Update on drilling
Invictus Energy (ASX: IVZ) put out a drilling update as part of its ASX query response yesterday.
For those not following the story, IVZ is currently drilling the first of its two well drilling program:
- The Mukuyu-1 well (currently being drilled) 🔃 - Targeting 20 trillion cubic feet (Tcf) of gas and 845 million barrels of gas condensate.
- The Baobab-1 well 🔲 - Targeting the basin margin play, which IVZ compares to the prolific East Africa Rift “String of Pearls” play. The same play type that provided material discoveries in the Lokichar Basin in Kenya and Albertine Graben in Uganda.
IVZ confirmed that the program had encountered unexpected delays but that the well was still expected to be fully completed within the initial time frame provided of 50-60 days (from 23 September).
In the update IVZ also confirmed:
- Drilling section 1 ✅- completed down to a depth of ~593m with a blowout preventer installed.
- Drilling section 2 🔃- IVZ is currently drilling to a depth of ~2,200m before running its first wireline logging program (precursor for drill results).
- Drilling section 3 🔲- Drillingto the final target depth (3,500m) to commence after the second phase of drilling is completed. IVZ’s main targets sit in this section.
IVZ is now drilling the second section of its well where the company plans to run the first wireline logging program after drilling reaches the 2,200m depth.
Wireline logging is important because it is the primary method for evaluating “drilling results”, which should bring in the first set of results from IVZ’s maiden drilling program.
The image below summarises IVZ’s drilling program well.
To see our thoughts and what we hope to see from IVZ’s drilling results, check out our latest Note here: IVZ basin opening drill at 593m out of planned 3,500m - over half way to first target at 850m
