IVZ hits Total Depth (TD) at its sidetrack well

Last week, Invictus Energy (ASX: IVZ) officially announced a gas discovery from its project in Zimbabwe.

For those who missed it, we covered the discovery in a note last week and in our weekend email.

This week, the company hit TD at its Mukuyu-2 sidetrack well.

Last week we mentioned that IVZ could follow up its discovery with a second discovery announcement and that drilling was still ongoing.

For context - IVZ declared a discovery from its first primary target (Upper Angwa) and was still drilling down into the second primary target (Lower Angwa).

Today, IVZ confirmed that it had finished drilling through the second target and had hit “Multiple zones encountered fluorescence and strong gas shows in Lower Angwa”.

IVZ is now running wireline/sampling tools to see if it can bring a fluid sample up to surface from a second reservoir.

IF successful, IVZ will be in a position where it has a discovery across two different reservoirs.

What’s next for IVZ?

🔄 More net pay and samples from second primary target?

IVZ is currently running wireline logging/sampling tools down its sidetrack well to test the second primary target (Lower Angwa reservoir).

We are hoping IVZ is able to extend its discovery and announce more net pay in the next few days or weeks.

🔲 Flow testing well

IVZ is planning a flow test for next year, which will help determine whether or not IVZ can commercialise its discovery.

🔲 Interest from big majors

Now that IVZ has declared a discovery, we are hoping major oil & gas companies to start to take an interest in IVZ’s project.