The Invictus Energy Ltd (ASX: IVZ) share price is having another stunning day.
At the time of writing, the energy exploration companyâs shares are up 58% to 38 cents.
This means the Invictus Energy share price is now up almost 250% since last Wednesday.
Why is the Invictus Energy share price rocketing higher again?
Investors have been scrambling to buy shares again on Monday after the company released another promising update relating to the Mukuyu-1 well in Zimbabweâs Cabora Bassa Basin.
Last week, the company revealed that elevated mud gas peaks (up to 65 times above background gas baseline) were observed while drilling through a depth of 3,070 metres measured depth (mMD) with marked increases from C1 to C5 compounds (methane, ethane, propane, butanes and pentanes).
According to todayâs release, drilling activities have continued to a depth of 3,618 mMD. Pleasingly, multiple zones were encountered with fluorescence and elevated gas shows (up to 135 times above background levels) in the Upper Angwa primary target.
In light of this, a working conventional hydrocarbon system has been confirmed in Cabora Bassa Basin. Management is now preparing to run wireline logging tools to evaluate multiple zones of interest.
âFurther encouraging signsâ
Invictus Energyâs managing director, Scott Macmillan, commented:
We have 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.
We have continued to observe elevated gas shows and fluorescence through multiple reservoir intervals in the Upper Angwa until TD [total depth] was called, and we will now acquire the necessary wireline data whilst the borehole conditions are still conducive in order to evaluate the zones of interest observed to date.
The post Invictus Energy share price rockets again, up almost 250% in under a week appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro 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 Scott Phillips.
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