Invictus identifies more gas deposits

AUSTRALIAN energy firm, Invictus Energy Limited, has said the total gas observed
from drilling at its Mukuyu 2 site in Muzarabani District has multiplied four times than
the one identified at its first drill site.

In its previous update, Invictus said it was preparing to drill a further 1 000 metres
(m) to their planned total of 3 750m at its Mukuyu-2 drilling site after identifying
further oil and gas deposits.

The Mukuyu-2 drilling site was identified after previous machine breakdowns last
December, forcing Invictus to abandon its drilling efforts at its first identified drilling
site, Mukuyu-1.

The drilling site is in the Muzarabani District of the Mashonaland Central Province,
located in the northeastern part of Zimbabwe.

“Total gas observed from reservoirs in Mukuyu-2 to date is approximately four times
greater than observed total gas peaks in Mukuyu-1. Background gas, including
heavier hydrocarbons (C4 and C5), is approximately double the background levels
observed in Mukuyu-1,” the company said last week.

“Along with the fluorescence in the Upper and Lower Angwa Formation reservoirs,
this provides further evidence of an active petroleum system in the basin. A failure of
the LWD pulser necessitated a change out of the bottom hole assembly which has
subsequently been completed.”

Since the last update, Invictus said that the drill bit, LWD tools and mud motor were
changed out and drilling of the 8½” hole section has reached the current depth of
3,296 metres Measured Depth.

The firm noted that strong gas shows of up to 157 times above background gas
baseline, with associated drilling breaks, fluorescence in cuttings (indicative of
presence of liquid hydrocarbons) and elevated LWD resistivity, had been
encountered in multiple Upper Angwa sandstone reservoirs.

“The top of the interpreted lower Angwa (massive member) formation was
encountered close to the pre-drill prognosed depth,” Invictus said.
“Further, strong gas shows (up to 151 times above background gas baseline) have
been encountered in multiple lower Angwa sandstone reservoirs along with
fluorescence in cuttings and elevated LWD resistivity.”

Speaking about the deposits, Invictus managing director, Scott Macmillan, said that
the firm continued to see encouraging signs through its upper Angwa primary target,
and now also in the top lower Angwa.

“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,” he said.

Invictus last month said that it had secured AUD15 million (US$9,47 million) from
capital raising initiatives to begin drilling at its Mukuyu-2 drilling site, which the
company said would take 50 to 60 days.