Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
7 June 2023agm notice▲ Good
All resolutions at the 7 June 2023 general meeting were approved, including those for the capital raising options. One resolution was withdrawn because the share purchase plan had no shortfall. Settles the open approval item from the April raise.
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.
28 Apr 2023quarterly activities report● Neutral
March quarter report: Mukuyu-2 still targeted to spud early Q3 2023 with Rig 202 warm stacked, and 2D seismic expected to start in May pending contract award. Restates 13 potential zones from Mukuyu-1 ST1; sidewall core analysis continues. No new results.
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.
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.
25 Jan 2023quarterly activities report● Neutral
December quarter report restating the Mukuyu-1 and ST1 results (13 potential zones, 225m in Upper Angwa) and the 12-month rig extension. Cash was $12.6 million at 31 December 2022, down from A$32.8m after the September raise. It also notes a 200 Horizon zone of interest.
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.
