Invictus Energy (ASX:IVZ) announces gas discovery in Mukuyu-2 well

Invictus Energy Limited (ASX:IVZ) has announced a gas discovery in the Mukuyu-2 well at its 80% owned and operated Cabora Bassa Project in Zimbabwe. The discovery includes the recovery of four hydrocarbon samples from two zones in the Upper Angwa, marking the first Triassic aged hydrocarbon discovery in Sub Saharan Africa.

Managing Director's Comments on Mukuyu-2 Gas Discovery

We are delighted to declare a gas discovery from the Mukuyu-2 sidetrack well in the Upper Angwa formation. The discovery represents one of the most significant developments in the onshore Southern Africa oil and gas industry for decades. I'm extremely proud to be involved with the Invictus team and our partners in opening up one of the last untested rift basins. The perseverance and hard work by of our dedicated team has paid off. The Company has delivered an exceptional result from the first two wells drilled in Mukuyu, which provides us with significant running room in our large portfolio of prospects and leads for further discoveries in our acreage in the Cabora Bassa basin. With additional hydrocarbon bearing reservoirs ahead, the focus now is to complete the drilling and evaluation program and obtain further wireline data including fluid samples to declare an additional discovery from the Lower Angwa formation.

Summary of Invictus Energy's Gas Discovery in Mukuyu-2 Well

Invictus Energy Limited (ASX:IVZ) has made a significant gas discovery in the Mukuyu-2 well at its Cabora Bassa Project in Zimbabwe. The discovery, representing the first Triassic aged hydrocarbon discovery in Sub Saharan Africa, has provided the company with substantial running room in its portfolio of prospects and leads for further discoveries in the Cabora Bassa basin. The preliminary net pay estimate of 13.9m for the Upper Angwa and the significant additional gross sands intersected within the Upper Angwa gas leg indicate additional upside and potential for further resource size. The company's forward plan includes deepening the sidetrack well towards the planned TD in the Lower Angwa, with the ultimate TD depending on the intersection of sands anticipated based on the Mukuyu-2 logs and observations around the prevailing formation pore pressures. The completion of the sidetrack will also allow for the well to be suspended for future flow testing, providing an opportunity to evaluate and test the remaining portion of the Lower Angwa in future operations.