Sidetrack well now over 50% complete - results in 10 days

Published 09-DEC-2022 15:23 P.M.

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This morning our 2020 Energy Pick of The Year Invictus Energy (ASX: IVZ) put out an update on its drilling operations.

IVZ is currently in the middle of drilling a ‘sidetrack well’ to its already completed Mukuyu-1 well where the company drilled down to a depth of 3,923m and confirmed a working hydrocarbon system.

The ultimate aim of the sidetrack well is to successfully produce a fluid sample which is the precursor for IVZ to declare a basin-opening oil and/or gas discovery in Zimbabwe.

Today, IVZ confirmed that drilling had been delayed due to equipment failures and the subsequent repairs needed to continue drilling.

While initially, IVZ expected to be completing this sidetrack well by the 12th of December, IVZ confirmed that it would take an additional 10 days to complete the drilling program.

This means that we should expect to see the sidetrack well complete and the results from the program start to come in on or before Monday the 19th of December.

IVZ has already drilled down to a depth of ~2,020m which means it is just over 50% of the way through the sidetrack well.

Here is what we know from IVZ’s Mukuyu-1 well so far:

✅ A 10-15m interval indicative of potential hydrocarbons (oil and/or gas) across the first three of its targets.
✅ Seal identified with several hundred-metre thickness above the primary targets. This was a key risk going into drilling. This hopefully means there’s a geological seal that’s strong enough to trap oil and/or gas in the primary targets IVZ is drilling for now.
✅ Elevated gas shows up to 135x above background gas levels through the first of two primary targets.
✅ Elevated (100%) fluorescence, indicating condensate or light oil.
✅ Elevated Logging While Drilling resistivity.
✅ A working conventional hydrocarbon system.
✅ ~900m gross interval in one of its primary targets.
✅ Mukuyu-1 well drilled down to a depth of 3,923m.

What is IVZ doing next?

🔄 Sidetrack well to be completed - This will be when IVZ will try to identify any moveable hydrocarbons and ultimately put out a “net pay” number. IVZ’s sidetrack well is currently at a total depth of ~2,023m.

We are now expecting results from the drilling program by the 19th of December.