Invictus Up 200% On Gas Shows At Frontier Zimbabwe Well

Australia’s Invictus Energy (ASX:IVZ) has reached total depth and found “multiple zones” with gas shows.

The company reported evidence of a working petroleum system on November 10 and provided more information on November 14.

The share price of the Australian minnow has rocketed, from A$0.1 ($0.06) on November 9 to around A$0.34 ($0.23), a 200% plus increase.

The Mukuyu-1 well reached a total depth of 3,618 metres. Invictus, which owns an 80% stake in the licence, has said it may deepen the well to test more areas in the Lower and Upper Angwa formation.

“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,” said Invictus Managing Director Scott Macmillan.