Australian Stock Exchange-listed oil and gas exploration junior Invictus Energy‘s shares have risen significantly after the company identified 13 hydrocarbon-bearing zones at the Mukuyu-1 prospecting well in Muzarabani.
After successfully concluding the Mukuyu-1 and ST1 drill campaign, the company’s shares gained over 6 per cent in the early hours of 23 January.
According to Invictus Managing Director Scott McMillan, the Mukuyu-1 drill campaign has been successful and the results outstanding.
“The Mukuyu-1 and ST1 drill campaign has been a great success, identifying 13 potential hydrocarbon bearing zones across the Pebbly Arkose and Upper Angwa formations.
“Significantly, a combined 225 metres of gross potential hydrocarbon bearing zones have been identified in the primary target Upper Angwa, which still contains deeper untested potential.
“This is an outstanding result and virtually unprecedented for the first well in a frontier basin, establishing a new petroleum province and substantially de-risking the Company’s wider acreage in the Cabora Bassa Basin.
“We are still interpreting all the data, with results to be integrated into the seismic data and basin models to guide future well locations and exploration prospect selection,” McMillan said.