Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2020regulatory community update▲ GoodMajor
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.
5 Aug 2020regulatory community update▲ GoodMajor
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.
31 July 2020quarterly activities report● Neutral
June 2020 quarter report: PSA talks continue and the farm-out advances with multiple parties, slowed by COVID. An independent drilling cost estimate puts a 3,200m directional well on the 8.2 Tcf Mzarabani prospect at US$11.7m, excluding mobilisation. Community programs began.
16 July 2020investor presentation● Neutral
Managing Director presents at the Stockhead virtual oil and gas conference, with slides attached. Presentation of existing project information; no new results or transactions are evident in the extract.
22 June 2020security holder rights change● Neutral
31,587,822 Class B Performance Shares lapsed on 20 June 2020 without converting. Capital is now 449,194,206 ordinary shares, 44,179,281 Class C performance shares and 44,000,000 unlisted options.
30 Apr 2020quarterly activities report● Neutral
March 2020 quarter report: priority project status, a PSA Technical Committee formed, final EIA submissions lodged, and the Mangwana placement. COVID-19 delayed some milestones; the farm-out is still pursued and the company says it is fully funded to deliver it. Mostly known items.
30 Apr 2020capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
12.6m new shares at A$0.035 to raise about A$440,000. That's 2.7% dilution: every existing holder's slice gets 2.7% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00637% to 0.00619% of the company. To keep it you'd need 800 more shares - about A$28 at the issue price.
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17 Mar 2020regulatory community update▲ Good
Zimbabwe formed a Technical Committee to negotiate the Production Sharing Agreement; it met once and invited Invictus to present before end-March. Petroleum Act amendments are expected shortly, and local chiefs voiced support. Moves the PSA thread forward, but nothing is signed.
11 Mar 2020half year report● Neutral
Half-year accounts to 31 Dec 2019 show a net loss of $915,878, up from $481,313 a year earlier. The report recaps the geochemistry results and the Tatanga gas MOU. Balance sheet figures are not in the extract.
31 Jan 2020quarterly activities report● Neutral
December 2019 quarter report recapping the geochemistry results, the Tatanga 500MW gas MOU, the completed EIA survey, the $1.5m placement, the ongoing farm-out and the start of Production Sharing Agreement talks. Little new beyond earlier announcements; cash not in the extract.
13 Jan 2020regulatory community update▲ Good
Zimbabwe's Office of the President and Cabinet classed the Cabora Bassa project as a priority project under its 100-day cycle. The board says this supports fast-tracking a Production Sharing Agreement, building on earlier government support. No agreement is signed yet.
19 Dec 2019material agreement▲ GoodMajor
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.
6 Dec 2019admin correction● Neutral
Company releases a copy of the new constitution adopted by shareholders at the 15 November 2019 AGM. Administrative; no new business information.
21 Nov 2019drilling result▲ Good
Geochemical tests on outcrop samples west of SG 4571 indicate good gas and liquids source rocks, with Permian Mkanga samples correlating to two oil seeps in the Mid Zambezi basin. Most samples are immature at surface; supports the basin's petroleum system but is not a drilling result.
15 Nov 2019agm notice● Neutral
Results of the 2019 AGM: all six resolutions passed, including re-election of Barnaby Egerton-Warburton, election of Dr Stuart Lake, ratification of his incentive securities, a new constitution and the 10% placement facility. Administrative.
12 Nov 2019capital raising announcement● NeutralMajor
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.
What it means for a shareholder
57.7m new shares at A$0.026 to raise about A$1.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00984% to 0.00857% of the company. To keep it you'd need 5,675 more shares - about A$148 at the issue price.
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6 Nov 2019investor presentation● Neutral
Africa Oil Week 'Wells to Watch' presentation repeating the 9.25 Tcf estimate, Sable MOU and the farm-out, now framed as seeking a partner for the basin-opening well. No new results.
31 Oct 2019quarterly activities report● Neutral
September 2019 quarter report recapping the 9.25 Tcf + 294 mmbbl Getech estimate, Dr Lake's appointment, the farm-out start with a London data room, the EIA prospectus approval and completion of first-period work obligations. Little new beyond earlier announcements; cash not in the extract.
9 Oct 2019other● Neutral
Company says it updated its Corporate Governance Plan and attaches extracts of its securities trading and anti-bribery policies. Administrative; no operational or financial news.
27 Sept 2019annual report● Neutral
Annual report for year to 30 June 2019: year-end cash A$2.2 million, which the chairman says fully funds commitments. Recaps the 9.25 Tcf upgrade, Sable MOU and EIA, with EIA data expected public around November. Mentions screening for other assets; no new drilling timing.
13 Sept 2019regulatory community update▲ Good
Zimbabwe's environmental agency approved the environmental impact assessment prospectus for SG 4571, allowing the full study, baseline surveys and community consultation to begin. Completion would satisfy environmental approvals needed for future drilling. Mines Minister voiced government support. Continues the EIA started in July.
11 Sept 2019investor presentation● Neutral
Good Oil Conference presentation in Perth repeating the 9.25 Tcf Getech estimate (Mzarabani 8.2 Tcf), the Sable gas MOU and the ongoing farm-out with a data room open. Company confirms no material change since 1 July 2019. No new results.
31 July 2019director officer appointment▲ GoodMajor
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.
30 July 2019quarterly activities report● Neutral
June 2019 quarter report recapping the 9.25 Tcf Getech estimate, the Sable MOU, final seismic, ENVOI's farm-out appointment and the start of the environmental study. Nothing new beyond earlier announcements; cash figures not in the extract.
1 July 2019resource reserve update▲ GoodMajor
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.
25 June 2019investor presentation● Neutral
Paris Africa Assembly presentation largely repeating the earlier summit deck: 3.9 Tcf, Sable gas deal, farm-out search. Adds that an updated NSAI and Getech resource estimate is in progress. No new results.
19 June 2019security holder rights change● Neutral
Notice that the 12-month voluntary escrow on 72.78 million vendor shares from the 2018 acquisition lapses on 25 June 2019, so those shares become freely tradable. Administrative.
22 May 2019investor presentation● Neutral
Africa E&P Summit presentation in London repeating the 3.9 Tcf estimate, reprocessed seismic, the Sable gas deal and the search for a farm-out partner. Notes an updated production sharing contract is being drafted for government. No new results.
7 May 2019material agreement▲ GoodMajor
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.
29 Apr 2019quarterly activities report● Neutral
March 2019 quarter: fast-track and then final reprocessed seismic received, interpretation under way with Getech, and the farm-out marketing programme is to start in the June quarter. Repeats 3.9 Tcf; no new resource figure. Cash figures not in the extract.
