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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 2023quarterly activities report● Neutral
September quarter report: Mukuyu-2 spudded, CB23 seismic completed (425km) and in final processing, and the A$15m placement was raised. Cash was A$22.4m at 30 September including placement proceeds. Mukuyu-2 is approaching planned depth; no new results.
27 Oct 2023agm notice● Neutral
All 20 resolutions at the 27 October 2023 AGM were carried on a poll. This includes approvals the company needed for the September placement's Tranche 2 and attaching options (inference from the earlier announcement).
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.
Create a free account to see this worked out for your own holding.
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.
23 Aug 2023agm notice● Neutral
Company expects to hold its AGM on or after 4 October 2023, with director nominations closing 31 August 2023. Administrative notice only; no new company information.
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.
31 July 2023quarterly activities report● Neutral
June quarter report restates known items: well services contracts, Rig 202 maintenance done, CB23 seismic started, mudgas confirming light oil, gas-condensate and helium (~0.1%), and $35.4m raised. Mukuyu-2 still on track for Q3 2023. No new results.
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.