Invictus Energy has found more than 1,000 metres of gross hydrocarbon charge in two zones at its Zimbabwean well. It has now started wireline logging the Mukuyu-2 well.
“The planned comprehensive wireline logging programme including formation pressure and fluid sampling, sidewall cores and checkshot surveys will be run with the aim of confirming the presence of moveable hydrocarbons in multiple zones in the Upper and Lower Angwa formations to declare a discovery,” said managing director Scott Macmillan.
Invictus has mobilised a 7-inch liner to the well, which would allow it to complete the well for a future well test. This may come in the second quarter of 2024.
The company began drilling the well on September 21. Since beginning drilling, Invictus’ share price has increased 38%, although it is down 9.6% today at A$0.24 ($0.15).
Initially, the plan had been to drill to a depth of 3,750 metres. However, Invictus called total depth at 3,718 metres.
The Australian minnow explained it would have needed to increase the drilling mud weight to continue drilling. It opted instead to halt and shift to logging. This will evaluate “multiple zones of interest”, it said.
“We anticipate completing the wireline logging program in the next 6-8 days depending on logging conditions and number of fluid sampling stations,” Macmillan said.
Changes
Speaking at the company’s AGM, the executive said drilling on this well had been “much, much better” than the Mukuyu-1.
“It’s been better from a couple of angles. Logistics, firstly, this is a logistics project … we’ve moved tools from all over the planet” to the well site. “We’ve made some changes to the team, our drilling manager is first class … he’s been amazing. Changing the service providers has also helped.”
It had been unable to carry out logging while drilling because of a backup pulser failure.
Logging is currently under way on the 8.5 inch hole section, which reached a depth of 3,296 metres. The Upper Angwa section, which had been the primary target, is at a depth of around 2,200 metres.
Invictus may opt to deepen the well to test additional areas of interest in the Lower Angwa, below the current total depth.
Drilling is on budget. Invictus expects the well will be completed within the 50-60 days initially guided.
The company reported it had found strong gas shows in the Lower Angwa sandstone reservoirs, from a depth of 3,296 metres to the total depth.
Before drilling, ERCE estimated the gross mean recoverable conventional potential of the Mukuyu prospect at 20 trillion cubic feet and 845 million barrels of condensate.
As the company sees positive results, questions around how to fund a development will start coming to the fore again. In its annual report, Invictus said it could fund the Cabora Bassa Basin gas condensate project through “debt, equity, a senior farm-in partner or a combination of each”.
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