Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Apr 2019drilling progress report▲ Good
Final reprocessed 2D seismic received, with the company reporting excellent quality and new basin-margin 'string of pearls' trap opportunities. Interpretation comes next, then a final independent resource report covering all of SG4571; the company expects to add materially to the 3.9 Tcf estimate. No new figure yet.
20 Mar 2019security holder rights change● Neutral
The 25.26 million Class A performance shares vested and were converted to ordinary shares, because the November 2018 maiden estimate (3.9 Tcf) cleared the 1.5 Tcf / 250 mmboe hurdle. This resolves the open expiry question; it adds shares to the register.
12 Mar 2019half year report● Neutral
Half-year report to 31 December 2018 shows a net loss of $481,313, up from $210,782 a year earlier. It repeats the maiden resource estimate and reprocessing progress. Auditor-reviewed; no new developments reported after period end.
7 Mar 2019investor presentation● Neutral
March 2019 investor presentation repeating the 3.9 Tcf and 181 million barrel estimate and the reprocessed seismic, with final data due in April and an upgraded estimate to follow. Farm-out is still targeted for 2019. No new facts.
7 Mar 2019investor presentation● Neutral
Notice that Managing Director Macmillan will speak at the Executive Insights Virtual Conference on 7 March 2019. Event notice only, no new information.
5 Mar 2019drilling progress report▲ Good
Fast-track reprocessed data for two key lines over Mzarabani arrived, with the company reporting a significant improvement in image quality. The full dataset is due in April. The company expects to add to the 3.9 Tcf estimate afterwards; no new resource figure yet.
23 Jan 2019admin correction● Neutral
Amended December quarter report re-released after an ASX request, adding the BOE conversion factor, moving the cautionary statement beside the resource table and confirming the assumptions are unchanged. No new business information.
22 Jan 2019quarterly activities report● Neutral
December 2018 quarter: seismic reprocessing began and is expected to finish around the end of March, with aeromagnetic reprocessing completed. The company reports industry interest, and farm-out marketing will follow the updated resource estimate. Repeats the 3.9 Tcf maiden estimate.
19 Nov 2018agm notice● Neutral
All four AGM resolutions passed on a show of hands: remuneration report, re-election of Eric de Mori, the employee incentive plan and the 10% placement facility. Administrative; the placement facility gives room to raise capital.
19 Nov 2018investor presentation● Neutral
AGM presentation repeating the Mzarabani maiden estimate, basin modelling and farm-out plans for 2019, with a final resource report expected early 2019. Content matches the earlier presentation; nothing new.
19 Nov 2018other● Neutral
Managing Director's AGM address repeating the 3.9 Tcf and 181 million barrel estimate and saying the coming year is about farm-out and preparing for the first exploration well. Thanks partner One Gas Resources. No new information.
7 Nov 2018investor presentation● Neutral
Africa Oil Week presentation repeating the 3.9 Tcf and 181 million barrel maiden estimate, basin modelling and the plan to target regional players for farm-out in 2019. States a 2-year budget is secured. No new results.
5 Nov 2018other● Neutral
ASX lifts the trading suspension from the start of trading on 5 November 2018, following the release of the resource estimate. Administrative; ends the suspension that began on 31 October.
5 Nov 2018resource reserve update▲ GoodMajor
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.
2 Nov 2018regulatory community update● NeutralMajor
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.
31 Oct 2018other● Neutral
Shares were suspended at the company's request, following a 30 October trading halt, pending a maiden prospective resource estimate for Cabora Bassa. The company expects to announce the estimate within 24 hours.
31 Oct 2018quarterly activities report● Neutral
September 2018 quarter: Getech was appointed, transcription of the Mobil field tapes was completed in late October, and seismic reprocessing begins in the December quarter. Operating cash outflow was A$173k and investing outflow A$260k. Repeats the basin modelling result.
27 Sept 2018annual report● Neutral
Annual report to 30 June 2018 describes the year's shift from the small Gallatin stake to 80% of the Zimbabwe Cabora Bassa project, funded by the A$4.5m raise. The company had one full-time employee, the Managing Director. It repeats known events.
27 Sept 2018other● Neutral
Corporate governance statement for FY2018 setting out the board's approach against ASX recommendations. It notes there is no separate nomination committee and that Macmillan's performance has not yet been evaluated. Administrative, no new business information.
27 Sept 2018other● Neutral
Appendix 4G, the checklist accompanying the annual report, confirming the corporate governance statement is current at 21 September 2018 and where disclosures can be found. Administrative only.
24 Sept 2018drilling result▲ GoodMajor
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.
24 Sept 2018investor presentation● Neutral
September roadshow presentation repeating the Cabora Bassa story, adding the new basin modelling result. Cash was A$3.8m at 24 August 2018 with no debt; the company says the work program is delivering results and farm-out is targeted for 2019.
30 Aug 2018admin correction● Neutral
Corrects the morning presentation: acreage is 250,000 acres, not 250,00, and the data reprocessing and studies will finish in Q3-Q4 2018 rather than 2019. Farm-out is targeted for the first half of 2019.
30 Aug 2018investor presentation● Neutral
August 2018 presentation on the Cabora Bassa project (80% of SG 4571, Mzarabani TCF+ prospect). Cash was A$4.3m at 30 June 2018 with no debt; 365.7m shares and 101m performance shares tied to resource and farm-out milestones. Farm-out targeted for 2019.
8 Aug 2018contract award▲ Good
Invictus appoints UK-listed Getech to reprocess and reinterpret the US$30m legacy Mobil data on the Cabora Bassa project. The aim is to mature the Mzarabani prospect for a farm-out campaign over the coming months. No contract value is stated.
30 July 2018quarterly activities report● Neutral
June 2018 quarter: the A$4.5m raise was completed on 25 June, Zimbabwe approvals and shareholder votes were obtained, and the company was renamed Invictus with Macmillan as Managing Director. Covers events already announced.
21 June 2018director officer appointment▲ GoodMajor
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.
21 June 2018other● Neutral
The company is now Invictus Energy Limited, trading under ticker IVZ instead of IHS, effective 21 June 2018. The name follows the Zimbabwe acquisition approved by shareholders on 15 June.
15 June 2018agm notice▲ Good
All resolutions passed at the general meeting, including the change in scale of activities, issue of consideration and performance shares to the vendor, the capital raising, adviser options to Ashanti, director options, de Mori's appointment and the name change. This clears the Invictus acquisition.
15 June 2018regulatory community update▲ Good
Zimbabwe's Reserve Bank and Investment Authority approvals were received for the Cabora Bassa deal, along with supportive ministry letters. This clears the last in-country hurdle before the shareholder meeting on the same day to approve the acquisition and A$4.5m raise.
