Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2019drilling result▲ Good
Geochemical tests on outcrop samples west of SG 4571 indicate good gas and liquids source rocks, with Permian Mkanga samples correlating to two oil seeps in the Mid Zambezi basin. Most samples are immature at surface; supports the basin's petroleum system but is not a drilling result.
1 July 2019resource reserve update▲ GoodMajor
Getech's independent update lifts total gross mean prospective resource to 9.25 Tcf plus 294 million barrels condensate across Mzarabani (8.2 Tcf) and the new Msasa prospect (1.05 Tcf), up from 3.9 Tcf. Still undiscovered. ENVOI hired to run the farm-out; environmental impact assessment started.
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.
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.
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.
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.
11 Dec 2017drilling result▼ BadMajor
Greenberry #1 reached 9,300 feet; logging showed both upper and lower Pettit sections tight with low porosity, so it will be plugged and abandoned. This is a second dry hole at Gallatin after the first well; a third well is being considered. Interpose's cost was estimated at US$32,000.
6 Dec 2017drilling progress report● Neutral
Greenberry #1 is drilling at 8,330 feet, now entering the 8,000 to 9,000 foot Pettit target zone. No results yet.
29 Nov 2017drilling progress report● Neutral
Greenberry #1 is drilling at 5,653 feet, still above the 8,000 to 9,000 foot Pettit target. No results yet.
24 Nov 2017drilling spud● NeutralMajor
Greenberry #1, the second Gallatin well, has spudded and was drilling at 1,470 feet. It targets the Pettit formation at 8,000 to 9,000 feet, with about 28 days to drill and test. This follows the abandoned first well.
8 Nov 2017drilling scheduled● Neutral
The operator says the second Gallatin well, Greenberry #1, will spud next week. It targets 5 bcf gas and 70,000 barrels of oil. Interpose's dry-hole cost is now estimated at US$32,000, down from US$73,762 on the first well.
15 Mar 2017drilling result▼ BadMajor
Logging of Christine Keahey #1 showed a narrower than expected Pettit section with porosity below 6%, so the well will be plugged and abandoned. This is a dry hole on the first Gallatin well. Interpose and the operator will assess whether a second well is warranted.
13 Mar 2017drilling progress report● Neutral
Christine Keahey #1 reached target depth of 9,380 feet and is awaiting a logging unit. No result is reported yet.
3 Mar 2017drilling progress report● Neutral
After 21 days, Christine Keahey #1 is at 6,668 feet and still drilling. The target Pettit section lies at 8,000 to 9,000 feet. No results yet.
21 Feb 2017drilling spud● NeutralMajor
The Christine Keahey #1 well at Gallatin has spudded and was drilling at 650 feet. It targets 5 bcf gas and 70,000 barrels of oil, with about 28 days expected to drill and test. This is the first well on Interpose's new 7.5% interest.
11 Mar 2014resource reserve update▲ GoodMajor
Independent certification booked a best-estimate 7.8 Tcf (Sunbird 76%: 5.9 Tcf) of prospective, undiscovered gas in Block 2A, with low 4.5 Tcf and high 13.3 Tcf. This delivers the planned exploration-upside certification; targets will be high-graded in 2014.
4 Nov 2013resource reserve update▲ GoodMajor
Independent certification gave Mopane a first contingent resource of 644 Bcf (2C), with 351 Bcf 1C and 1,018 Bcf 3C. It covers only about 124 km2, under 10% of the 1,577 km2 licence. Pilot production is planned for 2014. This delivers the Q4 2013 certification target.
24 June 2013resource reserve update▲ GoodMajor
Independent studies confirm Phase 1 development of Ibhubesi's 210 Bcf 1P reserves is viable, with plateau output of 40 MMscf/d for 12 years or 80 MMscf/d for 6 years. Estimated Phase 1 capital cost is $1.2-1.4 billion (±40%). Gas sales talks are progressing.
4 June 2013resource reserve update▲ GoodMajor
Independent audit by MHA certified Ibhubesi reserves of 210 Bcf proved (1P) and 540 Bcf proved plus probable (2P), upgrading the earlier contingent resource to reserves. The 1P figure supports Phase 1 development; gas marketing talks are underway. This delivers the June 2013 reserves audit.
3 Apr 2013resource reserve update▲ GoodMajor
An independent RPS Energy review of Ibhubesi confirmed the 201 Bcfe 1C and 869 Bcfe 2C resources, consistent with 2009 estimates. It says Phase 1 development of the 1C resource needs no further drilling. A reserves audit is due by June 2013 and a feasibility study by May 2013.
20 Mar 2013drilling result▲ Good
Second Mopane hole (MOP001A) shows gas content up to 9.6 m3/t, consistent with the first hole's results and above the 2.83 m3/t best estimate. Residual gas is still to be measured. Six holes remain, with a resource booking planned for Q3.
7 Mar 2013drilling result▲ GoodMajor
First gas desorption results from MOP002A show gas content up to 7.54 m3/t, well above the independent best estimate of 2.83 m3/t. Six more holes are piloted, and coring is due to start shortly. A contingent resource booking is planned for Q3.
10 Dec 2012drilling result▲ GoodMajor
Second Mopane core hole (MOP002A) hit 38.2m of net coal in a 128m package, over double the 15m behind the 1.9 Tcf best estimate. Gas readings are described as excellent; full gas content and permeability results are still pending.
29 Nov 2012drilling result▲ GoodMajor
Initial coring of the first redrilled Mopane hole (MOP001A) found gassy coals at 422m depth. Desorption analysis over about two months will confirm gas content; this is an early field indication, not a resource figure.
16 Aug 2012drilling spud▲ GoodMajor
First core hole of the expanded eight-hole Mopane program was spudded on 14 August 2012, to about 550m depth. Mopane's independent best-estimate gas-in-place is 1.9 Tcf (high 13.66 Tcf); the program aims to allow pilot drilling in 2013.
21 Mar 2012drilling spud▲ GoodMajor
First well spudded 20 March 2012 at the Ermelo project in South Africa, the start of a nine-hole core drilling program across three projects. Ermelo is held 74% by Sunbird; results are due 60 to 90 days after the final well.
