Invictus Share Price Almost Quadruples

Invictus Share Price Almost Quadruples
The share price of Invictus Energy Limited has almost quadrupled.

The share price of Invictus Energy Limited, an independent upstream oil and gas company focused on sub-Saharan Africa, has almost quadrupled since last week.

On November 9, the company’s share price closed at $0.105. This rose to $0.275 on November 10, when the company announced fluorescence and elevated gas shows of up to 65 times above background levels in its Upper Angwa primary target, and to $0.38 at the time of writing, following a company update on the asset on November 14.

“Early indications in our Upper Angwa primary target are highly encouraging and have proven a conventional working hydrocarbon system in the Cabora Bassa Basin, which is an exciting development validating our subsurface model,” Invictus Managing Director Scott Macmillan said in a company statement on November 10.

“The presence of elevated mud gas readings, fluorescence in the cuttings, elevated LWD resistivity and increasing background gas with depth is a positive sign as we progress through the Upper Angwa Alternations Member,” he added.

“We still have several hundred meters of drilling through our primary targets with additional potential, which will be followed by a comprehensive wireline logging program to evaluate results, with the aim of confirming the presence of moveable hydrocarbons in multiple zones,” Macmillan continued.

On November 14, Macmillan noted that the company had 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”.

“The evidence of hydrocarbon charge throughout the Upper Angwa reservoir intervals provides further validation of our subsurface model and the presence of a conventional working hydrocarbon system in the Cabora Bassa Basin,” he added.

In the statement on November 14, Macmillan said the company had continued to observe elevated gas shows and fluorescence through multiple reservoir intervals in the Upper Angwa until TD was called, and said it will now acquire the necessary wireline data while the borehole conditions are still conducive in order to evaluate the zones of interest observed to date.

“The company may elect to deepen the well post the wireline logging of the current hole section in order to test the deeper potential in the remaining Upper Angwa and Lower Angwa formation,” Macmillan stated.

“The planned comprehensive wireline logging program - 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,” he added.

To contact the author, email andreas.exarheas@rigzone.com



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