Each one in plain English, with the numbers worked through for a shareholder.
25 Jan 2022capital raising announcement▲ GoodMajor
Capital raising completed at $8m: $4m placement plus $4m SPP (39,999,775 shares issued at $0.10, with $0.14 options). Mangwana takes 5,000,000 shares. Funds pay the rig mobilisation fee, long-lead items and seismic processing. Resolves the raising announced 29 December.
What it means for a shareholder
40.0m new shares at A$0.100 to raise about A$4.0m. That's 5.1% dilution: every existing holder's slice gets 5.1% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00128% of the company. To keep it you'd need 541 more shares - about A$54 at the issue price.
Post-stack migrated 2D seismic data received from Earth Signal Processing; quality described as excellent, with numerous anomalies over the Muzarabani prospect and basin margin fault. Final dataset due early February; the company says it is on track for May 2022 drilling. Anomalies are uncalibrated and not proof of hydrocarbons.
Supplementary prospectus formalising the SPP increase to $4m, the early 18 January close, pro-rata scale-back, and the Mangwana offer of 5,000,000 shares at $0.10 with 2,500,000 options. Legal document repeating the same-day announcement.
What it means for a shareholder
5.0m new shares at A$0.100 to raise about A$500,000. That's 0.672% dilution: every existing holder's slice gets 0.672% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00134% of the company. To keep it you'd need 68 more shares - about A$7 at the issue price.
17 Jan 2022capital raising announcement▲ GoodMajor
SPP raised again to $4m (double the original $2m) and closed early on 18 January, with pro-rata scale-back instead of first-come. Zimbabwe's Mangwana Opportunities Fund will also place $500,000 at $0.10 with 1-for-2 $0.14 options, escrowed 3 months.
Updated Target Market Determination for the free options, now covering the $4m SPP and placement. Compliance document with no new operational or financial information.
Share purchase plan hit its $2m target on day one, so the board accepted oversubscriptions, lifting the SPP to $3m at $0.10 per share. Funds go towards drilling Muzarabani-1 (8.2 Tcf + 247m barrels target).
CEO cover letter inviting eligible shareholders to the share purchase plan: $2,000 to $30,000 at $0.10 per share, with 1 free $0.14 option per 2 shares, closing 27 January 2022. Repeats prospectus terms and recent announcements; no new information.
Target Market Determination for the free options offered under the 10 January 2022 prospectus, describing the intended investors. Compliance document with no new operational or financial information.
Prospectus lodged for the share purchase plan: up to 20,000,000 shares at $0.10 (oversubscriptions to a further 10,000,000), with 1 option per 2 shares at $0.14 expiring 31 Jan 2025. Also covers 17,500,000 placement options and 4,375,000 lead manager options. Closes 27 January 2022.
What it means for a shareholder
20.0m new shares at A$0.100 to raise about A$2.0m. That's 2.6% dilution: every existing holder's slice gets 2.6% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00132% of the company. To keep it you'd need 271 more shares - about A$27 at the issue price.
Wellheads and casing secured for the 2-well program, and tendering for the integrated well services contract is complete with formal award expected shortly. The binding Exalo rig agreement is still being finalised. Drilling remains on track for May 2022.
29 Dec 2021capital raising announcement● NeutralMajor
Raising up to A$5.5m: A$3.5m placement of 35,000,000 shares at $0.10 (13% discount) plus up to A$2m share purchase plan at the same price, each with 1-for-2 options at $0.14 for 3 years. Funds rig mobilisation and long-lead items for the 2-well campaign.
What it means for a shareholder
35.0m new shares at A$0.100 to raise about A$3.5m. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00129% of the company. To keep it you'd need 473 more shares - about A$47 at the issue price.
Investor update presentation recaps known facts: 8.2 Tcf + 247 mmbbl Muzarabani target, completed seismic survey, rig secured for May 2022 drilling of up to 2 wells. Shows about A$7.3m net cash and A$64.4m market cap at $0.11. Nothing new.
Invitation to a shareholder briefing webinar with Managing Director Scott Macmillan on 15 December 2021. Administrative notice with no new operational or financial information.
MOU signed with Exalo Drilling for its #202 rig to drill Muzarabani-1 (8.2 Tcf + 247 mmbbl target) plus an option well, with drilling now expected from May 2022. A binding rig agreement is expected in the new year; the second-well option must be exercised by 15 Feb 2022.
Invictus signed a non-binding option agreement with Cluff Energy Africa, which would fund 33.33% of costs for a 25% interest in the Cabora Bassa Project across a 2-well campaign, with Invictus remaining operator. Cluff must exercise by 31 March 2022 and still needs to raise funding. It follows the July 2021 termination of the earlier farm-in.
Shares now trade on the US OTCQB market under IVCTF, upgraded from the Pink market where they previously traded. This completes the OTCQB listing flagged in October. It aims to improve visibility and liquidity for US investors; ASX remains the main listing.
All resolutions at the 30 November 2021 AGM passed on a poll, including the remuneration report (about 80% of votes for), Dr Lake's re-election and the 7.1A placement mandate. The Egerton-Warburton re-election resolution had been withdrawn.
Managing Director's AGM address recaps the year's milestones (PEDPA, licence renewal to 2024, 840km seismic) and says drilling campaign details will come in the coming days. Mostly repeats known facts.
Preliminary processing of line CB21-010 shows a clear Muzarabani anticline and strong shallow amplitude anomalies, with possible 'flat spots' the company says can indicate hydrocarbons. These are early indications only, not a discovery; drilling remains scheduled for 1H 2022.
Chairman's Africa Oil Week presentation repeats known figures: 8.2 Tcf + 247 mmbbl at Muzarabani, 9.25 Tcf + 294 mmbbl total, $93.6m market cap at $0.16, about $7.3m net cash. Notes the seismic is complete; nothing new.
The CB21 seismic survey is complete, with 839.3km of 2D data acquired (402.2km in SG 4571 and 437.1km in an adjoining application area), well above the 300km licence commitment. Processing continues to refine the Muzarabani-1 location for 1H 2022 drilling.
September 2021 quarter report: the CB21 seismic survey began and 467km was acquired by mid-October. Cash was A$7.3m at quarter end. Long-lead items tender is complete awaiting award, and rig selection is advancing for 1H 2022 drilling. Mostly repeats earlier releases.
Non-executive director Barnaby Egerton-Warburton, a founding director from 2018, resigned citing the demands of his other board roles. His AGM re-election resolution was withdrawn; the board is now four directors.
Seismic acquisition reached 467km, above the 400km minimum, with over 100,000 hours lost-time-injury free. Early processing of test Line 05 by Earth Signal shows better resolution and fault definition than the 1990 Mobil data; final products will fix well locations for 1H 2022 drilling.
The CB21 seismic survey is progressing, with 220km recorded and 240km laid out, over 87,000 hours without a lost-time injury, and processing started. The company is also finalising a US OTCQB listing (ticker IVCTF) after North American investor interest.
Company expects to hold its AGM on 26 November 2021, with director nominations closing 13 October 2021. Notice of Meeting to follow in October. Administrative notice only.
Annual report for year to 30 June 2021 reviews the year: EIA, PEDPA, Polaris seismic and the farm-in terminated in June after failed due diligence. It states the basin-opening drilling campaign is scheduled for 1H 2022. Financial figures not in extract.
Corporate Governance Statement and Appendix 4G lodged alongside the FY21 annual report, setting out how the company follows ASX governance recommendations. Administrative filing; no new operational or financial information.
Chairman's Frontier E&P Africa Summit presentation repeats the 9.25 Tcf + 294 mmbbl total, $93.6m market cap at $0.16 and about $9.1m net cash. Licence term is listed to June 2024. No new results.
Good Oil Conference presentation shows a $93.6m market capitalisation at $0.16 and about $9.1m net cash. It restates the 8.2 Tcf + 247 mmbbl Mzarabani estimate; the resource estimate is unchanged since July 2019.
