Invictus Energy impresses investors with solid drilling results
Invictus Energy (ASX:IVZ) was one of this morning’s biggest gainers after its latest drilling update from its well in Zimbabwe’s Cabora Bassa Basin.
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Invictus Energy reports gas shows 135x above background levels
The headline that excited Invictus Energy investors the most was that it had encountered multiple zones with fluorescence and elevated gas showing up to 135x above background levels in its primary target.
Invictus Energy has drilled 3,618mMD (meters measured depth) and has called the preliminary total depth. It will now conduct wireline logging and evaluation in the next week, which essentially means summarising what it has found and deciding whether or not the well has commercial viability.
What now for investors?
With a market cap of $289m, Invictus Energy is no penny stock. However, it has nearly tripled in the last week with today’s announcement and one last week that was similar to this morning’s – finding elevated gas showing 65x above background levels.
It is risky to get into a company that has surged so much in a short period of time. However, with the company raising $25m less than 3 months ago, dilution shouldn’t be a problem anytime soon.
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