling section 3 🔲- Drilling to TD (~3,750m) to commence after the second phase of drilling is completed. IVZ’s main targets sit in this section.

Given that drilling started on the 21st of September and is expected to take 50-60 days to completed. We are expecting to see results on or before the 20th of November 2023.