Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 May 2026drilling progress report▲ Good
Site work has started for Musuma-1: the wellsite is surveyed, rig move planning has begun, and drilling and service contract awards are targeted for June 2026. Spud remains planned for H2 2026. No drilling result yet.
14 Apr 2025drilling scheduled▲ GoodMajor
Musuma-1 is confirmed as the next well, a vertical well to about 1,500m targeting 1.2 Tcf of gas and 73 million barrels of condensate (gross mean unrisked), with spud planned for H2 2025. The PEDPA and PPSA are to be merged into one agreement. Firms up the 2025 Musuma plan; the merged agreement may delay the PPSA.
3 Sept 2024resource reserve update▲ GoodMajor
Finished CB23 seismic interpretation defines eight eastern prospects with 2.9 Tcf gas and 184 million bbl condensate (gross mean unrisked prospective). A Musuma well (1.17 Tcf) is planned for 2025. These are undrilled prospects, not discoveries.
6 May 2024drilling result▲ GoodMajor
CB23 2D seismic interpretation maps amplitude-supported prospects in the shallow Dande Formation (Musuma, Mopane, Mururo), possibly one large accumulation. Targets are under 1,200m and testable by a simple vertical well. These are prospects, not discoveries, and need more work before drilling.
21 Feb 2024resource reserve update▲ Good
Invictus highlights a Wood Mackenzie review ranking Mukuyu the second largest Sub-Saharan Africa discovery of 2023, at an estimated 230 million boe (1.3 Tcf). This is a third-party estimate, not a company resource booking. Invictus says work to quantify contingent resources continues.
13 Feb 2024drilling progress report● Neutral
The Mukuyu-2 gas samples have cleared export and are due at a US laboratory this week, with initial results expected within two weeks. This is a timing update on the pending lab analysis, with no results yet.
18 Dec 2023drilling progress report▲ Good
Wireline work at the Mukuyu-2 sidetrack is finished: 15 hydrocarbon samples and 38 sidewall cores were recovered, several cores showing liquid hydrocarbon fluorescence. Net pay estimate is unchanged at 34.9m. The 7-inch liner is next, to allow a future flow test.
15 Dec 2023drilling result▲ GoodMajor
Invictus declared a second gas discovery, in the Lower Angwa at Mukuyu-2, with 11 further hydrocarbon samples recovered. Preliminary net pay is 34.9m across Upper and Lower Angwa. Lab analysis is still to come, and a well test is planned next.
11 Dec 2023drilling progress report▲ Good
The Mukuyu-2 sidetrack reached total depth of 3,360mMD in the Lower Angwa, with strong gas shows and fluorescence. The hole is being conditioned for a full wireline logging, sampling, sidewall core and seismic programme before the well is suspended for flow testing.
7 Dec 2023drilling result▲ GoodMajor
Invictus declared a gas discovery at Mukuyu-2 after four hydrocarbon samples reached surface from two Upper Angwa zones. Preliminary net pay is 13.9m. It says Mukuyu-1, 7km away, can now be classed a discovery. Resolves the open discovery question; lab analysis is pending.
4 Dec 2023drilling progress report▲ Good
The Mukuyu-2 sidetrack has reached 2,987mMD near the base of the Upper Angwa, with strong gas shows and fluorescence consistent with the original hole. Drilling continues to about 3,400mMD, then logging and sampling.
27 Nov 2023drilling progress report● Neutral
The Mukuyu-2 vertical sidetrack has started, kicked off above the casing shoe at about 1,966m, and is drilling toward about 3,400m through the Upper and Lower Angwa. It will be logged and sampled, then the well suspended for flow testing. This follows the 20 November decision to sidetrack.
20 Nov 2023drilling result● NeutralMajor
Mukuyu-2 recovered natural gas (about 96.6% methane) from the Pebbly Arkose at 2,197m, which the company calls a potential discovery. Hole problems and high pressure (over 5,000 psi) prevented full sampling, so a vertical sidetrack is needed; it says it is funded for this. Mukuyu-2 would then be kept for a future flow test.
13 Nov 2023drilling progress report▼ Bad
Fluid sampling on Mukuyu-2 was delayed again after both primary and backup sampling tools failed during clean-up. Replacement parts have arrived and the company is preparing to resume. No new results.
9 Nov 2023drilling progress report● Neutral
Initial Upper Angwa sampling on Mukuyu-2 showed gas and liquid hydrocarbons (condensate/oil) flowing, indicating moveable hydrocarbons. The wireline cable stuck to the borehole wall, so sampling moves to drill pipe, pushing the schedule back several days, with results expected in 3-5 days.
6 Nov 2023drilling progress report▲ Good
Preliminary wireline logs on Mukuyu-2 identify multiple hydrocarbon-bearing zones in the Upper and Lower Angwa, matching the gas shows seen while drilling. Logging ran slightly late after a tool failure; fluid sampling, needed to confirm a discovery, is expected to take 2-3 days.
30 Oct 2023drilling result▲ GoodMajor
Mukuyu-2 reached total depth of 3,718m with strong gas shows and fluorescence in more Lower Angwa sands, giving a hydrocarbon-charged interval over 1,000m gross. Wireline logging has begun to confirm moveable hydrocarbons and declare a discovery; the well remains on the 50-60 day schedule.
25 Oct 2023drilling result▲ GoodMajor
Mukuyu-2 at 3,296m shows strong gas shows (up to 157 times background) and fluorescence in the Upper Angwa, and similar shows (up to 151 times) in the previously untested Lower Angwa. The company says this could open a new play. Wireline logs are still needed to confirm moveable hydrocarbons; it may deepen beyond 3,750m.
20 Oct 2023drilling progress report▲ Good
Mukuyu-2 reached 2,745m with gas shows up to 70 times background and elevated resistivity in the Upper Angwa primary target, plus heavier hydrocarbons. Some mud was lost to the formation and top drive repairs slowed progress. Drilling continues toward 3,750m.
10 Oct 2023drilling progress report▲ Good
Mukuyu-2 intermediate section finished at 1,966m. Background gas is higher than in Mukuyu-1, with heavier hydrocarbons, and wireline logs show residual hydrocarbons in about 20m of upper Dande reservoir with 15-20% porosity. Early signs are encouraging, though not a discovery; primary Upper Angwa is still to be drilled.
3 Oct 2023drilling progress report● Neutral
Mukuyu-2 surface hole drilled to about 496m, 13⅜ inch casing set and blowout preventer installed; the 12¼ inch section is under way toward about 2,040m. Still on track for the 50-60 day program. No new results.
21 Sept 2023drilling spud▲ GoodMajor
Drilling began on 20 September 2023 at the Mukuyu-2 appraisal well, planned to 3,750m and expected to take 50-60 days. It targets the Upper Angwa about 450m updip of Mukuyu-1, plus the untested Lower Angwa. This delivers the September spud guided earlier.
1 Sept 2023drilling progress report▲ Good
Rig 202 mobilisation and rig-up at Mukuyu-2 is complete, with rig acceptance and commissioning ongoing and well services equipment arriving. Spud is expected in the coming weeks; planned depth is now about 3,750m measured depth, up from 3,700m.
31 Aug 2023drilling result▲ Good
All 27 Mukuyu-1 mudgas samples confirm light oil, gas-condensate and helium over a roughly 1,000m interval; sidewall core also shows light oil or condensate. Upper Angwa source shales have organic content up to 10%. Supports the petroleum system but is still no formal discovery.
11 Aug 2023drilling progress report▲ Good
Rig 202 has begun moving to Mukuyu-2 after the wellpad was completed and approved by the environmental regulator. Spud is now guided for September, narrowing the earlier Q3 2023 timing.
7 Aug 2023drilling progress report▲ Good
CB23 2D seismic acquisition finished 3 August: 425km acquired on time and on budget, with no lost-time incidents. Preliminary field processing shows structural closure at multiple target intervals; full processing by Earth Signal is next, to mature leads toward drilling.
13 July 2023drilling scheduled▲ GoodMajor
Mukuyu-2 appraisal well location chosen about 6.8km north-east of Mukuyu-1, over 400m updip at the Upper Angwa target, planned depth about 3,700m to test untested Lower Angwa. Wellpad construction has begun; spud still on track for Q3 2023.
14 June 2023drilling progress report▲ Good
Line clearing has begun for the CB23 2D seismic survey, the start of Phase 2 exploration; at least 400 line-km is due to finish in July. It aims to turn leads into drillable prospects. Mukuyu-2 is still on schedule for Q3 2023.
8 May 2023drilling result▲ GoodMajor
Mud gas analysis of five Mukuyu-1 samples shows light oil, gas-condensate and helium in the Upper Angwa. Condensate-gas ratios are estimated at 30-135 bbl/MMscf, with under 1% CO2. This supports the earlier log interpretation, though no fluid sample or formal discovery has been declared.
24 Feb 2023drilling scheduled▲ GoodMajor
Mukuyu-2 appraisal well is targeted to spud in early Q3 2023, aiming to confirm a gas-condensate discovery that Mukuyu-1 could not. Invictus has received industry interest and is considering farming down part of the project. A 2D seismic survey is also planned.
