More elevated gas shows as total depth reached

Our 2020 Energy Pick of The Year Invictus Energy (ASX:IVZ) has reached total depth at the primary target at its Mukuyu-1 well, providing further validation of the presence of a conventional working hydrocarbon system in the Cabora Bassa Basin in Zimbabwe.

We took an in depth look at IVZ’s drilling program last week when the well was at 3,086m and IVZ still had a few hundred metres left to reach total depth of 3,618m. You can read that report here.

At that time, IVZ had already encountered multiple zones of elevated gas shows and fluorescence. Since then it has encountered further elevated gas shows — now of up to 135 times above background levels in Upper Angwa primary target while drilling through a measured depth of 3,171m.

What’s Next?

The company is now planning a comprehensive wireline logging program, aiming to confirm the presence of moveable hydrocarbons in multiple zones.

This wireline logging and evaluation is anticipated to take 3-6 days to complete, depending on logging conditions.

Upon completing wireline logging, IVZ will decide whether it will deepen the Mukuyu-1 well to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations.

After its announcement last week the IVZ share price gained as much as 185%, suggesting further positive news — including that announced today — could see us even closer to achieving our Big Bet for the company:

“To see IVZ make a basin opening oil/gas discovery in Zimbabwe and re-rate by over 1,000% - similar to the move Africa Oil experienced after making its basin opening discovery in Kenya.”