IVZ expands lead portfolio with 2D Seismic data
Invictus Energy (ASX: IVZ) now has oil & gas prospects across the eastern part of its 80% owned project in Zimbabwe.
Last year IVZ drilled its second well at its Mukuyu target and declared 2x discoveries across two different reservoirs (Upper and Lower Angwa).
The Mukuyu target was IVZ’s biggest target across its “central fairway targets”.
At the same time, IVZ had run 2D seismic across the eastern part of its project hoping to find more prospective targets.
Today, IVZ added to the exploration upside across its project with preliminary results from the 2D seismic surveys.
The new targets are in addition to IVZ’s multiple basin margin targets, where the prospective resource is ~1.2BN barrels of oil equivalent.
Here are the targets in the area covered by the 2D seismic surveys:
At this stage the targets are not quite “drill ready” - IVZ could still put prospective resource numbers behind the new targets.
What’s next for IVZ?
Forward work program for 2024 🔄
In today’s announcement IVZ mentioned it is looking to firm up drill targets across its Basin Margin prospects for an “upcoming exploration drilling campaign”.
We want to see IVZ put out a firm timeline of what to expect next from the company.
Resource update 🔄
We expect to see IVZ convert its prospective resource into a contingent resource/reserve.
Usually after a company makes a discovery it is able to take a resource out of the prospective classification and into higher confidence levels.
We expect this to come after all the data is gathered from the discovery wells.
🎓To learn more, read: How to Read Oil & Gas Resources
Flow testing 🔲
IVZ is planning a flow test for next year which will support whether this discovery can be developed in the future.
Interest from majors 🔲
Now that IVZ has declared a discovery, we expect some major oil & gas companies to start to take notice.
IVZ made mention of corporate interest in its December quarterly report where it noted “significant inbound interest for partnering”.
