The Invictus Energy Ltd (ASX: IVZ) share price is starting the week strongly despite the market selloff.
In morning trade, the ASX All Ords share is up 11% to 24.5 cents.
This means that the energy explorer's shares are now up 58% in the space of a week.
Why is this ASX All Ords share on fire?
Investors have been buying the company's shares this morning after it released a drilling update from the Mukuyu-2 well at its 80%-owned and operated Cabora Bassa Project in Zimbabwe.
According to the release, strong gas shows and fluorescence were encountered in multiple additional Lower Angwa reservoirs to total depth.
In addition, it advised that high levels of trip gas were observed when drilling recommenced along with increasing levels of connection gas during drilling which necessitated raising the mud weight to maintain the required pressure overbalance in the borehole.
The ASX All Ords share's managing director, Scott Macmillan, commented:
We have had further encouraging signs from the Mukuyu-2 well since drilling recommenced with multiple additional zones encountering strong gas shows and fluorescence in the Lower Angwa formation.
Macmillan also revealed that the company hopes to soon be in a position to declare a discovery. He adds:
Mukuyu-2 has proved up over a 1,000m gross interval of hydrocarbon charge through the Upper and Lower Angwa formations across multiple reservoir zones. The planned comprehensive wireline logging programme including formation pressure and fluid sampling, sidewall cores and checkshot surveys will be run with the aim of confirming the presence of moveable hydrocarbons in multiple zones in the Upper and Lower Angwa formations to declare a discovery.
We anticipate completing the wireline logging program in the next 6 – 8 days depending on logging conditions and number of fluid sampling stations.
