Independent upstream oil and gas company Invictus Energy (ASX:IVZ) reports the presence of a working hydrocarbon system from drilling at the Mukuyu-1 well, as part of its 80% owned SG 4571 licence in Zimbabwe.
The results returned to date have displayed fluorescence and elevated gas levels of up to 65 times above background levels from a depth of 3,070mMD, as well as marked increases from C1 to C5 compounds, within the project’s Upper Angwa primary target.
It is also reported that logging while drilling (LWD) analysis has identified further shallower zones of interest within the Upper Angwa area, following the return of additional elevated mud gas readings and the observation of LWD resistivity.
These additional zones of interest are expected to be comprehensively evaluated through a planned wireline logging program, which is scheduled to take place once Mukuyu-1 reaches total depth and will allow for the identification of any potential hydrocarbon pay.
Speaking on the results, Invictus Energy Managing Director, Scott Macmillan said: “Early indications in our Upper Angwa primary target are highly encouraging and have proven a conventional working hydrocarbon system in the Cabora Bassa Basin, which is an exciting development validating our subsurface model.
The presence of elevated mud gas readings, fluorescence in the cuttings, elevated LWD resistivity and increasing background gas with depth is a positive sign as we progress through the Upper Angwa Alterations Member.
We still have several hundred metres of drilling through our primary targets with additional potential, which will be followed by a comprehensive wireline logging program to evaluate results, with the aim of confirming the presence of moveable hydrocarbons in multiple zones.”
The company also notes that additional potential zones of interest are located in the Pebbly Arkose and Forest formations, which also display elevated LWD resistivity.
However, multiple equipment failures of the gas chromatography systems has resulted in a failed return of mud gas composition data at depths shallower than about 2,820mMD through the Dande, Forest and the majority of the Pebbly Arkose horizons.
Meanwhile, challenging conditions within the Pebbly Arkose have necessitated the changeout of the downhole drilling motor before drilling can continue through the Upper Angwa formation to its planned total depth of about 3,500mMD.
As of 1pm (AEST) Invictus Energy’s share price has increased by 152.38%.
Invictus Energy is an ASX-listed upstream oil and gas company headquartered in Perth, Western Australia with a commitment to operating in a safe, ethical and responsible manner, respecting the environment, its staff, contractors and communities in which it works. The company’s SG 4571 asset is located in Zimbabwe’s Cabora Bassa Basin, which is host to the world class Mzarabani prospect, the largest undrilled prospect situated onshore in Africa. The asset covers about 250,000 acres of prospective tenure and is currently in the second exploration period which runs to June 2024.
With the current drilling campaign at SG 4571 still ongoing, Invictus Energy announces it will move forward with the acquisition of a comprehensive wireline logging evaluation suite in order to confirm the presence of moveable hydrocarbons.
Images: Invictus Energy