IVZ - More results from the 2022 Mukuyu-1 well
Our 2020 Energy Pick of the Year Invictus Energy (ASX: IVZ) just put out results from 22 mud gas samples taken from the company’s 2022 Mukuyu-1 well.
The announcement gets a bit technical but here are our key takeaways from today’s announcement:
- The results confirmed light oil, gas condensates and helium across the 22 samples.
The results re-affirmed the results IVZ put out back in May - we covered those results in the following Quick Take: Light Oil, Gas-Condensate and Helium confirmed for IVZ
Here is a quick summary of everything IVZ managed to find by drilling Mukuyu-1:
- ✅ Gas readings 135x above background levels’
- ✅ Multiple (up to 13 in the sidetrack well) potential gas-bearing reservoir units.
- ✅ ~900m gross interval (225m in potential hydrocarbon bearing zones in one of the primary target areas (upper Angwa target).
- ✅ Multiple seals identified with several hundred-metre thicknesses above the deeper primary targets. This was a key risk going into drilling.
- ✅ Elevated (100%) fluorescence, indicating condensate or light oil.
- ✅ Elevated Logging While Drilling resistivity.
- ✅ Most importantly 🛢️A working conventional hydrocarbon system declared. 🛢️
2.The shallower sections contained more liquids, the deeper sections more gas:
The data is showing that as the hole’s get deeper the reservoir sections are getting dryer.
At a high level the image below shows how the results from the shallower sections of the well were hitting light oils/gas condensates AND the deeper sections hitting dryer gas.
Below is our marked up interpretation of the results:
- Upper Angwa results also looking positive
IVZ also put out two sets of results from the Upper Angwa target area of its Mukuyu-1 well.
The results show that the Upper Angwa has positive hydrocarbon generation potential AND that the sidewall core extract analysis again showed the presence of light oils.
IVZ will be drilling through that same reservoir again with Mukuyu-2 so it will be interested to see what comes from that section of the well.
A look at IVZ’s 2023 well - Mukuyu-2
With Mukuyu-2 IVZ will be targeting all of the same reservoir sections the company drilled at Mukuyu-1.
Below is how it looks overlaid on the company’s seismic data sets:
What’s next for IVZ:
Drilling of Mukuyu-2 🔄
Wellpad construction is complete and IVZ has started the rig move to site.
IVZ’s rig has been on standby since the last drill program and has now mobilised to site.
IVZ expects to be drilling in September.
2D seismic across eastern part of its acreage 🔄
IVZ recently completed its 2D seismic program across the eastern part of its project.
The processing and interpretation of the results are expected to be run over the next ~six months.
The 2D seismic program will eventually feed into an upgraded prospective resource estimate once IVZ can refine its understanding of the wider project area.
See our Quick Take on the news: IVZ's 2D Seismic acquisition program completed
