17 June 2024other● Neutral
Share registry moved from Link Market Services to Computershare from 17 June 2024. Administrative change only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2024quarterly activities report● Neutral
March quarter report recaps the condensate-rich lab results and the Wood Mackenzie ranking. Well test design, service bids and Mukuyu 3D seismic planning continue, and CB23 interpretation is near complete. Partnering interest is reported; no new results or cash figures in the readable extract.
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.
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.
31 Jan 2024quarterly activities report▲ Good
December quarter report recaps the two Mukuyu-2 gas discoveries (combined preliminary net pay 34.9m), Mukuyu-1 reclassed as a discovery, the 7-inch liner installed for a future flow test, and the Exalo rig extension. Lab results on fluid samples are expected in about 2-3 weeks.
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.