Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Mar 2025half year report● Neutral
Half-year report to 31 December 2024 shows a net loss of $3.32m, down from $4.15m a year earlier. Highlights repeat known items: eight eastern prospects, the Musuma focus, licence extension and the US$10m raise plus US$2m oversubscriptions. No subsequent events were reported.
7 Mar 2025other▼ Bad
S&P index notice listing Invictus among removals from the All Ordinaries index, effective 24 March 2025. Invictus had been in the index since March 2023. It is an index-membership change, not a company announcement, and says nothing about operations.
17 Feb 2025regulatory community update▲ GoodMajor
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.
13 Jan 2025regulatory community update▲ GoodMajor
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.
31 Dec 2024capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
53.0m new shares at A$0.100 to raise about A$3.5m. That's 6.7% dilution: every existing holder's slice gets 6.7% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00126% of the company. To keep it you'd need 717 more shares - about A$72 at the issue price.
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29 Nov 2024regulatory community update▲ Good
An independent European legal review of the Petroleum Production Sharing Agreement is complete and with Government authorities. The company says it has been told the PPSA should be finalised for execution in coming weeks. Continues the PPSA thread; not yet signed.
4 Oct 2024other● Neutral
FY24 corporate governance statement describing board structure and policies against ASX recommendations. Four of the five directors are listed as independent; Managing Director Scott Macmillan is not. Administrative disclosure with no new operational or financial information.
4 Oct 2024other● Neutral
Appendix 4G, the checklist keying the FY24 governance disclosures to the ASX recommendations, dated 4 October 2024. Administrative filing accompanying the annual report; no new information.
30 Sept 2024annual report● Neutral
Annual report for the year to 30 June 2024. The letter calls the Mukuyu-2 discovery the company's defining achievement and says the board thinks the market capitalisation does not reflect asset value. Financial figures are not in the readable extract.
3 Sept 2024resource reserve update▲ GoodMajor
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.
23 Aug 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after BDO restructured its audit practice; this is an administrative change within BDO. An EGM in early October will seek approval of the second placement tranche and new director options. A new website was also launched.
19 Aug 2024director officer appointment● Neutral
Victoria (Vicky) McLellan appointed Chief Financial Officer from 19 August 2024. She was previously CFO at FAR Limited and Metgasco, and spent nine years at Chevron. Adds a dedicated finance executive as the company says it is moving towards development.
5 Aug 2024other▲ Good
Invictus's secondary listing on the Victoria Falls Stock Exchange (ticker INV) completed on 2 August, with trading starting 5 August. It lets Zimbabweans hold the stock via depositary receipts; the placement shares behind them will not trade on the ASX. Follows the placement.
1 Aug 2024capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
152m new shares at A$0.100 to raise about A$10.0m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00112% of the company. To keep it you'd need 2,050 more shares - about A$205 at the issue price.
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29 July 2024capital raising announcement● NeutralMajor
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.
What it means for a shareholder
152m new shares at A$0.100 to raise about A$10.0m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00112% of the company. To keep it you'd need 2,050 more shares - about A$205 at the issue price.
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25 July 2024other● Neutral
ASX paused trading in Invictus shares pending a further announcement. No reason is given in the notice; the 29 July announcement follows.
18 July 2024regulatory community update▲ GoodMajor
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.
17 June 2024other● Neutral
Share registry moved from Link Market Services to Computershare from 17 June 2024. Administrative change only.
12 June 2024investor presentation● Neutral
Notice of a shareholder briefing webinar on 19 June 2024 covering Mukuyu-2, the new seismic prospects, the forward plan and a corporate update. Administrative notice only; no new information.
14 May 2024investor presentation● Neutral
Africa Energy Summit presentation restating the Mukuyu discoveries, Dande prospects, Basin Margin play and gas market MOUs. It repeats known facts, with no new announcements in the readable text.
6 May 2024drilling result▲ GoodMajor
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.
23 Apr 2024material agreement▲ GoodMajor
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.
22 Mar 2024well test result▲ GoodMajor
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.
13 Mar 2024capital raising announcement▼ BadMajor
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.
What it means for a shareholder
11.4m new shares at about A$0.1307 to raise about A$1.5m. That's 1.5% dilution: every existing holder's slice gets 1.5% smaller. If you held A$1,000 of shares (7,651 at the issue price), your slice goes from 0.00104% to 0.00102% of the company. To keep it you'd need 118 more shares - about A$15 at the issue price.
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13 Mar 2024half year report● Neutral
Half-year accounts to 31 December 2023 show a net loss of $4.15m (prior period $2.06m). It recaps the Mukuyu-2 discoveries and the $15m placement. Subsequent events list the entitlement offer extension and the 11.4m-share issue; nothing new operationally.
4 Mar 2024well test result▲ GoodMajor
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.
28 Feb 2024listing compliance notice● Neutral
Responding to an ASX query, Invictus said the 21 February Wood Mackenzie announcement was inadvertently lodged as market sensitive and was not information expected to move the share price. It called the error a one-off and said it complies with continuous disclosure rules.
21 Feb 2024resource reserve update▲ Good
Invictus highlights a Wood Mackenzie review ranking Mukuyu the second largest Sub-Saharan Africa discovery of 2023, at an estimated 230 million boe (1.3 Tcf). This is a third-party estimate, not a company resource booking. Invictus says work to quantify contingent resources continues.
16 Feb 2024capital raising announcement● Neutral
Re-issue of application instructions for the entitlement offer after shareholder queries, reflecting the extended close of 6 March 2024. The offer terms and the roughly A$15.2m target are unchanged. Nothing new.
14 Feb 2024capital raising announcement● Neutral
Invictus extended the entitlement offer close from 19 February to 6 March 2024. It cited the registry's offer website being shut for maintenance, postal delays, and giving shareholders enough time. Results now follow in mid-March.
