Australia’s Invictus Energy (ASX:IVZ) has reached total depth and found “multiple zones” with gas shows.
The company reported evidence of a working petroleum system on November 10 and provided more information on November 14.
The share price of the Australian minnow has rocketed, from A$0.1 ($0.06) on November 9 to around A$0.34 ($0.23), a 200% plus increase.
The Mukuyu-1 well reached a total depth of 3,618 metres. Invictus, which owns an 80% stake in the licence, has said it may deepen the well to test more areas in the Lower and Upper Angwa formation.
“We have had further encouraging signs from the Mukuyu-1 well since drilling recommenced with multiple zones encountering elevated gas shows and fluorescence in our Upper Angwa primary target,” said Invictus managing director Scott Macmillan.
Finding hydrocarbon charge in the Upper Angwa reservoir validates the company’s subsurface model. It also demonstrates a working hydrocarbon system, he continued.
“We have continued to observe elevated gas shows and fluorescence through multiple reservoir intervals in the Upper Angwa until TD was called, and we will now acquire the necessary wireline data whilst the borehole conditions are still conducive in order to evaluate the zones of interest observed to date,” Macmillan said.
The next step is comprehensive wireline logging. This will include formation pressure and fluid sampling. The company will run sidewall cores and checkshot surveys, the executive said. These have “the aim of confirming the presence of moveable hydrocarbons in multiple zones”.
Invictus has also found heavier hydrocarbons the closer the Mukuyu-1 has come to total depth.
The company provided no potential resource numbers on the well. In July, Invictus said it may hold as much as 20 trillion cubic feet of gas.
Source: Energy Voice
