The Invictus Energy Ltd (ASX: IVZ) share price started today’s session strongly in the green.
Shares in the oil and gas explorer opened 7% higher at 15 cents after releasing an update to the market earlier today.
Let’s take a look at what Invictus announced.
Invictus shares lift on Cabora Bassa update
Investors have pushed the Invictus Energy share price higher today after the company released an update on its Cabora Bassa Project.
The update informs Invictus shareholders that seismic data acquisition will commence in the first week of September.
The company noted that, in preparation, 400km of line has been cleared ahead of the commencement of data acquisition.
In addition, Invictus highlights that the latest generation STRYDE wireless nodes will be used.
This technology will allow the company to double the seismic data coverage.
The update also informs investors that the seismic data processing contract has been awarded to Canadian-based firm Earth Signal Processing Ltd.
Managing Director Scott Macmillan commented on the news driving the Invictus share price:
The Company is pleased to be commencing the seismic data acquisition in the coming days and the preparation for this campaign has gone well and all the equipment and personnel heading to the field. We are extremely pleased with the performance of Polaris and the local field crew who have completed 400km line clearing ahead the data acquisition which will ensure that the campaign is completed seamlessly.
The company’s management also noted that preparation for its opening drilling campaign is progressing well. As a result, Invictus is on track to select a rig and service providers towards the end of this quarter.
Invictus share price snapshot
Invictus Energy is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa.
The company’s portfolio consists of 250,000 acres within the Cabora Bassa Basin in Zimbabwe.
The Invictus share price has had a stellar year thus far, storming ~170% since the start of 2021.
Shares in the oil and gas explorer bolted to record highs earlier this year and have tapered off since then.
At the time of writing, the Invictus share price is flat for the day. Shares in the company were trading more than 7% higher earlier, after hitting an intra-day high of 15 cents.
The post Here’s why the Invictus (ASX:IVZ) share price opened 7% higher this morning appeared first on The Motley Fool Australia.
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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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