The latest drilling data & what’s next

This morning our 2020 Energy Pick of The Year Invictus Energy (ASX: IVZ) put out an operations update for its Mukuyu-1 sidetrack well.

IVZ confirmed the presence of 13 potential hydrocarbon-bearing zones with a gross interval of ~225m in the primary Upper Angwa target alone.

The image below shows where the potential hydrocarbon-bearing zones sit:

We also note the commentary from IVZ about further reservoir and potential pay intervals being hit in the Upper Angwa section when IVZ continued drilling below the initially targeted total depth (between 3,618m and 3,923m).

Unfortunately, IVZ couldn't get any data from this deeper section due to equipment failures. The positive is that IVZ can design future follow up wells knowing there is potential down at those depths.

What's next for IVZ?

IVZ is now calibrating the drilling data from Mukuyu-1 and the Mukuyu-1 sidetrack well, overlaying it with all of the seismic data on hand in preparation for its next phase of drilling (Mukuyu-2 appraisal well, Baobab-1 basin margin well & across its other prospects).

At this stage, IVZ hasn't set a firm timeline for when it expects to drill the next well.

IVZ intends to put out some guidance on the timing of the forward exploration program based on the company's ability to order long lead items and the tendering for well services.

To see our short overview of the two targets IVZ may look to drill, check out the what's next section of our latest IVZ note here.