- Invictus Energy’s (IVZ) initial wireline program has shown “multiple potential gas-bearing zones” within the company’s Mukuyu-1 well in the Cabora Bassa Basin, Zimbabwe
- After the well reached its total depth earlier this week, IVZ began acquiring wireline data to confirm the presence of moveable hydrocarbons
- While the initial program has been “encouraging”, Invictus will now carry out a wireline formation testing program and drill ahead into the Mukuyu-1 well to test its deeper potential
- The company expects the remaining drilling and logging activities to take another five to seven days to complete
- IVZ shares are down 5.56 per cent to trade at 34 cents at 12:47 pm AEDT
Invictus Energy (IVZ) has completed a preliminary wireline program at its Mukuyu-1 well in Zimbabwe, and analysis is ongoing.
The energy stock earlier this week announced the well, located in the Cabora Bassa Basin, had reached a total depth of 3618 metres.
As soon as the well had reached the 3618-metre depth, the company began acquiring wireline data across the entire eight-and-a-half-inch hole section to evaluate any zones of interest.
This program also aimed to confirm the presence of moveable hydrocarbons in multiple zones after Invictus confirmed a working conventional hydrocarbon system within the basin.
According to Invictus, the initial wireline program has been “encouraging”, indicating multiple potential gas-bearing zones. The company now plans to conduct a wireline formation testing program in the area.
“The presence of moveable hydrocarbons will be determined following the wireline formation testing program, which will be run following the arrival of the wireline formation testing tool at the well site,” Managing Director Scott Macmillan said.
“In the interim, we have elected to drill ahead to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations, which will also provide us with valuable geological and geophysical information for future wells in the basin,” he added.
Invictus expects the remaining drilling and logging activities to take a further five to seven days to complete.
IVZ shares were down 5.56 per cent to trade at 34 cents at 12:47 pm AEDT.