Seismic results send the Invictus Energy (ASX:IVZ) share price surging

The release is another crank forward in the company’s growth engine.
The post Seismic results send the Invictus Energy (ASX:IVZ) share price surging appeared first on The Motley Fool Australia. –

Shares in oil and gas explorer Invictus Energy Ltd (ASX: IVZ) are having a stellar day in the green. At the time of writing, the Invictus Energy share price is trading 7.14% higher at 15 cents.

Invictus shares jumped from the open following a company announcement on its 80% owned Cabora Bassa project in Zimbabwe.

The preliminary results from surveys conducted at the site are promising according to Invictus. So let’s take a walk through and see what the release said.

What did Invictus Energy announce?

Following the completion of a seismic survey conducted at the Cabora Bassa site in early November. The company finalised the survey after collecting almost 840km of high resolution 2D data for processing.

Preliminary assessment by the geophysicists at seismic data specialist EarthSignal revealed encouraging results.

Petroleum giant ExxonMobil (NYSE: XOM) – just Mobil at the time – also uncovered a robust dataset in the 1990s at the site, per the company. Invictus is asking EarthSignal to reprocess this legacy data as well.

The announcement is likely a positive step forward for Invictus, as it claims the Cabora Bassa project is “potentially the largest, undrilled seismically defined structure onshore in Africa”.

Specifically, the results suggest a “clearly defined Muzarabini anticline structure and clear fault definition and deep reflectors below 4 seconds”.

Additional studies show amplitude anomalies in the shallower section of the Muzarabini structure and also up against the basin fault.

It is here where Invictus reckons it could find hydrocarbon bearing traps, as the amplitude anomalies described can often be indicative of the presence of hydrocarbons, it says.

What did management have to say?

Invictus’ managing director, Scott Macmillan was also encouraged by the results and is keen to progress forward in starting the upcoming drilling program scheduled for the first half of 2022.

Speaking on the announcement, Macmillan said:

Importantly, the initial processing results of the seismic acquisition has produced high quality data revealing a variety of structural and stratigraphic features providing for a target rich environment for the upcoming drilling program. The early indications from the preliminary seismic processing are very encouraging and particularly the strong amplitude anomalies observed in the Muzarabani structure and along the basin margin fault.

Macmillan continued:

While we look forward to the final processed products and interpretation of the entire CB21 Survey which will also enable better characterisation of the primary Upper Angwa target in the Muzarabani prospect, these initial results are encouraging as we progress with the selection of optimal drilling locations for the upcoming drilling campaign scheduled for 1H 2022.

The Invictus Energy share price has delivered the goods in the past 12 months, and has soared over 138% in that time.

It has also climbed almost 178% this year to date, a galaxy ahead of the benchmark S&P/ASX 200 index (ASX: XJO)’s return of around 16% in the last year.

The post Seismic results send the Invictus Energy (ASX:IVZ) share price surging appeared first on The Motley Fool Australia.

Should you invest $1,000 in Invictus Energy right now?

Before you consider Invictus Energy, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Invictus Energy wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why Greenland Minerals, Liontown, Nearmap, and Pushpay shares are tumbling lower

Brokers name 3 ASX shares to buy today

Why are ASX 200 resources shares booming again on Friday?

Dicker Data (ASX:DDR) share price edges lower as stock trades ex-dividend

Is the Mineral Resources (ASX:MIN) share price a lithium bargain buy?

The author Zach Bristow has no positions 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 Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!