Invictus Energy Celebrates Major Gas Discovery in Mukuyu-2 Well in Zimbabwe

$IVZ Invictus Energy Celebrates Major Gas Discovery in Mukuyu-2 Well in Zimbabwe

Invictus Energy Celebrates Second Gas Discovery in Zimbabwe's Cabora Bassa Basin

A Significant Gas Find in Lower Angwa Formation

Invictus Energy Limited ("Invictus" or "the Company") has announced another remarkable achievement in its drilling campaign at the Cabora Bassa Project, located in Zimbabwe. The company, which holds an 80% ownership and operates the project, has made a substantial gas discovery in the Mukuyu-2 well.

A Multitude of Hydrocarbon Samples Recovered

The Mukuyu-2 well has yielded a significant breakthrough with the recovery of eleven hydrocarbon samples from both the Lower Angwa and additional Upper Angwa gas zones. This discovery is poised to have a substantial impact on the project's overall resource potential.

Preliminary Net Pay Estimate

Initial estimates suggest a preliminary net pay of 34.9 meters from the Mukuyu-2 well, covering both the Upper Angwa and Lower Angwa formations. This preliminary assessment is subject to further calibration with core and fluid data, as well as additional evaluation.

Confirmation ... of Potential in the Mukuyu Field

The Mukuyu-2 discoveries hold substantial significance, as they were drilled seven kilometers away and 450 meters updip of the Mukuyu-1 discovery well. This confirmation of gas in both the Upper and Lower Angwa formations greatly expands the resource potential within the Mukuyu gas field. The field boasts an impressive structural closure of over 200 square kilometers, highlighting its immense potential.

Vast Acreage and Exploration Opportunities

Invictus Energy's commanding 360,000-hectare acreage in the Cabora Bassa Basin provides substantial opportunities for further exploration and potential discoveries. The success at Mukuyu-2 underscores the company's position as a leading player in the region's energy sector.

Ongoing Operations and Future Plans

As the Mukuyu-2 sidetrack well reached its Total Depth of 3,360 meters, preparations for wireline logging and formation fluid sampling were initiated. While a limited suite of wireline logging data was acquired, additional operations, including sidewall cores and a vertical seismic profile (VSP), are underway.

The well is set to be suspended for future flow testing over the interval, allowing for further evaluation and testing of the remaining portion of the Lower Angwa formation. This area holds significant potential, as over-pressured gas-bearing reservoirs were encountered in the original Mukuyu-2 wellbore.

A Glimpse into the Future

The discovery in Mukuyu-2 also opens up new prospects and leads within the Cabora Bassa Basin acreage position. Wireline logs suggest that the Pebbly Arkose and Dande formations may contain additional exploration potential, which will be targeted in future campaigns.

The results from Mukuyu-2 will be integrated into the geological and geophysical datasets, providing valuable insights to inform future exploration and appraisal activities. Invictus Energy is poised to continue its ambitious drilling and exploration endeavors, with the Exalo Rig 202 secured for a further two years.

Investors are eagerly anticipating the company's briefing, scheduled for today, where detailed discussions about these remarkable results and the future direction of the Cabora Bassa Project will take place. Invictus Energy's dedication to unlocking Zimbabwe's vast energy resources continues to yield impressive outcomes, positioning the company as a key player in the region's energy landscape.

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