Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Jan 2023drilling result▲ GoodMajor
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.
3 Jan 2023drilling result● NeutralMajor
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.
29 Dec 2022drilling progress report▼ Bad
Sidetrack wireline logs indicate multiple potential gas zones, but the fluid-sampling tools failed, and the cable then became stuck in the hole. Fishing to retrieve the tool is under way. No fluid sample yet, so a formal discovery is not declared. A trading halt was requested earlier.
19 Dec 2022drilling result▲ Good
The Mukuyu-1 sidetrack reached 3,603m with gas shows and fluorescence across the Upper Angwa, consistent with the original hole. Asphaltene and bitumen in cuttings indicate liquid hydrocarbons. Wireline logging, including fluid sampling, comes next, taking 2-4 days.
9 Dec 2022drilling progress report▼ Bad
The Mukuyu-1 sidetrack, begun after plugging back to about 2,020m, is delayed by a mud motor failure, lost nozzles and a top drive control module fault, since repaired. Drilling has resumed, with about 10 days of work remaining.
24 Nov 2022drilling result● NeutralMajor
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.
18 Nov 2022drilling progress report▲ Good
Early wireline logs on Mukuyu-1 indicate multiple potential gas-bearing zones, but moveable hydrocarbons are not yet confirmed. Fluid-sampling tool is still on its way. Meanwhile the well drills ahead to about 3,800m, with final results expected in 5-7 days.
14 Nov 2022drilling result▲ GoodMajor
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.
10 Nov 2022drilling progress report▲ GoodMajor
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.
26 Oct 2022drilling result● NeutralMajor
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.
6 Oct 2022resource reserve update▲ GoodMajor
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.
5 Oct 2022drilling progress report● Neutral
Mukuyu-1 surface hole drilled to about 593m; casing is about to be run. Drilling then continues to about 2,200m through the first targets, then to about 3,500m. No hydrocarbon results yet.
26 Sept 2022drilling spud▲ GoodMajor
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.
2 Sept 2022drilling scheduled▲ Good
Invictus maps multiple drill-ready prospects in the Basin Margin play across the expanded licence area, plus further large leads on trend with Mukuyu. Mukuyu-1 is due to spud in early September, followed by Baobab-1. An independent resource estimate for the Basin Margin is still being prepared.
5 July 2022resource reserve update▲ GoodMajor
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.
8 June 2022drilling progress report▲ Good
Exalo Rig 202 has started moving from Tanzania, arriving over June. The Mukuyu-1 wellpad is nearly complete, and long-lead casing is arriving in Harare. Pre-gazettal administration for the sevenfold licence expansion is finished, awaiting publication; the second well details follow gazettal.
12 May 2022drilling result▲ Good
Further seismic studies suggest the shallow Horizon 200 target may hold stacked gas zones 40-80m thick, plus a flat spot in the deeper Horizon 500 target. A diverter system is being added to the Mukuyu-1 drilling plan. These are indicators only, uncalibrated by any well.
27 Apr 2022farm in farm out agreement▲ Good
Three farm-in offers received for the Cabora Bassa Project, including an updated Cluff bid, with other parties still doing due diligence. No preferred bidder yet. Mukuyu-1 wellpad construction has started, which is a step toward the June drilling.
7 Apr 2022drilling result▲ GoodMajor
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.
31 Mar 2022farm in farm out agreement● Neutral
Cluff's farm-in option deadline extended from 31 March to 30 April 2022 so it can assess the enlarged licence area and finalise funding. Invictus says it is in active talks with multiple other parties. Rig arrival now expected mid-June; Cluff still has not exercised.
28 Feb 2022drilling progress report▲ Good
Final processed seismic data received; interpretation under way, with multiple strong amplitude anomalies in Muzarabani and a potential flat spot in a new lead. These are possible hydrocarbon indicators, not confirmed. Two-well drilling still scheduled to start June 2022.
15 Feb 2022drilling scheduled▼ BadMajor
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.
24 Jan 2022drilling progress report▲ Good
Post-stack migrated 2D seismic data received from Earth Signal Processing; quality described as excellent, with numerous anomalies over the Muzarabani prospect and basin margin fault. Final dataset due early February; the company says it is on track for May 2022 drilling. Anomalies are uncalibrated and not proof of hydrocarbons.
9 Dec 2021farm in farm out agreement▲ GoodMajor
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.
12 Nov 2021drilling result▲ GoodMajor
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.
3 Nov 2021drilling result▲ GoodMajor
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.
18 Oct 2021drilling progress report▲ Good
Seismic acquisition reached 467km, above the 400km minimum, with over 100,000 hours lost-time-injury free. Early processing of test Line 05 by Earth Signal shows better resolution and fault definition than the 1990 Mobil data; final products will fix well locations for 1H 2022 drilling.
7 Oct 2021drilling progress report▲ Good
The CB21 seismic survey is progressing, with 220km recorded and 240km laid out, over 87,000 hours without a lost-time injury, and processing started. The company is also finalising a US OTCQB listing (ticker IVCTF) after North American investor interest.
30 Aug 2021drilling progress report▲ Good
Seismic recording is due to start in the first week of September after 400 km of line clearing was completed. Seismic processing was awarded to Earth Signal Processing; drilling long-lead items tender is complete awaiting award and rig selection is nearing finalisation.
22 Dec 2020farm in farm out agreement▲ GoodMajor
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.
