Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2023half year report● Neutral
Half-year accounts to 31 December 2022 show a net loss of $2,062,623, against $2,625,363 a year earlier. They restate the Mukuyu 20 Tcf resource, the 1.2 billion barrel Basin Margin estimate, the REDD+ contract and the Exalo rig extension. No dividend.
3 Mar 2023other▲ Good
S&P Dow Jones index notice: Invictus (IVZ) is added to the All Ordinaries index effective 20 March 2023. It is an index-inclusion notice, not a company announcement, and carries no operational or financial news.
24 Feb 2023drilling scheduled▲ GoodMajor
Mukuyu-2 appraisal well is targeted to spud in early Q3 2023, aiming to confirm a gas-condensate discovery that Mukuyu-1 could not. Invictus has received industry interest and is considering farming down part of the project. A 2D seismic survey is also planned.
1 Feb 2023director officer appointment▲ Good
Robin Sutherland, a former Tullow exploration manager with over 35 years in Africa, joins as Non-Executive Director from 1 February 2023. Terms include a $60,000 annual fee, 3,000,000 options at $0.2355 and 7,000,000 performance rights with resource and share price hurdles.
30 Jan 2023director officer appointment▲ GoodMajor
John Bentley is appointed Non-Executive Chairman from 1 February 2023, filling the seat vacated by Dr Stuart Lake and meeting the Q1 target. He led Energy Africa, later bought by Tullow. Package includes 3,000,000 options at $0.2355 and 7,000,000 performance rights tied to resource bookings and share price hurdles.
23 Jan 2023drilling result▲ GoodMajor
Final evaluation of Mukuyu-1 ST1 identifies 13 potential hydrocarbon zones, including 11 totalling 225m gross in the primary Upper Angwa target. These are interpreted from logs, uncalibrated by fluid samples. Wells are plugged and the rig is rigged down; Phase 2 appraisal planning has started.
3 Jan 2023admin correction● Neutral
Amended re-release of the 3 January Mukuyu-1 results. It adds that log interpretation shows porosity up to 15% and gas saturation up to 90% in selected zones, uncalibrated and with wide margins of error. Otherwise same conclusions: no fluid sample, rig kept for 12 months.
3 Jan 2023drilling result● NeutralMajor
Mukuyu-1 and its sidetrack are concluded without a fluid sample after the wireline testing tools failed and became stuck, so no formal discovery is declared. Logs still show multiple potential gas zones over a 900m gross Upper Angwa interval. Exalo Rig 202 is kept in the basin for up to 12 months.
29 Dec 2022drilling progress report▼ Bad
Sidetrack wireline logs indicate multiple potential gas zones, but the fluid-sampling tools failed, and the cable then became stuck in the hole. Fishing to retrieve the tool is under way. No fluid sample yet, so a formal discovery is not declared. A trading halt was requested earlier.
19 Dec 2022drilling result▲ Good
The Mukuyu-1 sidetrack reached 3,603m with gas shows and fluorescence across the Upper Angwa, consistent with the original hole. Asphaltene and bitumen in cuttings indicate liquid hydrocarbons. Wireline logging, including fluid sampling, comes next, taking 2-4 days.
9 Dec 2022drilling progress report▼ Bad
The Mukuyu-1 sidetrack, begun after plugging back to about 2,020m, is delayed by a mud motor failure, lost nozzles and a top drive control module fault, since repaired. Drilling has resumed, with about 10 days of work remaining.
29 Nov 2022director officer appointment● NeutralMajor
Confirms Dr Stuart Lake, chairman since 1 August 2019, stepped down effective 28 November for personal reasons. A global search for a new chairperson has begun, with an appointment expected in the first quarter of 2023. The board is now without a chairman.
24 Nov 2022drilling result● NeutralMajor
Mukuyu-1 was deepened to 3,923m, with gas shows over about 900m of Upper Angwa, thicker than pre-drill estimates. But the hole deteriorated and wireline tools could not pass 3,030m, so no fluid sample. Invictus will sidetrack from about 2,020m, taking a further 12-18 days.
24 Nov 2022director officer appointment● NeutralMajor
Chairman Dr Stuart Lake announces in his AGM address that he will step down from the board on 28 November for personal reasons. He says the company now needs a chairman to lead commercialisation. He remains a significant shareholder.
18 Nov 2022drilling progress report▲ Good
Early wireline logs on Mukuyu-1 indicate multiple potential gas-bearing zones, but moveable hydrocarbons are not yet confirmed. Fluid-sampling tool is still on its way. Meanwhile the well drills ahead to about 3,800m, with final results expected in 5-7 days.
14 Nov 2022drilling result▲ GoodMajor
Mukuyu-1 reached total depth of 3,618m, with gas shows up to 135 times background across the Upper Angwa primary target. Invictus says this confirms a working conventional hydrocarbon system. Moveable hydrocarbons remain unproven until wireline logging, due in 3-6 days; deepening is possible.
10 Nov 2022drilling progress report▲ GoodMajor
Mukuyu-1 drilled the 8½ inch section to 3,086m with gas shows up to 65 times background and fluorescence in the Upper Angwa primary target. Invictus calls this a working hydrocarbon system. Moveable hydrocarbons are unconfirmed until wireline logging; drilling is slowed by a motor failure and fluid losses.
3 Nov 2022listing compliance notice● Neutral
ASX pauses trading in Invictus shares pending a further announcement. This follows a sharp price move that day and the related ASX price query.
3 Nov 2022price query▼ Bad
ASX queried a fall from $0.14 to $0.10 on heavy volume. Invictus says it has no undisclosed information and no results yet from the 8½ inch section, suggesting the market is speculating on drilling outcomes. Mukuyu-1 remains on track for 50-60 days.
26 Oct 2022drilling result● NeutralMajor
Mukuyu-1 logs show a possible hydrocarbon zone over 10-15m near 785m in the shallow 200 Horizon secondary target, but it looks tight. Invictus plans to test it elsewhere. The 12¼ inch section ended at 2,021m, with primary targets next. 50-60 day timeline unchanged.
21 Oct 2022other● Neutral
2022 Corporate Governance Statement, lodged with the annual report. It describes board structure (four directors, three independent) and workforce size. Administrative only.
21 Oct 2022annual report● Neutral
Full FY2022 annual report, for the year ended 30 June 2022. The text provided is truncated and shows only the contents and shareholder address, which restates 20 Tcf + 845 mmbbl at Mukuyu. No financial figures can be reported.
21 Oct 2022other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative only, with no operational or financial substance.
17 Oct 2022price query● Neutral
Responding to an ASX price query, Invictus says Mukuyu-1 has had minor delays from rig maintenance and failed measuring-while-drilling tools. It is drilling the 12¼ inch section and still guides 50-60 days. It says it knows of no undisclosed information.
14 Oct 2022listing compliance notice● Neutral
ASX pauses trading in Invictus shares pending a further announcement. No reason is given in the text.
11 Oct 2022other● Neutral
Top-20 holder list for the 37,516,341 unlisted options expiring 26 July 2023 at $0.35, ahead of seeking quotation. Administrative only; the top 20 hold 82.12%.
11 Oct 2022other● Neutral
Holder distribution schedule for the same 37,516,341 unlisted options ($0.35, expiring 26 July 2023), held by 127 holders. Administrative only, supporting an application for quotation.
11 Oct 2022capital raising announcement● Neutral
Cleansing prospectus offering 10,000 options at $0.001 to raise up to $10. It is a technical document to remove trading restrictions on the existing options, supporting the quotation sought. No new money is raised.
6 Oct 2022resource reserve update▲ GoodMajor
ERCE estimates the Basin Margin area at 1.17 billion barrels of oil (gross mean unrisked) across five prospects, including Baobab at 243 million barrels. Total Cabora Bassa prospective resource reaches over 5.5 billion boe. Invictus's 80% share is 937 million barrels, before the 10% SWFZ back-in.
5 Oct 2022drilling progress report● Neutral
Mukuyu-1 surface hole drilled to about 593m; casing is about to be run. Drilling then continues to about 2,200m through the first targets, then to about 3,500m. No hydrocarbon results yet.
