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Date : 23/11/2022

Invictus Energy (ASX: IVZ) shares surged another 40%, increasing 250% since last week

This article is about the Australian oil and gas exploration firm Invictus Energy Ltd (ASX:IVZ). The company primarily emphasises developing high-impact energy resources in sub-Saharan Africa. The company was founded in 2011 and is headquartered in Australia.

Its assets comprise a very promising section of Zimbabwe’s Cabora Bassa Basin. The company’s primary business activity is in the exploration sector. Cabora Bassa, a project in Zimbabwe, is the company’s main focus.

IVZ share price surged heavily on the stock market after the company announced new developments.


ASX IVZ: FY22 Results

ASX IVZ stock surged another 40% on Monday to trade at $0.34 on the new updates, increasing 250% since last week. The current market cap of the company is approximately 293.58 Million AUD.

ASX IVZ Shares News & Analysis

  1. Its FY22 revenue was $1.41K, gaining 52% YoY.
  2. The net loss of the company was reported to be $3.6 million.
  3. The operating expense of the company was $4.2 million.
  4. IVZ reported an EBITDA of ($4 million).
  5. At the end of FY22, the company had cash and cash equivalents of $13.72 million, increasing 50% YoY.


What’s behind the IVZ share price surging once more?

A positive report on the Mukuyu-1 well in Zimbabwe’s Cabora Bassa Basin was issued on Monday, prompting investors to rush to acquire ASX IVZ shares once again.

When drilling at a depth of 3,070 mMD, the business announced last week that higher mud gas peaks (up to 65 times over background gas baseline) were found, along with notable increases from C1 to C5 chemicals (methane, ethane, propane, butanes, and pentanes).

Today’s report states that drilling has resumed in the 8½” hole segment and has progressed to a Measured Depth of 3,618 metres (or “mMD”). At this point, the preliminary Total Depth (“TD”) was called.

Increases in C1 to C5 chemicals have been detected at elevated mud gas peaks (up to 135 times over the background gas baseline when drilling at a depth of 3,171 mMD) (methane, ethane, propane, butanes and pentanes).

The Upper Angwa reservoir intervals were intersected, and many zones with high mud gas and fluorescence were found throughout.

Since having the mud gas chromatograph equipment repaired at about the 2,820 mMD depth, we have seen a rise in background gas with higher hydrocarbon components as we have progressed to the TD level.

When drilling was restarted, the deployed bottom hole assembly did not include the LWD resistivity sensor because of a problem with the tool’s integrity.

Wireline logging is scheduled to be performed on all prospective areas, enabling the detection of hydrocarbon pay.


IVZ: The Future Plans for IVZ

To validate the existence of transferable hydrocarbons, it is intended to obtain a complete wireline logging assessment suite over the 8½” hole section.

Depending on the logging circumstances, the whole wireline logging and assessment process might take anywhere from three to six days.

After wireline logging is finished, the company may deepen the Mukuyu-1 well to explore the remaining Upper Angwa and Lower Angwa formations.


IVZ: Management Remarks

Scott Macmillan, the managing director of Invictus Energy, said:

“Drilling has resumed in the Upper Angwa major target area, and we have seen more promising signals from the Mukuyu-1 well.

“Our subsurface model and the existence of a typical operating hydrocarbon system in the Cabora Bassa Basin are corroborated by detecting hydrocarbon charge across the Upper Angwa reservoir intervals.

“Until TD [total depth] was called, we detected higher gas displays and fluorescence over several reservoir intervals in the Upper Angwa. We will now obtain the required wireline data. At the same time, the drilling conditions are still suitable for analysing the zones of interest identified too far.”



The company provided two market updates, one last Wednesday and the latest one today. The natural gas deposits exploration has caused ASX IVZ shares to flare up. The energy shortage due to the Russia-Ukraine conflict has severely affected the energy supply chain. This could be a new hope of contributing to the natural gas demand in these uncertain times when Winter is Here!


ASX Energy Stocks News and Insights:

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