Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Sept 2023drilling spud▲ GoodMajor
Drilling began on 20 September 2023 at the Mukuyu-2 appraisal well, planned to 3,750m and expected to take 50-60 days. It targets the Upper Angwa about 450m updip of Mukuyu-1, plus the untested Lower Angwa. This delivers the September spud guided earlier.
19 Sept 2023other● Neutral
ASX temporarily paused trading in Invictus pending a further announcement. No reason is given in the notice. It was followed two days later by a capital raising announcement (inference: the pause was likely for that raising).
15 Sept 2023annual report● Neutral
Annual report for the year to 30 June 2023, with directors' report, financial statements and audit report. The visible text is mostly contents and corporate directory; it mentions an updated ERCE resource report. No new figures are readable in the supplied extract.
8 Sept 2023listing compliance notice▼ Bad
Company discloses it inadvertently breached its placement capacity on 6 June 2023 by agreeing to 41,923,147 options beyond its limit. They cannot be ratified and count against capacity for 12 months. Company undertook to ASX not to issue equity without approval until 16 September 2023, with exceptions.
7 Sept 2023investor presentation● Neutral
Good Oil conference presentation repeating known points: Mukuyu-2 spud planned September 2023, 5.5bn boe prospective resources, 13 gas-condensate zones. Shows market cap about $212m at $0.18 and cash of A$23m at 30 June 2023.
1 Sept 2023drilling progress report▲ Good
Rig 202 mobilisation and rig-up at Mukuyu-2 is complete, with rig acceptance and commissioning ongoing and well services equipment arriving. Spud is expected in the coming weeks; planned depth is now about 3,750m measured depth, up from 3,700m.
31 Aug 2023drilling result▲ Good
All 27 Mukuyu-1 mudgas samples confirm light oil, gas-condensate and helium over a roughly 1,000m interval; sidewall core also shows light oil or condensate. Upper Angwa source shales have organic content up to 10%. Supports the petroleum system but is still no formal discovery.
11 Aug 2023drilling progress report▲ Good
Rig 202 has begun moving to Mukuyu-2 after the wellpad was completed and approved by the environmental regulator. Spud is now guided for September, narrowing the earlier Q3 2023 timing.
7 Aug 2023drilling progress report▲ Good
CB23 2D seismic acquisition finished 3 August: 425km acquired on time and on budget, with no lost-time incidents. Preliminary field processing shows structural closure at multiple target intervals; full processing by Earth Signal is next, to mature leads toward drilling.
17 July 2023contract award▲ Good
CB23 seismic acquisition has started after 425km of line clearing, with completion expected mid-August. Earth Signal Processing is awarded the processing contract, having processed the 2021 survey. Shifts the survey from preparation into data recording.
13 July 2023drilling scheduled▲ GoodMajor
Mukuyu-2 appraisal well location chosen about 6.8km north-east of Mukuyu-1, over 400m updip at the Upper Angwa target, planned depth about 3,700m to test untested Lower Angwa. Wellpad construction has begun; spud still on track for Q3 2023.
26 June 2023contract award▲ GoodMajor
Well services contracts for Mukuyu-2 are awarded to SLB (wireline logging), Geolog (mudlogging) and Baker Hughes with NOV (directional drilling). Rig 202 maintenance is complete. Mukuyu-2 is still on track to spud in Q3 2023, after Mukuyu-1's wireline tools failed to get a fluid sample.
23 June 2023other● Neutral
Administrative disclosure for quotation of the new 7 June 2026, $0.20 options, with 153,023,797 on issue. They were issued with the April placement, May share purchase plan and June placement. No new information.
14 June 2023drilling progress report▲ Good
Line clearing has begun for the CB23 2D seismic survey, the start of Phase 2 exploration; at least 400 line-km is due to finish in July. It aims to turn leads into drillable prospects. Mukuyu-2 is still on schedule for Q3 2023.
13 June 2023capital raising announcement● Neutral
Second supplementary prospectus adds an offer of 53,125,000 free options to participants in the $12.75m June placement, one per two shares. No new funds are raised. Legal paperwork for the already announced placement.
6 June 2023capital raising announcement▲ GoodMajor
Invictus raises a further $12.75m from institutions at $0.12 (106.25m shares, an 11.1% discount to the last price), with attaching $0.20 options. Total raised since April is $35.4m, funding Mukuyu-2, which remains on track to spud in Q3 2023. $3m needs shareholder approval.
What it means for a shareholder
106m new shares at about A$0.3332 to raise about A$35.4m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (3,001 at the issue price), your slice goes from 0.000406% to 0.000355% of the company. To keep it you'd need 431 more shares - about A$144 at the issue price.
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1 June 2023other● Neutral
Revised target market determination, a regulatory document, for the free options, updated to reflect the $12,735,284 share purchase plan. Carries no new company information.
1 June 2023capital raising announcement● Neutral
Supplementary prospectus formalises acceptance of the oversubscribed share purchase plan, $12,735,284 in total. No shortfall shares will be issued, and the extra $2.7m goes to working capital. Shares issue 2 June 2023; options follow after the 7 June meeting.
31 May 2023capital raising announcement▲ GoodMajor
The share purchase plan closed oversubscribed, raising $12.7m at $0.12 from 106,127,367 new shares, with the board accepting $2.7m above the $10m target. With the $10m April placement, $22.7m has been raised; funds go to Mukuyu-2 and seismic.
What it means for a shareholder
106m new shares at about A$0.1197 to raise about A$12.7m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (8,356 at the issue price), your slice goes from 0.00113% to 0.000989% of the company. To keep it you'd need 1,200 more shares - about A$144 at the issue price.
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22 May 2023capital raising announcement▲ Good
The share purchase plan has passed its initial $5m target, and the board will accept up to $5m more, for a total of up to $10m at $0.12. Closes 25 May 2023, with a free $0.20 option per two shares. Continues the April raise.
18 May 2023regulatory community update▲ Good
Zimbabwe's environmental agency renews the Environmental Impact Assessment for SG 4571 and EPOs 1848/49 until May 2025. The company says this concludes permitting requirements for the seismic survey and Mukuyu-2, resolving the EIA renewal that was due by July 2023.
17 May 2023contract award▲ GoodMajor
Polaris is awarded the contract for at least 400 line-km of 2D seismic in the east of EPO 1848/49, to mature leads on trend with Mukuyu and in the Basin Margin play. Mukuyu-2 remains on track to spud in Q3 2023.
8 May 2023capital raising announcement● Neutral
Administrative notice on how to apply for the share purchase plan: eligible holders on the 5 April record date can subscribe up to A$30,000 at $0.12. The offer closes 25 May 2023. No new terms.
8 May 2023drilling result▲ GoodMajor
Mud gas analysis of five Mukuyu-1 samples shows light oil, gas-condensate and helium in the Upper Angwa. Condensate-gas ratios are estimated at 30-135 bbl/MMscf, with under 1% CO2. This supports the earlier log interpretation, though no fluid sample or formal discovery has been declared.
3 May 2023capital raising announcement● Neutral
Prospectus for the share purchase plan: up to 83,333,333 shares at $0.12, plus 41,666,667 options to placement participants and 10,416,667 to lead managers. General meeting is set for 31 May 2023. Legal documentation of the already announced offer.
What it means for a shareholder
83.3m new shares at A$0.120 to raise about A$10.0m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.00113% to 0.00101% of the company. To keep it you'd need 939 more shares - about A$113 at the issue price.
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3 May 2023other● Neutral
Target market determination, a regulatory document for the free options offered under the 3 May prospectus. It describes the intended investors and carries no new company information.
3 May 2023capital raising announcement● NeutralMajor
Share Purchase Plan opens for eligible shareholders, raising up to $10m at $0.12, the same as the April placement, with one free $0.20 option per two shares. Targets $5m initially, with up to $5m extra accepted. Closes 25 May 2023.
6 Apr 2023capital raising announcement● NeutralMajor
Invictus raises $10.0m via placement of 83,333,333 shares at $0.12, a 20% discount, with one free $0.20 three-year option per two shares. Funds Mukuyu-2 preparations and seismic. This is well below the $0.23 August 2022 raise. $1.3m from insiders needs shareholder approval.
What it means for a shareholder
83.3m new shares at A$0.120 to raise about A$10.0m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.00113% to 0.00101% of the company. To keep it you'd need 939 more shares - about A$113 at the issue price.
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21 Mar 2023investor presentation● Neutral
March 2023 corporate presentation by the Managing Director restating known facts: Mukuyu 20 Tcf + 845 mmbbl prospective resource, 13 gas-condensate zones from Mukuyu-1 logs, net cash A$12.6m and market cap $111.0m. No new results.
20 Mar 2023investor presentation● Neutral
Notice of a shareholder webinar on 21 March 2023 about the Mukuyu-2 appraisal well, targeted for Q3, and the infill seismic survey. Administrative notice only; no new results.
