Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
25 Nov 2022agm notice● Neutral
All AGM resolutions passed except resolution 11, the employee incentive securities plan, which failed with 47.2% for and 50.6% against. The remuneration report passed with 7.9% against. Free placement options and lead manager options passed narrowly, at about 51% and 50%.
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.
22 Nov 2022agm notice● Neutral
Details of the 24 November AGM, now a hybrid meeting at the West Perth office with a Zoom webinar. Question submission has closed. Administrative only.
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.
28 Oct 2022quarterly activities report● Neutral
September quarter report recaps the Mukuyu-1 spud, the $25m placement, the ERCE Basin Margin estimate of 1.17bn barrels, the 360,000 ha licence area and the REDD+ carbon contract. Mostly repeats known facts. Cash figures are not in the text provided.
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.
19 Oct 2022agm notice● Neutral
Notice that the annual general meeting will be held at 4.00pm on 24 November 2022 in West Perth, as a physical meeting. Administrative only.
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.
30 Sept 2022annual report● Neutral
Annual report for year ended 30 June 2022. The text provided is truncated and contains only the contents page, directory and start of the operations review, so no financial figures can be reported.
26 Sept 2022drilling spud▲ GoodMajor
Mukuyu-1 spudded on 24 September (local time), the first well of the two-well campaign, targeting 20 Tcf + 845 mmbbl. Planned depth is 3,500m, with drilling and evaluation expected to take 50-60 days. Baobab-1 follows. This ends the long wait for drilling.
19 Sept 2022asset acquisition disposition▲ GoodMajor
The Zimbabwe Government Gazette publishes the assignment of EPO 1848 and 1849 exploration rights to Invictus's 80% subsidiary, valid three years to 15 September 2025. This completes the licence expansion to about 360,000 ha. Mukuyu-1 is still awaiting rig acceptance.
2 Sept 2022drilling scheduled▲ Good
Invictus maps multiple drill-ready prospects in the Basin Margin play across the expanded licence area, plus further large leads on trend with Mukuyu. Mukuyu-1 is due to spud in early September, followed by Baobab-1. An independent resource estimate for the Basin Margin is still being prepared.
