Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Feb 2024drilling progress report● Neutral
The Mukuyu-2 gas samples have cleared export and are due at a US laboratory this week, with initial results expected within two weeks. This is a timing update on the pending lab analysis, with no results yet.
2 Feb 2024capital raising announcement● Neutral
The entitlement offer is now open to eligible shareholders to raise about A$15.2m, with a free option for every two shares taken up. At this point it was due to close 19 February. Terms are unchanged from the 23 January launch.
23 Jan 2024capital raising announcement● Neutral
Prospectus for the entitlement offer announced the same day: 1 share per 12 held at $0.13 plus a free listed option per two shares, to raise up to $15,236,541. Largely a legal document for the offer already described, with no new business information in the readable extract.
23 Jan 2024capital raising announcement● NeutralMajor
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.
23 Jan 2024other● Neutral
Target market determination for the free listed options attached to the entitlement offer, saying who the options suit. Compliance document only, with no new business information. The options carry a 2-year term per the text.
27 Dec 2023capital raising announcement● NeutralMajor
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.
What it means for a shareholder
115m new shares at A$0.130 to raise about A$15.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (7,692 at the issue price), your slice goes from 0.00104% to 0.0009% of the company. To keep it you'd need 1,201 more shares - about A$156 at the issue price.
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18 Dec 2023drilling progress report▲ Good
Wireline work at the Mukuyu-2 sidetrack is finished: 15 hydrocarbon samples and 38 sidewall cores were recovered, several cores showing liquid hydrocarbon fluorescence. Net pay estimate is unchanged at 34.9m. The 7-inch liner is next, to allow a future flow test.
18 Dec 2023material agreement▲ GoodMajor
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.
15 Dec 2023drilling result▲ GoodMajor
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.
11 Dec 2023drilling progress report▲ Good
The Mukuyu-2 sidetrack reached total depth of 3,360mMD in the Lower Angwa, with strong gas shows and fluorescence. The hole is being conditioned for a full wireline logging, sampling, sidewall core and seismic programme before the well is suspended for flow testing.
7 Dec 2023drilling result▲ GoodMajor
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.
4 Dec 2023drilling progress report▲ Good
The Mukuyu-2 sidetrack has reached 2,987mMD near the base of the Upper Angwa, with strong gas shows and fluorescence consistent with the original hole. Drilling continues to about 3,400mMD, then logging and sampling.
1 Dec 2023contract award▲ GoodMajor
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.
27 Nov 2023drilling progress report● Neutral
The Mukuyu-2 vertical sidetrack has started, kicked off above the casing shoe at about 1,966m, and is drilling toward about 3,400m through the Upper and Lower Angwa. It will be logged and sampled, then the well suspended for flow testing. This follows the 20 November decision to sidetrack.
20 Nov 2023drilling result● NeutralMajor
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.
13 Nov 2023drilling progress report▼ Bad
Fluid sampling on Mukuyu-2 was delayed again after both primary and backup sampling tools failed during clean-up. Replacement parts have arrived and the company is preparing to resume. No new results.
9 Nov 2023drilling progress report● Neutral
Initial Upper Angwa sampling on Mukuyu-2 showed gas and liquid hydrocarbons (condensate/oil) flowing, indicating moveable hydrocarbons. The wireline cable stuck to the borehole wall, so sampling moves to drill pipe, pushing the schedule back several days, with results expected in 3-5 days.
6 Nov 2023drilling progress report▲ Good
Preliminary wireline logs on Mukuyu-2 identify multiple hydrocarbon-bearing zones in the Upper and Lower Angwa, matching the gas shows seen while drilling. Logging ran slightly late after a tool failure; fluid sampling, needed to confirm a discovery, is expected to take 2-3 days.
3 Nov 2023security holder rights change● Neutral
Invictus issued 33,333,289 listed IVZOA options on 3 November 2023, on a 1-for-3 basis to the September placement, and the cleansing prospectus has closed. This completes the option issue flagged earlier (the announced 33,333,334 differs slightly from the 33,333,289 issued).
31 Oct 2023other● Neutral
2023 corporate governance statement against the ASX governance recommendations. It lists a board of five (four independent) and notes Scott Macmillan as managing director since June 2018. Administrative disclosure with no new business information.
31 Oct 2023other● Neutral
Appendix 4G, the checklist showing where the company discloses its corporate governance practices, dated 31 October 2023. Administrative filing with no new business information.
31 Oct 2023annual report● Neutral
Full annual report for the year to 30 June 2023, re-lodging the contents already noted in September. The extract shows only the contents page and the managing director's review of Mukuyu-1, the CB23 seismic and the Mukuyu-2 plans; no new figures are readable.
30 Oct 2023drilling result▲ GoodMajor
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.
27 Oct 2023other● Neutral
Target market determination for the free attaching options offered under the 27 October 2023 prospectus. It is a compliance document with no new business information; it describes the options (expiring 7 June 2026) as highly speculative.
27 Oct 2023capital raising announcement● Neutral
Cleansing prospectus offering 33,333,334 free options to participants in the September placement. This is a technical step so the options can be issued and traded, with issue planned 14 November 2023. No new information on the business.
25 Oct 2023drilling result▲ GoodMajor
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.
20 Oct 2023drilling progress report▲ Good
Mukuyu-2 reached 2,745m with gas shows up to 70 times background and elevated resistivity in the Upper Angwa primary target, plus heavier hydrocarbons. Some mud was lost to the formation and top drive repairs slowed progress. Drilling continues toward 3,750m.
10 Oct 2023drilling progress report▲ Good
Mukuyu-2 intermediate section finished at 1,966m. Background gas is higher than in Mukuyu-1, with heavier hydrocarbons, and wireline logs show residual hydrocarbons in about 20m of upper Dande reservoir with 15-20% porosity. Early signs are encouraging, though not a discovery; primary Upper Angwa is still to be drilled.
3 Oct 2023drilling progress report● Neutral
Mukuyu-2 surface hole drilled to about 496m, 13⅜ inch casing set and blowout preventer installed; the 12¼ inch section is under way toward about 2,040m. Still on track for the 50-60 day program. No new results.
21 Sept 2023capital raising announcement● NeutralMajor
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.
What it means for a shareholder
100m new shares at A$0.150 to raise about A$15.0m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.000902% to 0.000794% of the company. To keep it you'd need 902 more shares - about A$135 at the issue price.
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