Invictus Energy ASX IVZ Zimbabwe Cabora Bassa basin gas
October 25, 2023
Invictus Energy hits strong gas shows on multiple levels at Mukuyu-2

Invictus Energy’s (ASX: IVZ) plans to become a major gas supplier to an energy hungry Zimbabwe have been further boosted by further promising early results from the Mukuyu-2 appraisal well.

The company has encountered strong gas shows in multiple Upper Angwa reservoirs at the Mukuyu-2 well, which is located in the 80% owned and operated Cabora Bassa project area.

Drilling to date has recorded gas shows up to 157 times above background gas baseline, along with the observation of fluorescence in cuttings (a sign hydrocarbons have been intersected in the well bore) and elevated logging while drilling equipment resistivity readings across a number of reservoirs.

Four times greater

Managing director, Scott Macmillan, reported that the total gas levels observed from reservoirs in Mukuyu-2 is approximately four times greater than those identified in the Mukuyu-1 discovery well, while background gas, including heavier hydrocarbons (C4 and C5), is approximately double the background levels observed in the earlier well.

“We continue to see highly encouraging signs through our Upper Angwa primary target, and now also in the top Lower Angwa, with increased strong gas shows, fluorescence and elevated resistivity from logging while drilling tools across multiple zones down to the current total depth of the well with several hundred metres of undrilled section and potential upside still ahead,” Mr Macmillan said.

“Results to date have been extremely encouraging through the Upper Angwa and additional positive indications of the play potential in the previously untested Lower Angwa is exciting.”

Ready to drill ahead

The company is preparing to drill ahead following a change out of the drill bit and bottomhole assembly and it may potentially deepen the well providing drilling conditions permit after having confirmed additional potential in the Lower Angwa formation.

The company believes this potential opens up a substantial new play type in Mukuyu and the wider Cabora Bassa within its acreage position.

The promising results come on top of Invictus’ recent reports that the well encountered elevated gas shows and resistivity in the Upper Angwa zone target.

Those elevated gas shows were registered at up to 70 times above background levels while logging while drilling resistivity was also encountered in the Upper Angwa primary target reservoirs.

Wireline logging preparations

Invictus plans to run a comprehensive wireline logging programme to evaluate results and to test for the presence of moveable hydrocarbons in multiple zones and declaring a discovery once total depth is reached.

The well is currently at a depth of 3,296 metres with the top of the interpreted Lower Angwa formation encountered close to the pre-drill prognosed depth.

The company says the Exalo 202 rig contracted for the well will soon recommence drilling through the Lower Angwa zone to approximately 3,750m before running a wireline logging evaluation suite.

The contractor will run a 7-inch liner to allow for the Mukuyu-2 well to be completed in preparation for a future well test following the finalisation of operations.

Energy hungry local market

The positive Mukuyu results support Invictus’ plans to supply the local energy hungry market.

Zimbabwe continues to be heavily impacted by power shortages and state power utility ZESA recently stated it is looking to more than double national grid capacity by 2025 to respond to increased demand from the mining sector.

The country currently has a generating capacity of 2,000 megawatts (MW) but is only producing 1,400 megawatts due to regular breakdowns at its thermal power stations and water shortages at its main hydro plant.

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