ZIMBABWE: Wireline Logging Commences as Mukuyu-2 Well reaches Total Depth

Progress and current operations
Since the last update, the drill bit and bottom hole assembly (BHA) were changed out and
drilling of the 8½” hole section and reached 3,718 metres Measured Depth (“mMD”) where
section Total Depth (TD) was called. The 8½” hole section has reached the current depth of
3,296 metres Measured Depth (mMD).

Strong gas shows (up to 65 times above background gas baseline), with associated drilling
breaks and fluorescence in cuttings (indicative of presence of liquid hydrocarbons) have been
encountered in multiple additional Lower Angwa (Massive Member) sandstone reservoirs from
3,296mMD to TD.

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.

No logging while drilling (LWD) resistivity or gamma ray data was available since drilling
recommenced due to a failure of the backup pulser.

As a result of increasing levels of connection gas the drilling mud weight would require to be
increased further to continue drilling beyond the current TD and a decision was made to call
Total Depth at 3,718mMD in order to commence wireline logging to evaluate multiple zones
of interest in the current 8 ½ inch hole section.

The borehole condition post drilling to TD and pulling out of hole remains good and conducive
for conventional wireline logging operations.

Current operation is wireline logging to provide an evaluation of the 8 ½ inch hole section.

Forward Plan
The 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.

Following the initial suite of wireline runs to gather necessary geological data to evaluate the
current hole section, a wiper trip (running in the drill pipe and drill bit to section TD to clean
the borehole) is planned to be conducted prior to fluid sampling to prepare the wellbore
appropriately for the fluid sampling operation and subsequent wireline runs.

The wireline logging program is anticipated to take 6 – 8 days to complete (depending on
logging conditions and number of fluid sampling stations) including the planned wiper trip.
Following the completion of the wireline logging program and dependent on results and
drilling conditions, the Company may consider deepening the well to intersect additional
seismic reflectors in Lower Angwa below the current TD of 3,718m. This may be achieved by
either drilling in ahead in the existing 8 ½ inch hole section or following the installation of the
7 inch liner the Company may elect to drill a new hole section in 6 inch hole.

A 7-inch liner has been mobilised which will allow for the Mukuyu-2 well to be completed in
preparation for a future well test following the completion of operations.

Invictus says the well remains within budget and on track to be completed within the previously guided 50 to 60 days total including any deepening of Mukuyu-2.

Comments from Managing Director Scott Macmillan:
“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.
“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.”

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