Invictus in ASX bull run after fresh discovery

SHARES in Invictus Energy, the Australia Stock Exchange (ASX)listed firm that is exploring for gas and oil in Zimbabwe, had soared by 161,9% to 27,5 cents by midday yesterday, hours after confirming a “working hydrocarbon system” within its Mukuyu-1 well amid equipment trouble.

Drilling of the well, which lies within the company’s 80%-owned licence in the Cabora Bassa Basin of Zimbabwe, has reached a measured depth of 3 086 metres.

The journey to this depth, however, has been slower than anticipated due to “challenging conditions” in the Pebbly Arkose, where Invictus said several loss zones were encountered that required remedial action to stabilise drilling fluid loss.

Despite this, elevated gas shows and resistivity were displayed in the Pebbly Arkose and the Forest formation.

Drilling conditions improved in the Upper Angwa formation primary target, where elevated mud gas peaks were observed up to 65 times above background level.

An initial 100% fluorescence was also observed in a downhole cutting sample of sandstone from 3 070 metres, which the company said indicated the presence of condensate or light oil.

However, in the Upper Angwa formation, the stator in the downhole drilling motor failed and is now being changed out before drilling can continue.

Notwithstanding the drilling difficulties, the company’s managing director, Scott Macmillan, said the early indications in the Upper Angwa were “highly encouraging” and proved a conventional working hydrocarbon system existed in the Cabora Bassa Basin.

He said it was an exciting development that validated the company’s subsurface model.

“We still have several hundred metres of drilling through our primary targets with additional potential, which will be followed by a comprehensive wireline logging programme to evaluate results”.