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Invictus Energy: Shares skyrocket on “working hydrocarbon system” at Mukuyu-1 well, Zimbabwe

Invictus Energy Shares skyrocket on “working hydrocarbon system” at Mukuyu-1 well, Zimbabwe

  • Invictus Energy (IVZ) confirms a “working hydrocarbon system” within its Mukuyu-1 well in Zimbabwe amid equipment trouble
  • Drilling has reached a measured depth of 3086 metres slower than expected due to “challenging conditions” in the Pebbly Arkose, where several loss zones were encountered
  • Nevertheless, conditions improved in the Upper Angwa formation, where elevated mud gas peaks were observed up to 65 times above background levels
  • Moving forward, the company plans to undertake a wireline logging program to evaluate all zones of interest once drilling reaches a total depth of 3500 metres
  • The company shares are soaring 161.9 per cent higher to 27.5 cents at 1:55 pm AEDT.
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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