A little-known ASX All Ords energy share is setting the bar high today after emerging from a two-day trading halt.
As we head into the Thursday lunch hour the All Ordinaries Index (ASX: XAO) is down 0.16%.
But this ASX All Ords share is up 38% at 22 cents per share, with shares trading as high as 25.5 cents in earlier trade, representing an intraday gain of 59%.
Any guesses?
If you said Invictus Energy Ltd (ASX: IVZ), go to the head of the virtual class.
Here's what's spurring investor interest.
Image source: Getty Images
ASX All Ords share rockets on gas discovery
The Invictus share price is on fire today after the ASX All Ords share reported on a promising new gas discovery in the Mukuyu-2 well at its 80% owned and operated Cabora Bassa Project, located in Zimbabwe.
The company said it recovered four hydrocarbon samples to the surface from two separate zones in the Upper Angwa using the wireline formation testing tool. Two formation water samples were also recovered from the Basal Pebbly Arkose formation.
Invictus said this is the first Triassic-aged hydrocarbon discovery in Sub-Saharan Africa, offering "significant additional appraisal and exploration upside" within its project acreage.
Commenting on the discovery sending the ASX All Ords share soaring today, Invictus managing director Scott Macmillan said, "The discovery represents one of the most significant developments in the onshore Southern Africa oil and gas industry for decades."
Macmillan added:
The Mukuyu-2 discovery, 7km away and 450 meters updip of the Mukuyu-1 well, which can subsequently be classified as a discovery, provides confirmation of the large potential of the Mukuyu field which has a structural closure of over 200 square kilometres.
He said that with additional hydrocarbon-bearing reservoirs ahead, the ASX All Ords energy share would now focus on completing "the drilling and evaluation program and obtain further wireline data including fluid samples to declare an additional discovery from the Lower Angwa formation".
Invictus is holding an investor briefing today to discuss the preliminary results.
Stay tuned.
Invictus Energy share price snapshot
With today's big gains factored in, the ASX All Ords share is up 58% year to date.
