Invictus Energy is set to spud a sidetrack from its Mukuyu-1 wildcat in Zimbabwe to extract an important fluid sample from prospective reservoirs.
Once the sampling operation has been completed, the sidetrack will be suspended for future testing.
The company’s stock price in Australia fell about 21% to A$0.25 (US$0.17) on the sidetrack news, although Invictus chairman Stuart Lake also announced today that he will step down from his role next week for personal reasons.
Invictus managing director Scott Macmillan said today that the Mukuyu-1 wellbore was successfully deepened to a measured depth of 3923 metres “and continued to encounter multiple reservoir units with elevated gas shows and fluorescence until total depth, proving up the potential of the Upper Angwa formation over a 900-metre gross interval”.
