Anticipation high: Invictus applies for stock trad...

Anticipation high: Invictus applies for stock trade halt as exploration probe nears main target

Halt to end on December 7 at beginning of normal trading day

Or if announcement is made

Zim Now Writer

Invictus, the company drilling for oil in Muzarabani, has called for a halt on trading of its shares after announcing that it is near its main reservoir target.

Invictus is expected to make a statement confirming discovery of oil, or disappointment.

The halt will last until normal start of trading on December 7, or when an announcement is made, whichever comes first.

Mukuyu-2 side-track well was 400 metres short of total depth as of yesterday, December 4, the company said.

Previous statements from Invictus have indicated that there a high hopes for the wildcat drilling.

“Multiple zones with elevated mud gas and fluorescence have been observed, consistent with the original wellbore,” posted Invictus on their X wall yesterday.

“Since the last update, controlled drilling of the side-track well recommenced in the 8½” hole section and the well has reached 2,987 metres Measured Depth (“mMD”) towards the base of the Upper Angwa formation.

“Multiple zones with elevated mud gas and fluorescence were encountered and strong gas shows have been observed with marked increases from C1 to C5 compounds (methane, ethane, propane, butanes and pentanes) consistent with the Mukuyu-2 original wellbore,” the company said in a progress update.

On December 1, Invictus announced extension of the contract for Exalo Rig 202 to remain in the Cabora Bassa Basin for another two years.

“Highly encouraging results from the Mukuyu campaigns set the stage to extend the agreement in preparation for future exploration activity,” said the company on X.

Invictus’ exploration of Mukuyu-1 ended with some promising results but with no definitive oil discovery.