Invictus Energy Ltd

Invictus signed a Deed of Variation with Exalo for Rig 202 and confirmed the Musuma-1 spud for November 2026, narrowing the earlier 'H2 2026' timing. Wellpad construction starts next week; remaining well services contracts are still to be awarded in coming weeks.

contract award

Contracts were awarded for Musuma-1 wellpad construction, civil works, road upgrades and water supply. Exalo is starting maintenance on Rig 202, and well services awards are expected in coming weeks. Spud remains on track for H2 2026.

contract award

The Petroleum Production Sharing Agreement was signed with Zimbabwe on 28 May 2026, ending a delay that had run since January. It sets the legal and fiscal framework for Cabora Bassa, covers National Project Status and Special Economic Zone status, and formalises Mutapa Investment Fund participation.

material agreement

Invictus raised $10m via a placement of 166,666,667 shares at $0.060, with one $0.10 two-year option for every two shares, mainly to fund the Musuma-1 well. This follows the failed Al Mansour funding; spud is now stated as H2 2026, not H1.

capital raising announcement

Zimbabwe's environmental agency renewed the environmental approval for SG 4571 and EPOs 1848/49 until March 2027, finishing permitting for Musuma-1 and Mukuyu appraisal. PPSA signing, previously expected in January, is now scheduled for April.

regulatory community update

Invictus terminated the A$37.8m Al Mansour Holdings subscription agreement, saying AMH did not intend to perform it, and ceased all talks after failing to agree terms for a 50% route. This ends the Qatari funding, the US$500m offer and the AMOG joint venture; Invictus says it is talking to alternative funders.

material agreement termination

Zimbabwe's Petroleum Production Sharing Agreement process for Cabora Bassa is complete, with formal signing expected in January. This moves the long-running PPSA thread close to the finish, but execution has still not happened.

regulatory community update

Invictus and Al Mansour Holdings are negotiating a structure giving AMH and other Qatari parties a pathway to 50% of Invictus, needing an independent expert's report, approvals and a shareholder vote. The A$37.8m placement settlement is deferred again, to 27 January 2026. No agreement is guaranteed.

joint venture update

The A$37.8m Al Mansour Holdings placement was deferred to settle on or before 1 December 2025, to align with finalising the joint venture shareholder agreement and governance. Management says it remains on track to complete. Delays the funding announced 27 August.

joint venture update

EPOs 1848 and 1849 (80%) were renewed for a further three years, ahead of their September 2025 expiry. The company plans a work program including Musuma-1. Gazettal of the renewal is still to follow.

regulatory community update

Zimbabwe granted Cabora Bassa National Project Status, bringing duty exemptions and faster permitting. PPSA terms are agreed and the final agreement is being prepared for execution. This resolves the NPS thread and moves the long-running PPSA thread close to signing, though it is not yet signed.

regulatory community update

Qatar-based Al Mansour Holdings signed a binding deal to buy 19.9% of Invictus for A$37.8m at A$0.095 a share, to fund Musuma-1 and work. It also offers up to US$500m of conditional future funding, and a joint venture, Al Mansour Oil & Gas, will pursue African acquisitions.

capital raising announcement

Invictus received an updated draft of the merged PPSA/PEDPA, but finalisation has slowed by new terms from external advisers. Finance Ministry agreed to grant National Project Status, with incentives such as duty exemptions. Musuma-1 procurement is underway, spud still targeted H2 2025.

regulatory community update

Musuma-1 is confirmed as the next well, a vertical well to about 1,500m targeting 1.2 Tcf of gas and 73 million barrels of condensate (gross mean unrisked), with spud planned for H2 2025. The PEDPA and PPSA are to be merged into one agreement. Firms up the 2025 Musuma plan; the merged agreement may delay the PPSA.

drilling scheduled

Zimbabwe's environmental agency approved the environmental and social impact assessment for pilot gas production, covering the Eureka Gold Mine gas-to-power project. Early feasibility work indicates a look-through gas price above US$10/GJ. Permits and planning still remain before pilot production can start.

regulatory community update

The Mukuyu-holding SG 4571 licence (80% owned) was renewed for three years to 19 December 2027 and gazetted. The company plans 3D seismic and further drilling in this period. Secures tenure over the Mukuyu discovery, as expected after the July 2024 renewal news.

regulatory community update

Tranche Two of the Zimbabwe placement completed: 53,030,303 shares at A$0.10 (US$3.5m), plus US$2.065m of accepted oversubscriptions (31,298,025 shares). Options at A$0.30 attach. Completes the raise approved in October, which is now about US$12m in total.

capital raising announcement

Finished CB23 seismic interpretation defines eight eastern prospects with 2.9 Tcf gas and 184 million bbl condensate (gross mean unrisked prospective). A Musuma well (1.17 Tcf) is planned for 2025. These are undrilled prospects, not discoveries.

resource reserve update

The US$10m placement (151.5m shares at A$0.10, with A$0.30 options) is fully subscribed, US$5m underwritten by Mutapa. Tranche One is about 98.5m shares (US$6.5m); Tranche Two, about 53m shares (US$3.5m), needs shareholder approval at a September EGM. Completes the 29 July raise.

capital raising announcement

Invictus agreed a placement of up to US$10m (151.5m shares at A$0.10) to Zimbabwean investors via Mangwana, with Mutapa Investment Fund underwriting US$5m. Options at A$0.30 attach. Mutapa is to implement the Petroleum Production Sharing Agreement. The price is below the earlier $0.13 raisings; the second tranche needs shareholder approval.

capital raising announcement

The SG 4571 licence, which contains the Mukuyu discovery, was renewed for a further three years to June 2027. The company plans 3D seismic and more drilling in that period. Secures tenure over the discovery.

regulatory community update

CB23 2D seismic interpretation maps amplitude-supported prospects in the shallow Dande Formation (Musuma, Mopane, Mururo), possibly one large accumulation. Targets are under 1,200m and testable by a simple vertical well. These are prospects, not discoveries, and need more work before drilling.

drilling result

Non-binding MOU with Dallaglio and Himoinsa for gas-to-power supply to the Eureka Gold Mine, 50km from Mukuyu-2: notional 12MW, expandable to 50MW. A feasibility study comes first, then a binding gas sales agreement. A pilot route to early revenue, but no binding deal yet.

material agreement

Further Mukuyu-2 fluid analysis confirms a rich gas-condensate discovery: condensate yield 10-25 bbl/MMscf, 50-60 API, under 2% CO2, no H2S. It also shows light oil potential in the Upper Angwa and Dande. Builds on the 4 March results and supports a low-cost early development.

well test result

The entitlement offer closed having raised only A$1.49m (11.4m shares), far below the up to A$15.2m targeted. Invictus has also engaged major shareholder Mangwana Capital to lead a strategic investment from Zimbabwean institutions, and is progressing the well test and 3D seismic planning.

capital raising announcement

Early lab analysis confirms Mukuyu is a rich gas-condensate discovery. Condensate yield is estimated at 14-22 barrels per million cubic feet, with clean gas (under 2% CO2, no H2S) and helium and hydrogen present. This resolves part of the pending lab analysis, with more samples still being processed.

well test result

Invictus launched a non-renounceable entitlement offer: 1 share for every 12 held at $0.13, with a free IVZOA option per two shares, raising up to about $15.2m. Terms match the December placement. It opens on the 30 January record date and closes 19 February.

capital raising announcement

Invictus raised A$15.0m through an institutional placement of about 115.4m shares at $0.13, a 16% discount to the 21 December price, with a free IVZOA option for every two shares. Funds go to the Mukuyu-2 well test, 3D seismic preparation and long-lead items. A shareholder entitlement offer is to follow.

capital raising announcement

Invictus and One Gas Resources signed an updated non-binding gas supply MOU with Mbuyu Energy, a consortium led by Tatanga Energy, for a 500MW gas-to-power project. Expansion to 1,000MW would need about 1.4 Tcf over 20 years. A full gas sale agreement is still to be negotiated.

material agreement

Invictus declared a second gas discovery, in the Lower Angwa at Mukuyu-2, with 11 further hydrocarbon samples recovered. Preliminary net pay is 34.9m across Upper and Lower Angwa. Lab analysis is still to come, and a well test is planned next.

drilling result

Invictus declared a gas discovery at Mukuyu-2 after four hydrocarbon samples reached surface from two Upper Angwa zones. Preliminary net pay is 13.9m. It says Mukuyu-1, 7km away, can now be classed a discovery. Resolves the open discovery question; lab analysis is pending.

drilling result

Invictus extended the Exalo Rig 202 contract for up to 2 years so the rig stays in the Cabora Bassa Basin for future drilling and well testing. The company says keeping it avoids demobilising and remobilising the rig, with substantial time and cost savings.

contract award

Mukuyu-2 recovered natural gas (about 96.6% methane) from the Pebbly Arkose at 2,197m, which the company calls a potential discovery. Hole problems and high pressure (over 5,000 psi) prevented full sampling, so a vertical sidetrack is needed; it says it is funded for this. Mukuyu-2 would then be kept for a future flow test.

drilling result

Mukuyu-2 reached total depth of 3,718m with strong gas shows and fluorescence in more Lower Angwa sands, giving a hydrocarbon-charged interval over 1,000m gross. Wireline logging has begun to confirm moveable hydrocarbons and declare a discovery; the well remains on the 50-60 day schedule.

drilling result

Mukuyu-2 at 3,296m shows strong gas shows (up to 157 times background) and fluorescence in the Upper Angwa, and similar shows (up to 151 times) in the previously untested Lower Angwa. The company says this could open a new play. Wireline logs are still needed to confirm moveable hydrocarbons; it may deepen beyond 3,750m.

drilling result

Invictus raises A$15.0m via a two-tranche placement of about 100m shares at $0.15, a 25% discount to the 18 September price, to fund Mukuyu-2. Tranche 1 is about $7.5m now; Tranche 2 and attaching options (1 for 3) need AGM approval in late October.

capital raising announcement

Drilling began on 20 September 2023 at the Mukuyu-2 appraisal well, planned to 3,750m and expected to take 50-60 days. It targets the Upper Angwa about 450m updip of Mukuyu-1, plus the untested Lower Angwa. This delivers the September spud guided earlier.

drilling spud

Mukuyu-2 appraisal well location chosen about 6.8km north-east of Mukuyu-1, over 400m updip at the Upper Angwa target, planned depth about 3,700m to test untested Lower Angwa. Wellpad construction has begun; spud still on track for Q3 2023.

drilling scheduled

Well services contracts for Mukuyu-2 are awarded to SLB (wireline logging), Geolog (mudlogging) and Baker Hughes with NOV (directional drilling). Rig 202 maintenance is complete. Mukuyu-2 is still on track to spud in Q3 2023, after Mukuyu-1's wireline tools failed to get a fluid sample.

contract award

Invictus raises a further $12.75m from institutions at $0.12 (106.25m shares, an 11.1% discount to the last price), with attaching $0.20 options. Total raised since April is $35.4m, funding Mukuyu-2, which remains on track to spud in Q3 2023. $3m needs shareholder approval.

capital raising announcement

The share purchase plan closed oversubscribed, raising $12.7m at $0.12 from 106,127,367 new shares, with the board accepting $2.7m above the $10m target. With the $10m April placement, $22.7m has been raised; funds go to Mukuyu-2 and seismic.

capital raising announcement

Polaris is awarded the contract for at least 400 line-km of 2D seismic in the east of EPO 1848/49, to mature leads on trend with Mukuyu and in the Basin Margin play. Mukuyu-2 remains on track to spud in Q3 2023.

contract award

Mud gas analysis of five Mukuyu-1 samples shows light oil, gas-condensate and helium in the Upper Angwa. Condensate-gas ratios are estimated at 30-135 bbl/MMscf, with under 1% CO2. This supports the earlier log interpretation, though no fluid sample or formal discovery has been declared.

drilling result

Share Purchase Plan opens for eligible shareholders, raising up to $10m at $0.12, the same as the April placement, with one free $0.20 option per two shares. Targets $5m initially, with up to $5m extra accepted. Closes 25 May 2023.

capital raising announcement

Invictus raises $10.0m via placement of 83,333,333 shares at $0.12, a 20% discount, with one free $0.20 three-year option per two shares. Funds Mukuyu-2 preparations and seismic. This is well below the $0.23 August 2022 raise. $1.3m from insiders needs shareholder approval.

capital raising announcement

Mukuyu-2 appraisal well is targeted to spud in early Q3 2023, aiming to confirm a gas-condensate discovery that Mukuyu-1 could not. Invictus has received industry interest and is considering farming down part of the project. A 2D seismic survey is also planned.

drilling scheduled

John Bentley is appointed Non-Executive Chairman from 1 February 2023, filling the seat vacated by Dr Stuart Lake and meeting the Q1 target. He led Energy Africa, later bought by Tullow. Package includes 3,000,000 options at $0.2355 and 7,000,000 performance rights tied to resource bookings and share price hurdles.

director officer appointment

Final evaluation of Mukuyu-1 ST1 identifies 13 potential hydrocarbon zones, including 11 totalling 225m gross in the primary Upper Angwa target. These are interpreted from logs, uncalibrated by fluid samples. Wells are plugged and the rig is rigged down; Phase 2 appraisal planning has started.

drilling result

Mukuyu-1 and its sidetrack are concluded without a fluid sample after the wireline testing tools failed and became stuck, so no formal discovery is declared. Logs still show multiple potential gas zones over a 900m gross Upper Angwa interval. Exalo Rig 202 is kept in the basin for up to 12 months.

drilling result

Confirms Dr Stuart Lake, chairman since 1 August 2019, stepped down effective 28 November for personal reasons. A global search for a new chairperson has begun, with an appointment expected in the first quarter of 2023. The board is now without a chairman.

director officer appointment

Mukuyu-1 was deepened to 3,923m, with gas shows over about 900m of Upper Angwa, thicker than pre-drill estimates. But the hole deteriorated and wireline tools could not pass 3,030m, so no fluid sample. Invictus will sidetrack from about 2,020m, taking a further 12-18 days.

drilling result

Chairman Dr Stuart Lake announces in his AGM address that he will step down from the board on 28 November for personal reasons. He says the company now needs a chairman to lead commercialisation. He remains a significant shareholder.

director officer appointment

Mukuyu-1 reached total depth of 3,618m, with gas shows up to 135 times background across the Upper Angwa primary target. Invictus says this confirms a working conventional hydrocarbon system. Moveable hydrocarbons remain unproven until wireline logging, due in 3-6 days; deepening is possible.

drilling result

Mukuyu-1 drilled the 8½ inch section to 3,086m with gas shows up to 65 times background and fluorescence in the Upper Angwa primary target. Invictus calls this a working hydrocarbon system. Moveable hydrocarbons are unconfirmed until wireline logging; drilling is slowed by a motor failure and fluid losses.

drilling progress report

Mukuyu-1 logs show a possible hydrocarbon zone over 10-15m near 785m in the shallow 200 Horizon secondary target, but it looks tight. Invictus plans to test it elsewhere. The 12¼ inch section ended at 2,021m, with primary targets next. 50-60 day timeline unchanged.

drilling result

ERCE estimates the Basin Margin area at 1.17 billion barrels of oil (gross mean unrisked) across five prospects, including Baobab at 243 million barrels. Total Cabora Bassa prospective resource reaches over 5.5 billion boe. Invictus's 80% share is 937 million barrels, before the 10% SWFZ back-in.

resource reserve update

Mukuyu-1 spudded on 24 September (local time), the first well of the two-well campaign, targeting 20 Tcf + 845 mmbbl. Planned depth is 3,500m, with drilling and evaluation expected to take 50-60 days. Baobab-1 follows. This ends the long wait for drilling.

drilling spud

The Zimbabwe Government Gazette publishes the assignment of EPO 1848 and 1849 exploration rights to Invictus's 80% subsidiary, valid three years to 15 September 2025. This completes the licence expansion to about 360,000 ha. Mukuyu-1 is still awaiting rig acceptance.

asset acquisition disposition

Raises $25m via placement of 108,695,652 shares at $0.23 (25.8% discount), with free 1-for-1 $0.40 five-year options. Invictus will sole-fund Mukuyu-1 ($10.0m) and Baobab-1 ($13.5m) rather than farm out, after weighing multiple farm-in bids. Exploration rights approved for gazette.

capital raising announcement

Assignment agreement with the Sovereign Wealth Fund gives Invictus exploration rights over EPOs 1848 and 1849, bringing the licences to about 360,000 ha. This replaces the earlier 709,300 ha plan, with non-prospective areas dropped. Baobab-1 is confirmed as the second well; the fund keeps a 10% back-in right.

material agreement

Invictus wins a 30-year contract with Zimbabwe's Forestry Commission for three REDD+ carbon offset projects covering 301,565 ha of forest. It aims to offset Cabora Bassa Scope 1 and 2 emissions, with credits expected in about 12 months. A new strategic direction beyond drilling, and credit volumes remain subject to accreditation.

material agreement

ERCE lifts Mukuyu's gross mean unrisked prospective resource to 20 Tcf + 845 million barrels (about 4.3bn boe), 2.7 times the 2019 Getech estimate of 8.2 Tcf + 247 mmbbl. Invictus's 80% share is 16 Tcf + 676 mmbbl. Rig customs delays push drilling to August.

resource reserve update

Binding integrated well services contract signed with Baker Hughes, converting the February letter of intent and covering cementing, mudlogging, wireline and wellhead supply. Rig mobilisation starts early June and Mukuyu-1 spud is anticipated in July. The updated resource estimate is still awaited.

contract award

Raises $12.0m via a placement of 60,026,165 shares at $0.20, a 27.3% discount to the 18 May price. Investors get free 1-for-2 options at $0.35 (one year), subject to shareholder approval. Funds go mainly to Mukuyu-1 ($9.0m); farm-in bids are still being progressed.

capital raising announcement

Seismic interpretation largely complete. A substantial new shallow target (Post Dande, Horizon 200) shows amplitude anomalies fitting the structure. The prospect is renamed Mukuyu (formerly Muzarabani) and a Mukuyu-1 well path is set. The data are uncalibrated, as no well has yet been drilled in the basin.

drilling result

Heads of Agreement with Zimbabwe's Sovereign Wealth Fund lifts SG 4571 from 100,000 to 709,300 hectares, covering the whole Cabora Bassa Basin. The fund gets a 10% back-in right after a positive development decision. Two wells are now committed; gazettal and the production sharing agreement are still pending.

material agreement

Binding contract signed with Exalo Drilling SA for its #202 rig to drill Muzarabani-1 (8.2 Tcf + 247 mmbbl target) plus an option for a second well, firming up the December MOU. Drilling is expected in June 2022. Barry Meikle appointed Country Manager.

contract award

Exalo pushed rig mobilisation to May, so the first well spud slips from May to June 2022. The second-well option deadline is extended pending gazettal of the extended licence area. Muzarabani-1 location confirmed. A one-month delay to the earlier target.

drilling scheduled

Baker Hughes awarded the integrated well services contract (cementing, directional drilling, logging, wellheads, project management) under a letter of intent; the full contract is expected in coming weeks. ERCE engaged to independently update prospective resources using the new seismic. Resolves the pending tender award.

contract award

Capital raising completed at $8m: $4m placement plus $4m SPP (39,999,775 shares issued at $0.10, with $0.14 options). Mangwana takes 5,000,000 shares. Funds pay the rig mobilisation fee, long-lead items and seismic processing. Resolves the raising announced 29 December.

capital raising announcement

SPP raised again to $4m (double the original $2m) and closed early on 18 January, with pro-rata scale-back instead of first-come. Zimbabwe's Mangwana Opportunities Fund will also place $500,000 at $0.10 with 1-for-2 $0.14 options, escrowed 3 months.

capital raising announcement

Raising up to A$5.5m: A$3.5m placement of 35,000,000 shares at $0.10 (13% discount) plus up to A$2m share purchase plan at the same price, each with 1-for-2 options at $0.14 for 3 years. Funds rig mobilisation and long-lead items for the 2-well campaign.

capital raising announcement

MOU signed with Exalo Drilling for its #202 rig to drill Muzarabani-1 (8.2 Tcf + 247 mmbbl target) plus an option well, with drilling now expected from May 2022. A binding rig agreement is expected in the new year; the second-well option must be exercised by 15 Feb 2022.

contract award

Invictus signed a non-binding option agreement with Cluff Energy Africa, which would fund 33.33% of costs for a 25% interest in the Cabora Bassa Project across a 2-well campaign, with Invictus remaining operator. Cluff must exercise by 31 March 2022 and still needs to raise funding. It follows the July 2021 termination of the earlier farm-in.

farm in farm out agreement

Preliminary processing of line CB21-010 shows a clear Muzarabani anticline and strong shallow amplitude anomalies, with possible 'flat spots' the company says can indicate hydrocarbons. These are early indications only, not a discovery; drilling remains scheduled for 1H 2022.

drilling result

The CB21 seismic survey is complete, with 839.3km of 2D data acquired (402.2km in SG 4571 and 437.1km in an adjoining application area), well above the 300km licence commitment. Processing continues to refine the Muzarabani-1 location for 1H 2022 drilling.

drilling result

The non-binding farm-in offer received in December 2020 has ended because Invictus could not satisfactorily complete due diligence on the counterparty. The company says it continues talking to other interested parties; seismic acquisition is expected to finish around end of Q3.

material agreement termination

Joe Mutizwa appointed Non-Executive Director and Deputy Chairman. He chairs Mangwana Capital, a major shareholder, and already sat on the Zimbabwe subsidiary board; he is also on the Presidential Advisory Council and was a former Delta Corporation chief executive.

director officer appointment

Seismic acquisition contract awarded to Canadian contractor Polaris Natural Resources for the first 2D survey in the Cabora Bassa Basin, minimum 400 line km, to refine the Mzarabani-1 drilling location. Follows the March PEDPA and placement; equipment mobilising to Harare in coming weeks.

contract award

The Petroleum Exploration Development and Production Agreement was signed with Zimbabwe on 26 March 2021, giving the right to a 25-year production licence after exploration and Special Economic Zone status. This resolves the long-running approval thread; the separate fiscal PPSA remains outstanding.

material agreement

Raises A$8.0m through a placement of 72,727,273 shares at $0.11, a 21.4% discount to the last trade, with one free option per two shares (exercise $0.17, 3 years). Funds go to the 2D seismic campaign, long-lead items for Mzarabani-1 and rig tender preparation; drilling is anticipated late 2021 or early 2022.

capital raising announcement

Company received a non-binding farm-in offer for the Cabora Bassa Project, subject to due diligence, government approvals and binding agreements; the offeror and terms are not disclosed. The Zimbabwe PEDPA review was recommended for approval, and a preferred seismic contractor (minimum 400 line km 2D) was selected.

farm in farm out agreement

Second tranche of the Mangwana placement completed: 3,404,186 shares at $0.066 raising about A$222k, a 9% premium. Also announces a roughly 30-day field reconnaissance of proposed seismic lines, ahead of 2021 seismic acquisition. Small raise, but field work begins.

capital raising announcement

Zimbabwe's environment agency approved the Environmental Impact Assessment and management plan for SG 4571, which the company says completes permitting for seismic and drilling. Resolves the EIA thread open since March; Production Sharing Agreement talks continue.

regulatory community update

Zimbabwe investment licence renewed. SG 4571's tenure was approved for a further three years, subject to a Mining Affairs Board presentation that COVID deferred; the soft copy is lodged. First-period work commitments are met; the next period proposes at least one exploration well.

regulatory community update

Binding placement of 12,564,143 shares at $0.035 (about A$0.44m) to Zimbabwe's Mangwana Opportunities Fund, a 40% premium to last close; subject to Reserve Bank approval. Also, directors' fees cut 25-50% from 1 April, and Joe Mutizwa joins the Zimbabwe subsidiary board.

capital raising announcement

Non-binding gas sales MOU with Tatanga Energy to supply a planned ~500MW gas-to-power plant: 30 to 100 mmscf/d (up to 730 Bcf) for 20 years, if a commercial discovery is made. Second such MOU after Sable; a sales agreement is due by 18 Dec 2022.

material agreement

Placement raising $1.5 million by issuing 57,692,310 shares at $0.026, a 13.3% discount to the 10-day VWAP, to institutional and sophisticated investors. Funds support the farm-out phase, exploration preparation and community programs. Adds to the A$2.2m June cash and dilutes existing holders.

capital raising announcement

Dr Stuart Lake appointed Non-Executive Chairman from 1 August 2019. He has 34 years in the industry, ex-Hess, Shell and African Petroleum, and has concluded farm-outs in Africa. Adds a chair as the company seeks a farm-out partner.

director officer appointment

Getech's independent update lifts total gross mean prospective resource to 9.25 Tcf plus 294 million barrels condensate across Mzarabani (8.2 Tcf) and the new Msasa prospect (1.05 Tcf), up from 3.9 Tcf. Still undiscovered. ENVOI hired to run the farm-out; environmental impact assessment started.

resource reserve update

Non-binding MOU with Sable Chemicals, Zimbabwe's sole ammonium nitrate fertiliser maker, for up to 70 mmscf/d (about 26 Bcf a year) for 20 years. It depends on a commercial discovery and a gas sales agreement by 30 June 2021. First gas offtake interest for the project.

material agreement

Maiden independent estimate (NSAI) for the Mzarabani prospect's Upper Angwa target: 3.9 Tcf gas and 181 million barrels condensate gross mean unrisked, 850 mmboe; 680 mmboe net to Invictus's 80%. It is undiscovered prospective resource, not a discovery. Further upside awaits reprocessing.

resource reserve update

Invictus clarifies press reports of an oil discovery in Zimbabwe after the President's 1 November press conference: no discovery has been made, and the resource estimate covers undiscovered accumulations. The President backed the work and said a well is planned by mid-2020.

regulatory community update

Basin modelling and geochemical work confirms oil potential in the Cabora Bassa Basin, and says the charge timing risk Mobil identified is reduced for the Mzarabani prospect. Preliminary gravity reprocessing identifies further leads. These are desktop studies, not drilling results.

drilling result

Scott Macmillan, a Zimbabwean reservoir engineer formerly at Woodside and AWE, becomes Managing Director from 21 June 2018 on A$250,000 a year plus super. He leads the Zimbabwe push as a board of non-executive directors becomes an executive-led company.

director officer appointment

Interpose agrees to buy Invictus Energy Resources, giving an 80% interest and operatorship in Zimbabwe's 250,000-acre SG4571 permit (Cabora Bassa, Mzarabani gas-condensate prospect). Includes a A$4.5m raise led by Ashanti and Scott Macmillan as Managing Director. A sharp strategy shift from small US stakes; needs shareholder approval.

asset acquisition disposition

Greenberry #1 reached 9,300 feet; logging showed both upper and lower Pettit sections tight with low porosity, so it will be plugged and abandoned. This is a second dry hole at Gallatin after the first well; a third well is being considered. Interpose's cost was estimated at US$32,000.

drilling result

Greenberry #1, the second Gallatin well, has spudded and was drilling at 1,470 feet. It targets the Pettit formation at 8,000 to 9,000 feet, with about 28 days to drill and test. This follows the abandoned first well.

drilling spud

Logging of Christine Keahey #1 showed a narrower than expected Pettit section with porosity below 6%, so the well will be plugged and abandoned. This is a dry hole on the first Gallatin well. Interpose and the operator will assess whether a second well is warranted.

drilling result

The Christine Keahey #1 well at Gallatin has spudded and was drilling at 650 feet. It targets 5 bcf gas and 70,000 barrels of oil, with about 28 days expected to drill and test. This is the first well on Interpose's new 7.5% interest.

drilling spud

Interpose buys a 7.5% working interest in the Gallatin gas-condensate project, Cherokee County, Texas, its first asset since selling the African projects. The first well targets 5 bcf gas and 70,000 barrels of oil, with dry-hole cost about US$73,762. Justin Barton joins the board; Gracey resigns.

asset acquisition disposition

Rights issue closed with 19,054,402 shares taken up by eligible holders and applications for a further 17,025,443 shortfall shares, against 42,296,064 on offer. That is about 36.1m of 42.3m, leaving roughly 6.2m (inference). The company will try to place the balance within 3 months.

capital raising announcement

Interpose announced a 1-for-2 non-renounceable rights issue at $0.02 a share to raise up to $716,449, to fund due diligence on potential assets. It says it intends to stay in oil and gas. Directors Gracey and Chiappini are to receive 5m shares in lieu of fees, subject to approval.

capital raising announcement

Sunbird completed the sale of its African projects, including Ibhubesi, for about A$1m cash, a buyback of 55m shares and transfer of about A$4.8m debt. It has about A$850,000 net cash, no debt and will have 84,592,127 shares. Rana and Wrigley resigned; it will be renamed Interpose Holdings and seek new opportunities.

asset acquisition disposition

Sunbird agreed to sell all its non-cash assets, the Ibhubesi 76% and the 74% CBM projects, to an Umbono-led consortium of its major shareholders and lenders for about A$8.5m. It gets about A$1m cash, a buyback of 55m shares and the transfer of about A$4.8m debt. Needs shareholder approval.

asset acquisition disposition

Glendal Power has withdrawn its non-binding A$0.18-a-share takeover proposal, first disclosed 29 July 2015, and talks have ceased. This closes that open thread, removing the only bid on the table. No shareholder action is required.

business combination

Sunbird agreed an A$4m debt package with Umbono and South African investors: A$2.5m refinanced plus A$1.5m new cash, at 20% interest and convertible to equity. A 1-for-8 rights issue is planned for about A$2m. Barker and Leibovitch left the board; Gabriel Chiappini joined.

debt financing

Sunbird received a non-binding indicative takeover proposal from Glendal Power at A$0.18 a share cash, valuing it above A$25m. It is subject to due diligence and financing. Separately, a roughly A$900,000 Umbono loan falls due 10 August and refinancing talks are late-stage.

business combination

Dorian Wrigley joined the board as a non-executive director from 12 May, nominated by largest shareholder Salt Minerals. He is managing director of Umbono Capital. This follows Salt's earlier requisition, which was withdrawn.

director officer appointment

Three shareholders (Mycatmax, DCJ and The Poolside Investment) gave notice of intent to move a resolution removing Chairman Kerwin Rana. This is a second, separate challenge to the board after Salt's requisition.

director officer appointment

Salt Minerals, the largest shareholder, requisitioned a general meeting to remove director Marcus Gracey and appoint Dorian Wrigley and David Blair. The company is taking advice. It signals a shareholder challenge to the board.

director officer appointment

The A$2.65m White Swan loan was repaid with interest using Vandasia equity funds, and its security released. Sunbird took new 12-month South African loans of A$1,257,800 at 20% interest, convertible at A$0.25 or lower. The Gas Market Development Period was extended three years to September 2017.

debt financing

Sunbird and PetroSA signed a non-binding Gas Sales Agreement term sheet with Eskom: 30 Bcf a year for up to 15 years to Ankerlig power station. This advances the Eskom talks running since 2013; a binding agreement is still to be negotiated during 2015.

material agreement

Sunbird requested a voluntary trading suspension from 11 March 2015, pending an announcement about gas offtake with a South African customer, expected by 18 March. The customer is not named in the text.

listing compliance notice

Stage 2 of Vandasia's investment did not complete by 30 November and will not proceed in the form announced, because conditions precedent were delayed. Only the US$5m Stage 1 is in; the parties intend a further investment. This undercuts the A$25m headline.

capital raising announcement

Vandasia Investments agreed to buy 43.9% of Sunbird in two stages, bringing over A$25m at about A$0.34 a share, a 79% premium. Stage 1 is US$5m for 20.37m shares; Stage 2 (about US$18.2m) needs shareholder approval and an Eskom-type gas sales term sheet.

capital raising announcement

Sunbird completed its 76% Block 2A (Ibhubesi) acquisition from Forest Oil after Treasury exchange control verification on 16 June 2014, ending the process begun by the December 2012 agreement. US$1.029m was paid to Forest Oil; US$5m is due on a gas sales deal, US$10m on FID or first gas.

asset acquisition disposition

The White Swan loan was varied so interest can be capitalised monthly and lenders may convert debt to shares at $0.25 (or a lower later raising price). Conversion needs shareholder approval, as lenders are related parties; otherwise it stays debt.

debt financing

Independent certification booked a best-estimate 7.8 Tcf (Sunbird 76%: 5.9 Tcf) of prospective, undiscovered gas in Block 2A, with low 4.5 Tcf and high 13.3 Tcf. This delivers the planned exploration-upside certification; targets will be high-graded in 2014.

resource reserve update

Sunbird signed a secured loan facility of up to A$5m with White Swan Nominees, a related party, arranged by Cygnet Capital and repayable within 12 months of first drawdown. It funds Ibhubesi work toward a gas sales deal with Eskom, and ASX waiver is pending.

debt financing

Sunbird signed a non-binding memorandum of understanding with state utility Eskom to jointly investigate Ibhubesi gas supply to the 1,300 MW Ankerlig power station. Sunbird will complete the field development plan and FEED; Eskom will set the procurement process. No gas sales agreement yet.

material agreement

Independent certification gave Mopane a first contingent resource of 644 Bcf (2C), with 351 Bcf 1C and 1,018 Bcf 3C. It covers only about 124 km2, under 10% of the 1,577 km2 licence. Pilot production is planned for 2014. This delivers the Q4 2013 certification target.

resource reserve update

Sunbird was granted a 747.5 km2 exploration right at Springbok Flats West, giving contiguous rights over 1,198 km2. The project's combined best-estimate gas-in-place is 0.62 Tcf. A further 1,423 km2 application is still pending; Mopane resource certification is still planned for Q4 2013.

regulatory community update

South African regulators approved the transfer of Block 2A, including the Ibhubesi gas project, to Sunbird, giving it a 76% operating interest (PetroSA 24%). This completes the December 2012 acquisition. Field development planning has begun, with a final investment decision targeted for early 2015.

asset acquisition disposition

US Trade and Development Agency will fund 80% (about A$800,000) of an A$1m work program for the Ibhubesi field development plan, carried out by MHA. Based on the current schedule, a final investment decision is targeted for the first half of 2015, with first gas in late 2017/early 2018.

material agreement

Independent studies confirm Phase 1 development of Ibhubesi's 210 Bcf 1P reserves is viable, with plateau output of 40 MMscf/d for 12 years or 80 MMscf/d for 6 years. Estimated Phase 1 capital cost is $1.2-1.4 billion (±40%). Gas sales talks are progressing.

resource reserve update

Independent audit by MHA certified Ibhubesi reserves of 210 Bcf proved (1P) and 540 Bcf proved plus probable (2P), upgrading the earlier contingent resource to reserves. The 1P figure supports Phase 1 development; gas marketing talks are underway. This delivers the June 2013 reserves audit.

resource reserve update

An independent RPS Energy review of Ibhubesi confirmed the 201 Bcfe 1C and 869 Bcfe 2C resources, consistent with 2009 estimates. It says Phase 1 development of the 1C resource needs no further drilling. A reserves audit is due by June 2013 and a feasibility study by May 2013.

resource reserve update

Sunbird raised $5m through a placement of 12.5m shares at $0.40, led by Cygnet Capital. Funds go to Ibhubesi reserves work and studies, and to finishing the Mopane eight-hole program and its resource booking.

capital raising announcement

First gas desorption results from MOP002A show gas content up to 7.54 m3/t, well above the independent best estimate of 2.83 m3/t. Six more holes are piloted, and coring is due to start shortly. A contingent resource booking is planned for Q3.

drilling result

Sunbird signed to buy a 76% interest in the Ibhubesi offshore gas project (870 Bcf 2C contingent resource) for an initial US$1.5m, with PetroSA keeping 24%. Up to US$16m more is payable on milestones, plus a 1% sales fee. It moves the company beyond coal bed methane exploration.

asset acquisition disposition

Second Mopane core hole (MOP002A) hit 38.2m of net coal in a 128m package, over double the 15m behind the 1.9 Tcf best estimate. Gas readings are described as excellent; full gas content and permeability results are still pending.

drilling result

Sunbird was formally awarded the Ermelo West Exploration Right, covering 797 km2 (79,724 ha) next to its existing Ermelo licence. It gives deeper-coal targets for 2013 drilling after the shallower eastern coals disappointed.

regulatory community update

Initial coring of the first redrilled Mopane hole (MOP001A) found gassy coals at 422m depth. Desorption analysis over about two months will confirm gas content; this is an early field indication, not a resource figure.

drilling result

PASA granted the Springbok Flats Technical Cooperation Permit (125,700 ha) on 12 November 2012, lifting South African holdings by 28%; it confirms the March application. Mopane redrilling is progressing, with Geoserve starting the third hole in late November and results due by year end.

regulatory community update

First core hole of the expanded eight-hole Mopane program was spudded on 14 August 2012, to about 550m depth. Mopane's independent best-estimate gas-in-place is 1.9 Tcf (high 13.66 Tcf); the program aims to allow pilot drilling in 2013.

drilling spud

Ermelo drilling finished in June. Early results show gas contents lower than expected, so the existing Ermelo right may not support commercial development; focus shifts to Ermelo West. Mopane's program was expanded from three to up to eight holes, and Springbok drilling moved to Q4. Cash was $7.58m.

quarterly activities report

First well spudded 20 March 2012 at the Ermelo project in South Africa, the start of a nine-hole core drilling program across three projects. Ermelo is held 74% by Sunbird; results are due 60 to 90 days after the final well.

drilling spud

Sunbird confirmed completion of its acquisitions: 74% of Pretzavest 37 (South African coal bed methane projects) and 100% of Greatways Holdings (Botswana). Botswana licences 028, 029 and 030/2010 expire 31 December 2012.

asset acquisition disposition

Sunbird Energy (the company later known as Invictus) issued a replacement prospectus for an IPO raising $9,000,000 via 45,000,000 shares at $0.20 each, ahead of an ASX listing. The prospectus itself calls the shares speculative.

capital raising announcement