Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2021joint venture update▲ Good
Polaris crews are mobilising for the 2D seismic campaign, expected to start in July. Aztech Well Construction appointed drilling project manager, and the SG 4571 tenure renewal was gazetted for 3 years to June 2024, extending the earlier August 2023 date.
19 May 2021director officer appointment▲ GoodMajor
Joe Mutizwa appointed Non-Executive Director and Deputy Chairman. He chairs Mangwana Capital, a major shareholder, and already sat on the Zimbabwe subsidiary board; he is also on the Presidential Advisory Council and was a former Delta Corporation chief executive.
21 Apr 2021contract award▲ GoodMajor
Seismic acquisition contract awarded to Canadian contractor Polaris Natural Resources for the first 2D survey in the Cabora Bassa Basin, minimum 400 line km, to refine the Mzarabani-1 drilling location. Follows the March PEDPA and placement; equipment mobilising to Harare in coming weeks.
29 Mar 2021material agreement▲ GoodMajor
The Petroleum Exploration Development and Production Agreement was signed with Zimbabwe on 26 March 2021, giving the right to a 25-year production licence after exploration and Special Economic Zone status. This resolves the long-running approval thread; the separate fiscal PPSA remains outstanding.
26 Mar 2021other● Neutral
ASX paused trading in Invictus securities pending a further announcement. The notice gives no reason; it follows the $8m placement and precedes the 29 March announcement of the signed production agreement.
24 Mar 2021capital raising announcement▲ GoodMajor
Raises A$8.0m through a placement of 72,727,273 shares at $0.11, a 21.4% discount to the last trade, with one free option per two shares (exercise $0.17, 3 years). Funds go to the 2D seismic campaign, long-lead items for Mzarabani-1 and rig tender preparation; drilling is anticipated late 2021 or early 2022.
What it means for a shareholder
72.7m new shares at A$0.110 to raise about A$8.0m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (9,091 at the issue price), your slice goes from 0.00123% to 0.00112% of the company. To keep it you'd need 894 more shares - about A$98 at the issue price.
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24 Mar 2021investor presentation● Neutral
March 2021 investor presentation shows a $60.5m market capitalisation at $0.11 and about $9.0m net cash including the placement. It restates the 8.2 Tcf + 247 mmbbl Mzarabani estimate and the 9.25 Tcf + 294 mmbbl total; nothing new.
23 Mar 2021investor presentation● Neutral
Invitation to an investor webinar on 24 March 2021 with the Managing Director presenting an updated presentation and Q&A. Event notice only; no new results.
15 Mar 2021price query● Neutral
ASX queried a share price rise from $0.088 to an intraday $0.145 within days. The company said it knew of no undisclosed information, pointing to a 12 March press report that the Zimbabwe production agreement would be signed before month-end, and confirmed it is complying with listing rules.
12 Mar 2021half year report● Neutral
Half-year to 31 December 2020 shows a net loss of $993,755, against $915,878 a year earlier. The report restates the tenure extension to August 2023, the EIA approval, field work and the non-binding farm-in offer. Balance sheet not in the extract.
22 Dec 2020farm in farm out agreement▲ GoodMajor
Company received a non-binding farm-in offer for the Cabora Bassa Project, subject to due diligence, government approvals and binding agreements; the offeror and terms are not disclosed. The Zimbabwe PEDPA review was recommended for approval, and a preferred seismic contractor (minimum 400 line km 2D) was selected.
22 Dec 2020investor presentation● Neutral
Updated investor presentation for the 22 December webinar, restating the 8.2 Tcf + 249 mmbbl Mzarabani estimate, the Sable and Tatanga gas MOUs and the non-binding farm-in offer. Resource estimate is unchanged since July 2019; no new results.
17 Dec 2020investor presentation● Neutral
Invitation to an investor webinar on 22 December 2020 with the Managing Director and Chairman presenting an updated presentation and Q&A. Event notice only; no new results.
2 Dec 2020regulatory community update▲ Good
Field reconnaissance finished; the company reports more mudrock than expected in younger rock layers, which it says could improve gas seal potential. Seismic acquisition is planned for 2021 after the rains, and Production Sharing Agreements are now in the approval process.
27 Nov 2020director officer appointment● Neutral
Non-executive director Eric de Mori retired from the board at the AGM; his re-election resolution was withdrawn. He joined in December 2017 and helped manage the 2018 acquisition. The board is now four directors.
12 Oct 2020capital raising announcement▲ GoodMajor
Second tranche of the Mangwana placement completed: 3,404,186 shares at $0.066 raising about A$222k, a 9% premium. Also announces a roughly 30-day field reconnaissance of proposed seismic lines, ahead of 2021 seismic acquisition. Small raise, but field work begins.
5 Oct 2020other● Neutral
Annual corporate governance statement and Appendix 4G for FY20 released. Compliance paperwork with no new business or project information.
25 Sept 2020annual report● Neutral
Annual report for the year to 30 June 2020. The chair's letter restates the three-year tenure extension to August 2023, the Sable and Tatanga gas MOUs, and that farm-out clarity is expected before year-end. Financial figures are not in the extract.
19 Aug 2020remuneration report● Neutral
Proposes up to 11.8m performance rights for Managing Director Macmillan (6.8m) and Chairman Lake (5.0m), subject to shareholder approval. Vesting needs a farm-in deal or tenure extension plus a 20-day average price of $0.045 by 31 December 2020. Macmillan also gets possible cash bonuses.
10 Aug 2020regulatory community update▲ GoodMajor
Zimbabwe's environment agency approved the Environmental Impact Assessment and management plan for SG 4571, which the company says completes permitting for seismic and drilling. Resolves the EIA thread open since March; Production Sharing Agreement talks continue.
5 Aug 2020regulatory community update▲ GoodMajor
Zimbabwe investment licence renewed. SG 4571's tenure was approved for a further three years, subject to a Mining Affairs Board presentation that COVID deferred; the soft copy is lodged. First-period work commitments are met; the next period proposes at least one exploration well.
16 July 2020investor presentation● Neutral
Managing Director presents at the Stockhead virtual oil and gas conference, with slides attached. Presentation of existing project information; no new results or transactions are evident in the extract.
22 June 2020security holder rights change● Neutral
31,587,822 Class B Performance Shares lapsed on 20 June 2020 without converting. Capital is now 449,194,206 ordinary shares, 44,179,281 Class C performance shares and 44,000,000 unlisted options.
30 Apr 2020capital raising announcement▲ GoodMajor
Binding placement of 12,564,143 shares at $0.035 (about A$0.44m) to Zimbabwe's Mangwana Opportunities Fund, a 40% premium to last close; subject to Reserve Bank approval. Also, directors' fees cut 25-50% from 1 April, and Joe Mutizwa joins the Zimbabwe subsidiary board.
What it means for a shareholder
12.6m new shares at A$0.035 to raise about A$440,000. That's 2.7% dilution: every existing holder's slice gets 2.7% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00637% to 0.00619% of the company. To keep it you'd need 800 more shares - about A$28 at the issue price.
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17 Mar 2020regulatory community update▲ Good
Zimbabwe formed a Technical Committee to negotiate the Production Sharing Agreement; it met once and invited Invictus to present before end-March. Petroleum Act amendments are expected shortly, and local chiefs voiced support. Moves the PSA thread forward, but nothing is signed.
11 Mar 2020half year report● Neutral
Half-year accounts to 31 Dec 2019 show a net loss of $915,878, up from $481,313 a year earlier. The report recaps the geochemistry results and the Tatanga gas MOU. Balance sheet figures are not in the extract.
13 Jan 2020regulatory community update▲ Good
Zimbabwe's Office of the President and Cabinet classed the Cabora Bassa project as a priority project under its 100-day cycle. The board says this supports fast-tracking a Production Sharing Agreement, building on earlier government support. No agreement is signed yet.
19 Dec 2019material agreement▲ GoodMajor
Non-binding gas sales MOU with Tatanga Energy to supply a planned ~500MW gas-to-power plant: 30 to 100 mmscf/d (up to 730 Bcf) for 20 years, if a commercial discovery is made. Second such MOU after Sable; a sales agreement is due by 18 Dec 2022.
6 Dec 2019admin correction● Neutral
Company releases a copy of the new constitution adopted by shareholders at the 15 November 2019 AGM. Administrative; no new business information.
21 Nov 2019drilling result▲ Good
Geochemical tests on outcrop samples west of SG 4571 indicate good gas and liquids source rocks, with Permian Mkanga samples correlating to two oil seeps in the Mid Zambezi basin. Most samples are immature at surface; supports the basin's petroleum system but is not a drilling result.
